Stablecoin liquidity daily (May 29–30): USDT Day 2 burn −$483M, USDC 7d trend holds negative, Polygon inflow at 6-day +$345M

Coverage window: May 29, 13:25 UTC – May 30, 13:00 UTC (~23.6 hours)

Yesterday's $808.7M Tether burn was not a one-off. For the second consecutive day, Tether issued zero mints while the Ethereum chain shed another ~$731M in USDT. The aggregate USDT contraction came in at −$483M. 1 USDC's 7-day trend stayed negative at −0.87%, with Solana and Hyperliquid accounting for 84.6% of today's drain. The two stablecoins together shed roughly $800M in 24 hours with no issuer activity offsetting either move. BTC sat at $73,614 (+0.66%), Fear & Greed at 23 for a second straight day. 2

Quick scan

Entity / chain	Direction	24h change	Notes
USDT total	Contraction	−$483M (−0.26%)	7d: −$1.243B (−0.66%); Day 2 zero mints
USDC total	Contraction	−$321M (−0.42%)	7d: −$662M (−0.87%); trend stays negative
DAI total	Marginal	−$16.7M (−0.36%)	7d: +$3.1M (+0.07%); effectively flat
Ethereum USDT	Burn	−0.91%	~−$746M; primary contraction driver
Solana USDT	Reversal	+16.36%	Reversed from −9.83% prior day; ~+$360M
Aptos USDT	Drain	−12.44%	~−$120M; second-largest USDT drain chain
Kaia USDT	Drain	−9.56%	~−$20M
Solana USDC	Drain	−$168M (−2.23%)	Circle minting paused Day 6; $7.37B remaining
Hyperliquid L1 USDC	Drain	−$104M (−1.63%)	Margin withdrawal continues; $6.25B remaining
Ethereum USDC	Contraction	−$121M (−0.25%)	Minted supply down $121M; no new Circle mints
Polygon USDC	Inflow	+$40M (+2.00%)	Day 6 of systematic inflow; 6d cumulative +$345M
Arbitrum USDC	Inflow	+$31M (+1.34%)	Consistent counter-signal
Starknet USDC drain	Confirmed one-time	−$1.7M residual	$83.4M event was May 28; done
BTC	Flat	$73,614 (+0.66%)	24h range $72,515–$74,214; 7d −1.38%
ETH	Slight outperformance	$2,017 (+1.10%)	ETH/BTC +0.44% day-over-day
Fear & Greed (Alt.me)	Unchanged	23 (Extreme Fear)	Second consecutive day at 23
BTC funding rate (Binance)	Near-neutral	+0.0044%	Bybit: +0.0036%; no directional lean

Supply snapshot

Supply snapshot — May 30, 2026, ~13:00 UTC

Source: DeFiLlama Stablecoins API. 24h delta vs. prior-day snapshot.

USDT

$0.00−0.3%24h

USDC

$0.00−0.4%24h

DAI

$0.00−0.4%24h

統計カードを読み込んでいます…

USDT lands at $188.19B, down −$483M (−0.26%) in 24 hours and −$1.243B (−0.66%) over seven days. 1 Yesterday's checkpoint saw −$473.8M; today's pace is nearly identical — two back-to-back sessions of half-billion-dollar contraction without a single mint.

USDC sits at $75.94B, down −$321M (−0.42%) on the day and −$662M (−0.87%) over seven days. 1 The 7-day negative trend that flipped for the first time last session deepened by another −0.42% today. USDC's per-session contraction rate (−0.42%) is running at 1.6× USDT's pace (−0.26%).

DAI is at $4.576B, down −$16.7M (−0.36%) on the day and essentially flat on the week at +$3.1M (+0.07%). 3 Ethereum holds 80.99% of DAI supply at $3.706B; Polygon holds $732M (16%). 3 No material chain-level shifts.

USDT flows: Ethereum burns for Day 2, Solana whipsaws

Ethereum USDT: −0.91% for a second straight session

Ethereum's USDT supply fell from approximately $82.01B (May 28) to $81.28B (May 29), a net reduction of roughly $731M. 4 The minted-side total on Ethereum dropped from $95.13B to $94.39B in the same window, confirming no new Treasury issuance — only destruction. This mirrors yesterday's session, where Binance ($500M) and Bitfinex ($308.7M) sent a combined $808.7M to the burn address.

Tron, by contrast, held at ~$88.86–88.89B, with a single-day pickup of just $24M. 1 At 47.1% of total USDT supply, Tron's near-total stability means the aggregate contraction is an Ethereum-side story.

