Stablecoin liquidity daily (Jun 2): USDT burn decelerates, Solana USDC surges $304M
USDT's six-day burn decelerated sharply to −$107.8M on Day 6 (from a −$240M plateau on Days 4–5), but one lighter session does not confirm a reversal — the six-day cumulative reaches ~−$1,978M. USDC flipped back negative (−$45.3M) after a single-session bounce, while the Ethereum→Solana/Hyperliquid USDC rotation accelerated: Solana absorbed +$304M and Hyperliquid logged its second consecutive +$197.9M inflow, making it the third-largest USDC chain globally. MoneyGram's launch of MGUSD on Stellar — reaching 60 million users and 500,000 retail locations — is the session's most structurally significant industry event. BTC dropped below $70,000 (−4.1%), Fear & Greed hit 23 (Extreme Fear), and BTC ETF outflows extended to a 13th day at −$440.3M.
Coverage window: Jun 1, 13:37 UTC → Jun 2, 13:00 UTC (~23.4 hours)
Day 6 of the USDT burn cycle — and for the first time since Day 3, the pace dropped meaningfully: −$107.8M, less than half of the −$240M plateau that defined Days 4 and 5. 1 Six-day cumulative burn from the May 27 peak now sits at approximately −$1,978M. The deceleration is real, but one lighter day does not confirm a reversal.
USDC flipped back negative (−$45.3M), erasing yesterday's +$38.9M bounce — the single-session positive was a one-day event, not a regime change. The structural Ethereum → Solana/Hyperliquid rotation, however, accelerated: Solana USDC absorbed +$304M in 24 hours and Hyperliquid logged its second straight day above +$197M. DAI held its expansion streak at +$17.9M, the only big-three asset in the green.
BTC dropped below $70,000 for the first time since April 8, closing the window at $68,973 (−4.1%). 2 The Fear & Greed index slid from 29 to 23 (Extreme Fear). 3 BTC spot ETF outflows extended to a 13th consecutive trading day at −$440.3M on June 1 — the third-largest single-day of the streak. 4 MoneyGram's launch of MGUSD on Stellar is the biggest structural news of the window.
Quick scan
| Entity / chain | Direction | 24h change | 7d change |
|---|---|---|---|
| USDT total | Burn ↓ (decelerating) | −$107.8M (−0.057%) | −$1,500M (−0.79%) |
| USDC total | Burn ↓ (flipped back) | −$45.3M (−0.060%) | −$606M (−0.79%) |
| DAI total | Expansion ↑ | +$17.9M (+0.391%) | +$10.8M (+0.24%) |
| Big-3 combined | Contraction ↓ | −$135.2M (−0.050%) | −$2,100M (−0.78%) |
| Solana USDT | Drain | −4.56% 24h | — |
| Tron USDT | Flat | +0.11% 24h | Dominant at $88.65B |
| Ethereum USDT | Drain | −0.09% 24h | $80.91B |
| Solana USDC | Massive inflow ↑↑ | +$304.4M (+4.18%) to $7.59B | — |
| Hyperliquid USDC | Inflow Day 2 ↑ | +$197.9M (+3.13%) to $6.51B | +$16.0M (7d) |
| Ethereum USDC | Drain | −$402.5M (−0.82%) | — |
| Arbitrum USDC | Drain | −$58.8M (−2.52%) | — |
| Base USDC | Inflow | +$17.8M (+0.43%) | — |
| Aptos USDC | Drain ↓↓ | −$10.6M (−7.3%) to $135.1M | −$157.3M (−53.8%) |
| Starknet USDC | Sharp drain | −$70.5M (−27.3%) to $187.7M | — |
| BTC | Drop ↓ | $68,973 (−4.1%) | −10.66% |
| ETH | Flat | $1,975 (+0.48%) | −7.12% |
| Fear & Greed | Extreme Fear | 23 (−6 pts) | Prior: 29 |
| BTC ETF (Jun 1) | Outflow Day 13 | −$440.3M | 13-day cum. est. ~−$3.4B |
Supply snapshot
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USDT lands at $187.82B, down −$107.8M. 1 From the May 27 peak of $189.32B, the six-day cumulative loss now totals approximately −$1,978M (−1.04%). Day 6 is the first session since Day 3 where the burn fell below −$200M — whether this marks the beginning of a genuine slowdown or simply a single lighter session will depend on Day 7.
