usdc minted $168.8m in 24h, mcap now $75.7b. pyusd added $14.6m, frax +$551k, usdy +$546k, frxusd +$459k. redemptions hit usds -$35.1m, dai -$15.8m, usdd -$11.8m, apxusd -$6.7m, m -$6.5m. aggregate net +$105.4m.

usdc mint is the headline. question is whether it’s fresh demand or arb inventory being restocked. if cex stablecoin reserves spike alongside the mint, that’s arb replenishment. if onchain lending pools see deposit rate compression, that’s organic inflow.

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