We just saw the sharpest ERC-20 stablecoin drawdown of this cycle. Supply dropped ~$7B in a week as capital rotated back to fiat and excess stables got burned. Historically that’s a risk-off tell & it needs to reverse fast to stay cyclical, not structural.
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We just saw the sharpest ERC-20 stablecoin drawdown of this cycle. Supply dropped ~$7B in a week as capital rotated back to fiat and excess stables got burned. Historically that’s a risk-off tell & it needs to reverse fast to stay cyclical, not structural.