Which stablecoins saw net issuance?

TLDR

This weeks net issuance was led by Tether (USDT), while USDC showed mixed flows (late?week mint after earlier redemptions); overall stablecoin supply rose by about $509 million per a market update (AMBCrypto).

1. Tether (USDT): supply hit new highs, indicating net issuance and dominance in stablecoin liquidity (AMBCrypto).
2. USDC: minted 90 million on Ethereum on 26 Dec, but had net redemptions around 18 Dec (Binance Square).
3. Euro stablecoins: EURC helped euro?denominated stablecoins cross $1 billion in market value, reflecting steady net growth (AMBCrypto).

Deep Dive

1. USDT Issuance

USDTs supply reached a record, reinforcing that net issuance continues for the sectors anchor stablecoin.

1. Stablecoin market cap hit ~$310 billion, with USDT leading and over 60% share, pointing to fresh supply and liquidity concentration (AMBCrypto).
2. The broader stablecoin stack growing to an ATH strengthens the inference of net issuance across majors (Cointelegraph explainer).

2. USDC Mixed Flows

USDC showed a late?week mint after earlier redemptions, netting to a mixed issuance picture over the 7?day window.

1. USDC Treasury minted 90 million on Ethereum on 26 Dec, evidencing active new issuance (Binance Square).
2. In the week ending 18 Dec, USDC circulation fell by ~$1.3 billion (issued ~4.7B, redeemed ~6B), indicating net redemption before the later mint (Binance Square).

3. Euro Stablecoins Growth

Euro stablecoins crossed $1 billion, with EURC leading, signaling net issuance in non?USD segments.

1. Euro?denominated stablecoins doubled this year, surpassing $1 billion, driven by EURCs expanding supply and user base (AMBCrypto).
2. Across chains, stablecoin inflows favored TON, Ethereum, and Polygon in the past week, while trading?heavy networks saw outflows (AMBCrypto).

Conclusion

USDT showed clear net issuance and remains the dominant liquidity rail. USDCs weekly picture was mixed, with a late mint after earlier net redemptions. Overall stablecoin supply still grew by roughly $509 million, implying defensively parked liquidity that could rotate into risk assets when conditions improve (AMBCrypto).