Which stablecoins saw redemptions this week?

TLDR

USD Coin (USDC) saw net redemptions this week, with treasury burns reported on Solana and Ethereum.

1. USDC burned about 51 million on Solana, signaling dollar redemptions and supply contraction media report.
2. A separate $50 million USDC burn on Ethereum was noted alongside later mints, reflecting active treasury balancing media report.
3. Tether (USDT) showed issuance rather than redemptions, including fresh mints (for example $2 billion on Solana) exchange post.

Deep Dive

1. USDC Burns This Week

USDC (USDC) supply decreased via burns, which typically reflect user redemptions back to dollars.

1. On Solana, the USDC Treasury burned roughly 51,168,791%%CKPROTECTED2%% tokens, a direct contraction in circulating supply media report.
2. On Ethereum, a $50 million USDC burn was reported earlier in the week, consistent with redemptions and treasury balancing media report.
3. Burns were followed by mints (for example 90 million USDC on Ethereum), showing Circles routine supply adjustments to match flows and demand exchange post.

2. USDT Issuance, Not Redemptions

Tether (USDT) activity pointed to issuance rather than contraction.

1. USDT and USDC collectively saw about $2 billion minted on Solana within hours, suggesting fresh demand or bridging needs exchange post.
2. No credible reports highlighted material USDT burns this week; issuance dominates the reported flow in the sources above exchange post.

Conclusion

USDC showed clear weekly redemptions via on-chain burns, while USDT activity skewed to issuance. The mixed signals across major stablecoins imply rotation and liquidity management rather than a broad, uniform flight from stablecoins.

Confidence: moderate because evidence relies on mid-tier reports; the pattern (USDC burns, USDT mints) is consistent across multiple items, but on-chain treasury adjustments can change quickly.