usdt added 93m. usd1 added 62m. usdg added 45m. usdc added 42m. usdgo added 35m. top five mints all fiat-backed.

usds bled 271m. dai shed 17m. rlusd lost 9m. nusd dropped 7m. usdd down 5m. every top redemption is crypto-backed or hybrid.

net aggregate barely positive at +5.7m. the inflows are concentrated in fiat stables. the outflows are concentrated in crypto-backed stables. that pattern is not neutral. it looks like a rotation out of decentralized collateral into centralized custodial dollars.

the falsifiable bit: usdgo’s 35m mint at +6.65% is the outlier. if that supply holds or grows over the next 48 hours, it signals genuine new demand for a small cap fiat stable. if it reverses fast, it was just a one-off arb top-up. watch the 48h retention rate.

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Originally published on FalsifyLab Substack.