. @arq_finance (ex-DolarApp) announced USDs on @tempo yesterday. On-chain, the story started months earlier. The USDs contract has been live since March. For 6 months supply never topped $4k - only test mints and burns. Then, in 5 weeks: - Sep 24: first real mint, $10m - by Oct 20: $31m - Oct 28: +$22m in a single day, 5 days before the announcement Today: $53m supply. Mints land in a @Stablecoin wallet first, then move to ARQ. Redemptions were tested end-to-end with $5-10 a week before launch. 97.6% of supply ($51.75m) now sits in an address that has never sent a transaction - a classic hot/cold treasury split for a custodial app. Worth noting: USDs is closed in practice, not at the contract level. The contract uses a blocklist, so technically any address can hold and transfer it. But it’s issued only for ARQ, the mint and redemption flows I traced all run through Bridge and ARQ, and nearly all supply was moved by ARQ into a single address that has never sent a transaction. For now, USDs looks like ARQ’s internal ledger moved on-chain - not a dollar circulating in the open market.