$1T minted and redeemed across five issuers.

Circle, Tether, PayPal, BlackRock and Ondo, on Ethereum since January 2023. Where the money sits by chain, and what weekly issuance did around the Fed's rate cuts.

LiveEvent logs read Oct 17, 2026, through the week of Oct 5, 2026

Mints and redemptions by asset

IssuerAssetMintsRedemptionsNetFrom
CircleUSDC$415.6B$438.4B-$22.8BDec 26, 2022
TetherUSDT$82.8B$26.1B$56.7BFeb 6, 2023
PayPal (Paxos)PYUSD$19B$17.2B$1.8BJan 23, 2023
BlackRock (Securitize)BUIDL$2.3B$2.1B$195.7MMar 4, 2024
OndoOUSG$1.3B$747.9M$598.1MApr 22, 2024
OndoUSDY$215.1M$66.6M$148.5MDec 15, 2025
Five issuers$521.1B$484.5B$36.6B

Ethereum event logs. Circle CCTP transfers ($188.7B of USDC mints and burns) are excluded: moving USDC between chains is not issuance. USDC is 85% of the total and is mostly market-maker churn; its net is negative on Ethereum because holders redeem there and mint natively elsewhere, while its circulating supply on all chains grew.

Cumulative net issuance

USDC Circle-$20.3B0$35.3B2023202420252026$29.2B
USDT Tether$123.6B2023202420252026$118B
PYUSD PayPal (Paxos)$4.2B2023202420252026$2.9B
BUIDL BlackRock (Securitize)$551M2023202420252026$195.7M
OUSG Ondo-$37.1M$662.7M2023202420252026$598.1M
USDY Ondo-$805$148.5M2023202420252026$148.5M

Cumulative net issuance since January 2023 (since launch for later assets). Stablecoins: change in circulating supply on every chain. BUIDL, OUSG, USDY: Ethereum mints less redemptions. Each panel has its own dollar scale. Shaded: Fed easing episodes, from the first cut to 4 weeks after the last. Ticks: each cut.

Around the rate cuts

12 weeks before the first cutduring the easing episode−1.0σ−0.5σ0.0σ+0.5σ+1.0σUSDC2024USDC, Sep 2024 to Dec 2024 (3 cuts): +0.1σ in the 12 weeks before ($267.6M/week)USDC, Sep 2024 to Dec 2024 (3 cuts): +0.5σ during ($707.7M/week), higher than 92% of same-length windows+0.5σ2025USDC, Sep 2025 to Dec 2025 (3 cuts): +0.8σ in the 12 weeks before ($995.7M/week)USDC, Sep 2025 to Dec 2025 (3 cuts): −0.0σ during ($103.3M/week), higher than 48% of same-length windows−0.0σUSDT2024USDT, Sep 2024 to Dec 2024 (3 cuts): −0.1σ in the 12 weeks before ($495.6M/week)USDT, Sep 2024 to Dec 2024 (3 cuts): +0.5σ during ($1.1B/week), higher than 84% of same-length windows+0.5σ2025USDT, Sep 2025 to Dec 2025 (3 cuts): +0.6σ in the 12 weeks before ($1.2B/week)USDT, Sep 2025 to Dec 2025 (3 cuts): +0.4σ during ($985.9M/week), higher than 86% of same-length windows+0.4σPYUSD2024PYUSD, Sep 2024 to Dec 2024 (3 cuts): +0.2σ in the 12 weeks before ($40.9M/week)PYUSD, Sep 2024 to Dec 2024 (3 cuts): −0.2σ during (-$12.6M/week), higher than 20% of same-length windows−0.2σ2025PYUSD, Sep 2025 to Dec 2025 (3 cuts): +0.1σ in the 12 weeks before ($32.6M/week)PYUSD, Sep 2025 to Dec 2025 (3 cuts): +0.9σ during ($136.8M/week), higher than 100% of same-length windows+0.9σBUIDL2024BUIDL, Sep 2024 to Dec 2024 (3 cuts): +0.0σ in the 12 weeks before ($3.2M/week)BUIDL, Sep 2024 to Dec 2024 (3 cuts): −0.2σ during (-$7M/week), higher than 24% of same-length windows−0.2σ2025BUIDL, Sep 2025 to Dec 2025 (3 cuts): −0.2σ in the 12 weeks before (-$6M/week)BUIDL, Sep 2025 to Dec 2025 (3 cuts): −0.3σ during (-$11.5M/week), higher than 0% of same-length windows−0.3σOUSG2024OUSG, Sep 2024 to Dec 2024 (3 cuts): −0.2σ in the 12 weeks before ($1.3M/week)OUSG, Sep 2024 to Dec 2024 (3 cuts): −0.3σ during (-$2.6M/week), higher than 4% of same-length windows−0.3σ2025OUSG, Sep 2025 to Dec 2025 (3 cuts): −0.2σ in the 12 weeks before ($657.1K/week)OUSG, Sep 2025 to Dec 2025 (3 cuts): +0.0σ during ($5.3M/week), higher than 74% of same-length windows+0.0σUSDY2024not issuing yet2025not issuing yet

