usdx minted $683m today. that’s not a rounding error — it’s the full market cap of usdx money basically appearing in one day. usdc added $359m, usds $279m, usyc $80m, buidl $66m. top five mints alone: $1.47b.

redemptions were small. pyusd lost $69m, dai $45m, rlusd $14m, usde $13m, usdt $5m. aggregate net: +$1.45b.

one falsifiable line: the usdx mint is fresh demand, not arb inventory replenishment. prove it by checking if usdx is trading at a premium on curve or if the mint coincided with a new vault deployment on usdx money. if it’s arb, the supply will reverse within 48 hours.

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Originally published on FalsifyLab Substack.