TLDR
USDC, RLUSD, and USDe showed the clearest issuance ramps this week.
- USDC: about 1.25 billion minted this week, including large Solana mints Circle mints 1.25 billion USDC.
- Ripple USD (RLUSD): fresh mints this week, with supply around $1.26 billion and a 15 million tranche on 25 Nov recent issuance and supply.
- Ethena USDe: supply continued to rise through the week per the projects weekly update USDe supply grew steadily.
Deep Dive
1. USDC ramp
USDC saw one of the largest weekly increases, with roughly 1.25 billion minted and multiple large tranches on Solana.
- Circle minted about 1.25 billion USDC this week, per a market update that compiled on-chain monitoring Circle mints 1.25 billion USDC.
- Coverage also highlighted a 750 million USDC mint on Solana during the week, adding to liquidity on SOL venues 750 million USDC on Solana.
Larger USDC mints typically signal fresh dollar liquidity that can rotate into majors, L2s, or ecosystem trades, especially where on-chain depth is improving.
2. Ripple USD growth
RLUSD continued its rapid expansion with new issuance this week and crossed the $1 billion milestone recently.
- RLUSDs supply stood near $1.26 billion after multiple November mints, including 15 million on 25 Nov recent issuance and supply.
- Momentum follows confirmation that supply on Ethereum alone surpassed $1.02 billion as of 28 Nov, underscoring institutional positioning in regulated stables supply surpassed $1 billion.
RLUSDs steady issuance adds a regulated-dollar option for treasuries and trading flows, which can diversify liquidity beyond the USDT and USDC duopoly.
3. USDe steady expansion
Ethenas USDe reported continued weekly supply growth with balanced hedges and a tight peg.
- The weekly technical update noted steady USDe supply increases, stable delta neutral hedging, and deepening on-chain liquidity USDe supply grew steadily.
- Although not fiat-backed, USDes synthetic dollar model expands the markets stable liquidity set and has been absorbing inflows during yield-seeking periods.
As USDe grows, it can influence on-chain yields and basis dynamics; monitor funding and peg stability to gauge durability of inflows.
Conclusion
This weeks issuance acceleration clustered around USDC, RLUSD, and USDe. Fresh USDC mints add broad market buying power, RLUSD expands the regulated stablecoin footprint, and USDes growth reflects ongoing demand for yield-bearing stable exposure. If you are tracking liquidity-driven setups, watch for follow-through in on-chain depth where these stables concentrate.
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