Note: DeFiLlama revised its USDT chain methodology on May 22. All USDT per-chain figures below are reported as 1-day delta percentages only — absolute supply values are not reliable under the current methodology.

Solana USDT: +16.36% reversal from −9.83%

Solana's USDT supply swung from −9.83% on May 29 to +16.36% today — a 26-percentage-point intraday reversal. 1 The underlying dollar figures: Solana USDT fell roughly $240M on May 28, then rebounded roughly $360M on May 29, leaving the chain net positive by ~$120M over two days. The swing is large enough to partly offset the Ethereum burn in the aggregate USDT number. The cause is not identifiable without wallet-level data (Whale Alert and Etherscan were unavailable this cycle).

Aptos and Kaia: combined ~−$140M

Aptos USDT shed −12.44% (~$120M) and Kaia USDT shed −9.56% (~$20M) in 24 hours. 1 Both are smaller L1 chains where a single large protocol exit or market-maker rebalance can produce double-digit percentage moves in a day. Whether this is a one-time event or a multi-session trend cannot be determined from today's data alone.

USDC flows: Solana/Hyperliquid drain, Polygon/Arbitrum absorb

Circle Solana Day 6: minting confirmed paused, −$168M net drain

Solana USDC fell from $7.53B (May 28) to $7.37B (May 29) — a net outflow of ~$153M. 5 The minted-total figure held flat at $7.37B, confirming no new Circle mints on May 29. This is Day 6 of the current mint-pause window, following a five-day run that put ~$2.5B on Solana (May 24–28). Combined with yesterday's drain, Solana USDC lost approximately $222M over two days with zero offsetting issuance.

The DeFiLlama aggregate API reports the day's Solana USDC change at −$167.7M (−2.23%). 1 The ~$14M difference versus the daily-series reading reflects different snapshot times. Both confirm direction and order of magnitude.

Hyperliquid USDC: margin withdrawal continues at −$104M

Hyperliquid L1 USDC dropped from approximately $6.36B to $6.25B in 24 hours, a loss of roughly $104M (−1.63%). 1 Solana and Hyperliquid together account for $271M — 84.6% of the day's total USDC contraction.

Hyperliquid's overall protocol TVL, as tracked by DeFiLlama, stayed stable at approximately $5.527–5.547B during the same window. 6 This means the USDC drain was offset by inflows into other assets on the platform — traders appear to be pulling stablecoin margin rather than exiting Hyperliquid outright.

Ethereum USDC: steady −$121M

Ethereum USDC slipped from $49.36B to $49.25B, a decline of ~$121M. 7 The minted-side total fell by $121M, confirming no new Circle Ethereum mints this session. Ethereum contributes roughly one-third of the overall daily USDC decline.

Polygon USDC Day 6: +$40M, 6-day total reaches +$345M

Polygon USDC climbed from $2.01B (May 28) to $2.05B (May 29), gaining $40M (+2.00%). 8 The six-day inflow sequence since May 24 is: +$14M, −$13M, +$209M (May 26 outlier), +$26M, +$84M, +$40M — totaling +$345M as the supply climbed from $1.70B to $2.05B.

The May 26 single-day +$209M stands out as an anomalous large entry, likely a single large bridge transaction. Subsequent days have added at a slower but consistent pace. Whether this originates from cross-chain bridging, protocol deployment, or direct Circle issuance is not determinable without bridge-flow data (DeFiLlama Bridges now requires a paid subscription). The pattern is systematic enough that it reads as a deliberate capital positioning rather than random retail activity.

Arbitrum USDC also added $31M (+1.34%) to reach $2.36B. 1 Several other chains posted modest USDC inflows — Avalanche (+$8.6M, +2.04%), Stellar (+$7.0M, +3.51%), OP Mainnet (+$6.9M, +3.31%), Sui (+$6.5M, +2.43%) — suggesting capital is rotating from Solana and Hyperliquid toward multiple alternative destinations, with Polygon absorbing the largest single share.

Starknet USDC drain: confirmed one-time event

Starknet (a zero-knowledge rollup on Ethereum) lost only $1.7M in this window — $258.5M to $256.8M — after shedding $83.4M (−24.38%) on May 28. 9 The May 28 event was a sudden exit from a four-day flat period ($341.6–341.9M, May 24–27). The $1.7M residual today confirms this was a single entity exiting rather than the start of an ongoing drain. No further Starknet monitoring is required unless a new move appears.

Market context

Spot snapshot — May 30, 2026, ~13:00 UTC

Sources: CoinGecko (BTC/ETH). Alternative.me (Fear & Greed).

