Which stablecoins gained supply this week?

TLDR

USDC and USD1 showed net issuance this week.

1. USDC minted 90 million on Ethereum on 26 Dec, indicating fresh supply growth (USDC mint).
2. USD1s market cap rose by $150 million after a Binance yield program (USD1 supply increase).
3. Context: stablecoin liquidity remains elevated, with $69 billion sitting on exchanges (stablecoins on exchanges).

Deep Dive

1. USDC Issuance

USDC minted 90 million on Ethereum, pointing to demand in payments and DeFi.

1. The mint was reported on 26 Dec and reflects ongoing stablecoin activity despite muted crypto price action (USDC mint).
2. Note that USDC also saw a reported 51 million burn on Solana, suggesting network-specific flows rather than uniform growth across chains (USDC burn note).

2. USD1 Growth

World Liberty Financial USD (USD1) gained $150 million in market cap alongside a yield promotion.

1. Binances booster program boosted USD1 deposits, with market cap climbing from $2.74B to $2.89B (USD1 supply increase).
2. Incentive-driven growth can be sticky while programs run, then normalize as rewards decay.

3. Liquidity Context

Stablecoin liquidity remains high and primed for deployment.

1. Total stablecoin supply is near a record, with $69B parked on exchanges, much of it at Binance (stablecoins on exchanges).
2. Elevated reserves imply potential buy-side pressure if sentiment flips, but flows can remain sidelined in macro-heavy weeks.

Conclusion

This weeks clear supply gainers are USDC (via a 90M mint on Ethereum) and USD1 (up $150M with exchange incentives). Broadly, stablecoin liquidity remains elevated, positioning the market for quick rotation if confidence returns. Monitoring mints, burns, and exchange reserves can signal which venues and assets attract the next leg of flows.