Executive Summary
USDC's supply fell $370.16M over seven days to $74.33B while total stablecoin capitalisation slipped just $90.59M, leaving roughly $280M of that redemption offset by issuance elsewhere. USDS added $39.73M in a single day.
USDC's supply fell $370.16M over seven days to $74.33B, the largest weekly decline among tracked coins and about 7% below its $79.75B April peak. Total stablecoin capitalisation gave up only $90.59M in the same week, to $319.42B, which leaves roughly $280M of that redemption offset by issuance elsewhere. The total sits 0.09% under its Digest-window high, set eight days ago.
Some of the destination is visible. USDS added $39.73M in a day against $77.39M over the week, accelerating. USD1 took in a net $13.49M at maximum pressure intensity versus its 30-day baseline, while FDUSD sent $3.49M out at the opposite extreme. Ethereum booked $240.18M of net inflow. The Bank Run Gauge improved to -3.3 from -8.6, and the flight-to-quality flag stayed inactive.
Peg stress stays concentrated in small issuers. pmUSD is 4,565 bps below peg at $0.543 on a $51.28M cap, wider than yesterday. apxUSD sits 219 bps out at $0.978, unresolved since the STRC drawdown took it near $0.89 in June, and still pays 14.21% APY. If USDS clears $50M in a single day at the next snapshot, the rotation out of USDC has a destination rather than an inference.