@circle minted $104B of USDC last quarter and redeemed $104B. A hundred billion in, a hundred billion out, and supply ended the quarter right where it was a year ago. Meanwhile $13.9T moved onchain, up 49%. Nobody's parking dollars in USDC anymore. They're running them through it. And as rates fall, the margin moves with them, away from whoever holds the float and toward whoever touches the payment. #USDC #Stablecoins
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