Which stablecoins led issuance this week?

TLDR

USDT and USDC led stablecoin issuance this week, with a combined increase of about $3.75 billion and a fresh $1 billion USDT mint reported. Tether and Circle issuance

1. Solana stablecoin market cap rose $900 million in 24 hours, mostly USDC. Solana surge
2. Ripples RLUSD saw 68 million newly minted in 24 hours. RLUSD minting
3. Broad stablecoin supply added roughly $606 million week over week. Market overview note

Deep Dive

1. USDT and USDC

The largest weekly issuance came from USDT and USDC, totaling about $3.75 billion, including a $1 billion USDT mint. This points to ongoing demand for dollar liquidity across chains. Tether and Circle issuance

• Large mints often precede or accompany exchange liquidity needs and on-chain activity ramps.
• The aggregate supply trend remains upward, consistent with fresh deployable capital returning to crypto. Market overview note

2. Solanas $900M Add

Solanas stablecoin market cap jumped $900 million in 24 hours, with USDC still the majority at over 67% share. Activity tied to Jupiter and Ethena added fuel to the growth. Solana surge

1. Chain-level additions suggest capital positioning for DeFi and application demand rather than just sidelining.
2. The rise aligns with narratives of Solana as a hub for on-chain markets and settlement.

3. RLUSD Minting

Ripples RLUSD minted 68 million within 24 hours across three batches, indicating treasury provisioning for listings or payments demand. RLUSD minting

• Concentrated treasury mints typically precede controlled releases based on demand.
• While smaller than USDT/USDC, its a notable issuer signal in the weeks flow picture.

Conclusion

This weeks issuance was led by USDT and USDC, complemented by a sharp chain-level increase on Solana and a focused RLUSD mint. The mix of large-cap mints and targeted chain growth suggests rising on-chain liquidity and readiness for deployment, though sustained demand will be clearer if exchange inflows and application activity keep pace.