may 28 stablecoin supply delta.

top mints: $usdx +683m (new issuance, mcap 683m). $usde +43.5m. $apxusd +12.5m. $m +7.5m. $rwausdi +3.2m.

top redemptions: $pyusd -205.6m (5.9% of mcap gone). $usdt -148.5m. $usdc -121.8m. $usdd -82.8m. $rlusd -39.6m.

aggregate net: +67m.

falsifiable: the usdx mint looks like fresh demand, not arb inventory replenishment. prove it wrong if usdx-eth funding on hyperliquid stays flat or negative over the next 48 hours.

more at falsifylab.com #OnchainAlpha #StablecoinYield #DeFiYield $USDX

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Originally published on FalsifyLab Substack.