Which stablecoin saw largest redemptions?

TLDR

USDC saw the largest redemptions this week.

1. Net USDC supply fell by about 1.3 billion over the seven days ending 18 Dec as roughly 6.0 billion were redeemed and 4.7 billion issued, per a market update.
2. Tethers issuance pace slowed sharply, with its 60?day market cap change dropping from 15.38 billion to 4.83 billion, indicating tighter liquidity.

Deep Dive

1. USDC Redemptions

The largest weekly redemptions were in USDC, with circulation down about 1.3 billion over the seven days ending 18 Dec (UTC).

1. During that week, Circle issued about 4.7 billion USDC and redeemed around 6.0 billion, implying a net decline of roughly 1.3 billion in circulation, according to a market summary citing issuer data.
2. Redemptions reflect holders exchanging USDC for dollars, which reduces token supply and can signal de?risking or liquidity needs across venues.

2. USDT Issuance Slowdown

USDT did not show the largest redemptions in reported coverage, but its issuance momentum slowed materially.

1. A market update noted Tethers 60?day market cap change fell from 15.38 billion on Nov 1 to 4.83 billion, highlighting a sharp deceleration in new supply.
2. Slower USDT growth is consistent with a broader contraction in available capital, often accompanying periods of tighter market liquidity.

Conclusion

USDC had the largest redemptions over the last week, with net circulation down about 1.3 billion as redemptions exceeded issuance. In parallel, USDTs issuance pace slowed, reinforcing a tighter liquidity backdrop. If redemptions persist and issuance remains muted, risk assets may face headwinds until stablecoin inflows re?accelerate.