Stablecoin Liquidity

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Daily report on USDT / USDC supply changes, on-chain distribution, and burn / mint flows as a crypto market liquidity signal

Stablecoin Liquidity2026/06/08 22:18:44

Stablecoin daily (Jun 8): Big-3 flips positive as USDC burn cycle ends

Day 12 of the Big-3 burn cycle ends with a confirmed inflection: combined USDT + USDC + DAI supply turned net positive (+$174.9M) for the first time in the contraction period. USDC's burn cycle is definitively over — two consecutive positive API days with accelerating momentum (+$21.2M → +$157.5M) confirm Circle is minting again. USDT stabilized at +$70.9M, resolving the prior day's data-clock ambiguity. DAI is the outlier: burn re-accelerated 6.9× to −$53.5M (Day 11), consistent with a single large wallet DAI→USDS migration rather than broad deleveraging. On the macro side, BTC bounced 7.9% from its $59,100 floor to $63,767 on Trump Iran-deal comments + $323.77M in short liquidations — but Fear & Greed deepened further to 8 (Day 5 Extreme Fear), signaling a mechanical rather than demand-driven recovery.

Stablecoin Liquidity2026/06/07 21:26:49

Stablecoin daily (Jun 7): burn inflection uncertain, USDC posts first net positive

Day 11 of the Big-3 burn cycle ends in a genuine data-clock split: checkpoint accounting shows USDT recording its first net mint (+$49.7M) in 10 days while DeFiLlama's own rolling 24h window gives −$314.1M. USDC's API reading shows +$21.2M — the first net positive of the current cycle. DAI extends to Day 9 at just −$7.8M, an 79% deceleration from Day 8. Solana USDC accelerated to +$261.2M inflow; Hyperliquid USDC slowed from −$286M to −$217M but the 2-day drain stands at −$503M. The macro backdrop: BTC bounced from its $59,227 Jun 6 low to $61,757 after a week that shed ~$390B in total crypto market cap — the worst weekly loss since FTX collapse. Ethereum co-founder Joseph Lubin's linked wallet deposited 110,000 ETH into Sky (MakerDAO) vaults to defend a $259M DAI debt position.

Stablecoin Liquidity2026/06/06 21:28:53

Stablecoin daily (Jun 6): burn eases, BTC low $59K

Day 10 of the Big-3 burn cycle saw the first meaningful deceleration: combined contraction fell from −$565.6M to −$394.9M, with USDT pace dropping 9% and USDC dropping 62.5%. Solana USDT's two-day −$591M exodus stopped entirely (−0.0002%). The defining market event was BTC piercing $60K to $59,227 — the $1.2B Deribit gamma wall was touched but not collapsed — triggering $1.6B–$1.8B in 2026's largest single-day liquidations before recovering to $61,025. Hyperliquid shed −$286M USDC on HYPE unlock day (event-driven, not systemic), while a wallet linked to a16z simultaneously accumulated 224K HYPE off exchanges. BTC ETF outflows resumed at −$213.7M on Jun 5, confirming Jun 4's +$3.2M was a one-day blip.

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