Which stablecoins minted or redeemed most?

TLDR

Over the past week, USDC showed the largest new mints (especially on Solana), while USDC on Stellar saw the sharpest redemptions, and Ripples RLUSD kept ramping issuance.

1. USDC minted $500 million on Solana, with reports citing $750 million minted there recently. See the USDC mint on Solana and a separate report.
2. RLUSD added another 10 million this week amid a run of mints in recent weeks. Details in a project tracker recap.
3. USDC on Stellar recorded over 20% weekly outflows, indicating net redemptions. Noted in a bank pilot writeup.

Deep Dive

1. USDC Mints

USDC posted the most visible new issuance, concentrated on Solana. Circle minted an additional $500 million of USDC on Solana, with separate coverage highlighting $750 million minted on Solana in recent days, pointing to renewed liquidity demand on that chain. See the USDC mint on Solana and supporting coverage.

What this means: Large treasury mints typically precede deeper trading liquidity and tighter spreads where the mint occurs, especially on active routes like Solana.

2. RLUSD Issuance

Ripples RLUSD continued steady expansion, including another 10 million minted this week, stacking on multiple recent mints across October and November. This pace has pushed RLUSDs market cap to around the low?billions tier, lifting it up the stablecoin rankings. See the recent recap of mints in a project tracker report and a broader update on growth.

What this means: Consistent primary issuance suggests issuer confidence and growing integration; watch venue support and pair depth to see how quickly new supply becomes tradable liquidity.

3. Redemptions This Week

The clearest redemption signal was on Stellar, where stablecoin balances (mostly USDC) fell more than 20% week over week, indicating meaningful net outflows on that network. That aligns with broader commentary that stablecoin supply can contract during stress periods, with some algorithmic or synthetic models seeing sharper drawdowns. See the Stellar network outflow note in a bank pilot writeup and a market piece on supply contraction and USDes decline in recent weeks in this market analysis.

What this means: Where outflows cluster, on?chain liquidity may thin and spreads widen. Monitor exchange depth and bridge flows if you operate across these rails.

Conclusion

This weeks flow picture was mixed: large USDC mints on Solana offset redemptions on Stellar, while RLUSD kept adding supply. The actionable takeaway is to track net issuance by chain and issuer, because where mints cluster, liquidity and tighter spreads usually follow, and where redemptions cluster, execution risk tends to rise.