BTC

$0.00+0.7%24h

ETH

$0.00+1.1%24h

Fear & Greed

0+0.0%vs yesterday

統計カードを読み込んでいます…

BTC settled into the $72,515–$74,214 band, up +0.66% on the day but down −1.38% over the week. 10 ETH reached $2,017, up +1.10%, with ETH/BTC at 0.02740 — a marginal outperformance vs. BTC on the day. 11 BTC's global market cap is $1.475T within a total crypto cap of $2.566T (BTC dominance 57.47%). 12

The Deribit $6.6B BTC options expiry cleared on May 29 at 08:00 UTC — a pre-confirmed figure from prior research. Post-expiry, BTC showed no directional follow-through — the same pattern as yesterday's session. Deribit's post-expiry OI distribution was not available this cycle due to Cloudflare 502 errors across all Deribit endpoints.

Fear & Greed Index at 23 — Extreme Fear — Fear & Greed Index at 23 (Extreme Fear) for the second straight day. 2

Fear & Greed sat at 23 (Extreme Fear) for a second consecutive session — no movement from yesterday. 2 BTC funding rates on Binance (+0.0044%) and Bybit (+0.0036%) are near-neutral, well below the +0.05–0.10% range typical of leveraged bull runs. 13 Open interest across the top 5 derivative exchanges totals approximately 937,657 BTC, with Binance leading at 343,674 BTC. 14

BTC ETF Day 11 (May 29 data) flow figures were unavailable this cycle — Farside, sosovalue, CoinMarketCap, and etfdb all returned Cloudflare errors. The last confirmed data point is Day 10 (May 28): cumulative 10-day net outflow of −$223.3M.

Signal read

Two back-to-back sessions of Tether burn with zero mints is a supply destruction signal, not a chain rotation. May 28 was not an isolated spike. The May 29 session matched it: Ethereum USDT shed another ~$731M with minted supply falling in lockstep, confirming Treasury inactivity. The 7-day USDT decline now stands at −$1.243B. Without exchange on-chain balance data — unavailable this cycle — it is not possible to determine whether this reflects user redemptions or exchange inventory reduction, but the destruction is real and accelerating relative to the prior week.

USDC's −0.87% 7-day trend is now running faster than USDT's −0.66%. Circle's Solana minting pause is in its sixth day. The prior five-day mint burst ($2.5B on Solana) is being unwound by organic outflows, not reversed by fresh issuance. Solana and Hyperliquid together drain $271M per day at the current pace; if that continues, it will take roughly 28 days to empty the current combined $13.6B Solana + Hyperliquid USDC balance — an improbable extrapolation, but a useful measure of daily bleed rate.

Polygon's +$345M six-day USDC inflow is the clearest counter-signal in the current data. It is the only chain gaining USDC at scale across multiple consecutive sessions. May 26's $209M single-day entry suggests at least one large-volume actor is deliberately moving capital there. Whether this is DeFi protocol deployment, institutional positioning, or a market-maker rebalance is not determinable from supply data alone. The pattern is worth watching to see whether it extends into a seventh day or plateaus.

The Solana USDT +16.36% reversal is noise, not a trend reversal signal. The prior two-day sequence — −9.83% then +16.36% — adds up to a net gain of roughly $120M on a chain that lost ~$240M on May 28 first. The volatility itself, more than 26 percentage points in 48 hours, suggests this is market-maker rebalancing or bridge arbitrage rather than a sustained directional move. The 7-day Solana USDT trend remains negative.

The market context does not confirm a liquidity recovery. BTC held its range but posted a seventh consecutive week of negative 7-day returns (−1.38%). Fear & Greed at 23 for two straight days, near-neutral funding rates, and missing ETF Day 11 data all point to a market in stasis rather than accumulation. Stablecoin supply contraction alongside static sentiment does not resolve the ambiguity: it could mean large holders are redeeming stablecoins to buy spot crypto (a bullish reading), or that participants are exiting the system entirely (bearish). Without exchange wallet balance data, the signal remains direction-agnostic.

Supply data: DeFiLlama Stablecoins API (~13:00 UTC May 30). USDT per-chain values reported as 1-day delta percentages only, per DeFiLlama methodology reclassification effective May 22; absolute per-chain USDT supply not available under revised methodology. USDC and DAI per-chain absolute values unaffected. BTC/ETH prices: CoinGecko (~13:00 UTC May 30). Fear & Greed: Alternative.me API. Funding rates: CoinGecko derivatives API. Deribit post-expiry OI, BTC ETF Day 11 flow, and wallet-level transaction data (Whale Alert, Etherscan) unavailable this cycle due to Cloudflare 502 errors across source endpoints.