Mean weekly net issuance in the 12 weeks before an easing episode (open dot) and during it (solid dot), in standard deviations of that asset's own weekly net issuance across the sample. Hover a dot for dollars. Two episodes, so this describes what happened and does not test a cause. USDY's InstantManager began in December 2025, after both episodes started.

Which chains

USDC$73.1B

  • Ethereum$45.1B61.8%
  • Hyperliquid L1$7.1B9.8%
  • Solana$6.8B9.3%
  • Base$4.4B6%
  • Other$9.6B13.1%

Week of Oct 12, 2026

USDT$184.2B

  • Tron$93.3B50.6%
  • Ethereum$73.2B39.7%
  • BSC$9.2B5%
  • Solana$2.9B1.6%
  • Other$5.7B3.1%

Week of Oct 12, 2026

PYUSD$2.9B

  • Ethereum$1.7B60.2%
  • Solana$711M24.5%
  • Arbitrum$359.7M12.4%
  • Flow$69.5M2.4%
  • Other$12.6M0.4%

Week of Oct 12, 2026

Circulating supply by chain, DefiLlama. Gross mints and redemptions above are Ethereum only, so this is where the flows would land, not where they were counted. Ondo's 13-chain split is on the home page; BUIDL has no cited per-chain count.

News events

EventAsset4 weeks before, per week4 weeks from, per week
Mar 11, 2023: USDC depegs after Circle discloses $3.3B at Silicon Valley BankUSDC$498.3M-$2.8B
USDT$853.7M$2.1B
Jul 18, 2025: GENIUS Act, the first US stablecoin law, signedUSDC$524M$389.2M
USDT$1B$1.2B
PYUSD-$20.1M$36.1M

Mean weekly change in circulating supply, all chains. The Silicon Valley Bank week is the clearest break in the sample.

Methodology

  • A mint is supply created and a redemption is supply destroyed, read from each token's Ethereum events: USDC Mint/Burn, USDT Issue/Redeem, PYUSD Transfer from or to the zero address, BUIDL Issue/Burn, OUSG and USDY as on the flows page. Weeks start Monday 00:00 UTC.
  • Circle CCTP mints and burns, and Paxos's mistaken 300 trillion PYUSD mint and burn on 2025-10-15, are excluded.
  • Ethereum only. Tron carries about half of USDT supply, so Ethereum gross flows understate Tether's total issuance; the net comparison uses circulating supply on all chains.
  • BUIDL mints include about 1% in daily dividend issuance. Fed dates are effective dates from FRED.
  • Data are dated snapshots written by scripts/backfill-issuance.mjs, not read on page load. Full definitions: docs/METHODOLOGY.md, Pillar 5, and ADR-009.