StableCoin market contracts $14.2b largest since 2022. Where the burns happened Large issuer redemptions/burns have been concentrated on Ethereum: Tether redeemed/burned ~$4B USDT on Ethereum in the week to ~Nov 3 (via Redeem events; no new USDT issuance on Ethereum since April 2026). Additional large USDT burns on Ethereum were reported around this period (including ~$2.5B). USDC also saw net issuer burns on Ethereum (and smaller ones on Base, Arbitrum, Arc, etc.), though Circle’s CCTP cross-chain transfers create many apparent mint/burn events that do not change total supply.⁠ Tron (the main home of USDT by volume and supply) saw far less net contraction in this window. Burns occur on the chain of the relevant contract when tokens are redeemed; for the dominant issuers, the big net reductions in this episode were Ethereum-centric.

Stablecoin settlement is pretty interchangeable. Issuers and acquirers can choose among multiple networks. Consumers use whatever is easiest for them. In all cases, you can move money 24/7. The interesting parts are liquidity, compliance, routing, reconciliation, and distribution. Without those components, settlement doesn't achieve much. So figuring out how to execute on those aspects on open settlement rails is the actual challenge, and it is only achievable when you welcome all of them, like we've done with the Open Money Stack.

Stablecoins are flowing onto @SuiNetwork ($SUI) fast, with supply up sharply in the past week. Roughly two-thirds of that supply is @circle's $USDC. All the details ⬇️ Read the full story:

StableRonaldo realizes that Epic Games employees are intentionally not giving him the extremely rare Fortnite Pirate Token during his marathon, which has now reached 73 hours 😭

Stablecoin reserves need to move 24/7. @BNYglobal's Chief Innovation and Market Transformation Officer Carolyn Weinberg on mint and burn, off-hours Treasury pricing, and legal finality. The latest episode of @TokenizedPod's Stablecoin Stories with @sytaylor and @rangoldi also covers collateral mobility and tokenized deposits. 🔗:

Stablecoin supply on Plume Network has more than doubled in a week. Its stablecoin market cap is up 111% over seven days as real-world asset and DeFi activity grows on $PLUME. What is behind the jump ⬇️ Full article:

Stablecoins started as a way to keep dollar value on-chain. Now they power trading, DeFi, payments, settlement, and cross-border transfers. Same idea. Much bigger role. Here’s how stablecoins work 👇