USDC drops to $75.83B, reversing yesterday's +$38.9M with a −$45.3M session. 1 The 7-day figure is now −$606M (−0.79%) — the total is shrinking, not expanding. The headline negative number masks a wide internal dispersion: Ethereum USDC drained −$402.5M while Solana absorbed +$304.4M and Hyperliquid added +$197.9M.
DAI edges up to $4.601B, +$17.9M (+0.39%) — the only big-three asset with a positive 24-hour reading. 1 DAI's chain distribution remains concentrated: 81.4% of supply ($3.74B) sits on Ethereum mainnet, and Polygon holds the second-largest share at $719.9M (15.6%). The +$17.9M expansion may reflect the Dai Savings Rate (DSR) attracting new collateral deposits during the current market drawdown — a pattern consistent with prior periods of BTC weakness, though no direct confirmation is available from on-chain vault data this cycle.
USDT flows: Day 6 burn drops to −$108M — deceleration or noise?
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The six-day pattern now shows two distinct phases: a sharp front-end spike (Days 1–2: −$808M then −$483M), a Day 3 air pocket (−$97.5M), and then a plateau phase at roughly −$240M/day on Days 4 and 5, now interrupted by Day 6's −$107.8M. 1
Chain-level signals: Solana USDT fell −4.56% on the day — the largest proportional drop among major USDT chains — while Tron USDT held nearly flat at +0.11% and Ethereum edged down −0.09%. 1 Tron remains the dominant USDT venue at $88.65B (47.2% of total), with Ethereum second at $80.91B (43.1%). The Solana −4.56% drop stands in sharp contrast to USDC's +4.18% gain on the same chain — which points to an active USDT→USDC swap or bridge pattern on Solana rather than a simple net outflow.
DeFiLlama's USDT per-chain absolute values remain unreliable under Tether's May 22 methodology reclassification. All per-chain USDT figures above are reported as percentage deltas only.
USDC chain flows: Solana +$304M, Hyperliquid Day 2, Starknet freefall
Solana USDC: +$304M — the session's defining single-chain event
Solana USDC gained +$304.4M (+4.18%) in 24 hours, taking the chain's balance from $7.29B to $7.59B. 1 This is the single largest chain-level USDC inflow of the current tracking period. For context: $304M represents approximately 0.40% of total USDC supply absorbed by one chain in one session.
The research summary flags a possible connection to MoneyGram's MGUSD launch on Stellar — a Solana-adjacent ecosystem play that may have triggered bridging or settlement activity. No on-chain wallet-level data is available to confirm the specific flow path. What the data does confirm is that the inflow is roughly proportional to the simultaneous drain from Ethereum USDC (−$402.5M), suggesting a significant migration rather than fresh issuance.
Hyperliquid USDC: second consecutive inflow day, +$197.9M
Hyperliquid L1 USDC added +$197.9M (+3.13%), its second straight positive session, bringing total USDC on-chain to $6.51B. 1 Hyperliquid now holds more USDC than Arbitrum ($2.27B), Base ($4.18B), Avalanche, and Polygon combined. Its 7-day change is +$16.0M — modest in absolute terms — but the month-over-month story is more striking: Hyperliquid USDC has grown from approximately $4.76B to $6.51B over the past 30 days (+$1.75B, +36.8%). It is now the third-largest USDC chain behind only Ethereum and Solana.
Two consecutive +$197–198M sessions, while BTC is declining and broader stablecoin supply is contracting, suggests trader capital is actively moving into Hyperliquid's perpetual DEX infrastructure — likely for short positioning or hedging rather than fresh long exposure.
Ethereum USDC: −$402.5M drain
Ethereum USDC fell −$402.5M (−0.82%) to $48.84B. 1 This is the largest single-chain absolute drain of the session and is consistent with the multi-week trend of capital rotating from Ethereum onto Solana and Hyperliquid. Ethereum still holds $48.84B — 64.4% of total USDC supply — but its share has been declining steadily. Arbitrum USDC added −$58.8M (−2.52%) to $2.27B, continuing its own outflow pattern.
Starknet and ZKsync: sharp outflows on zero-knowledge L2s
Starknet USDC dropped −$70.5M (−27.3%) in a single session, from $258.2M to $187.7M. 1 ZKsync Era USDC fell −$6.0M (−15.2%) to $33.7M. Both chains are in persistent downtrends, and Starknet's one-day −27.3% is severe enough to warrant monitoring in the next window for whether it stabilizes or continues.
Aptos USDC: 7-day collapse deepens to −53.8%
Aptos USDC dropped another −$10.6M (−7.3%) to $135.1M. 1 Seven-day cumulative loss: −$157.3M from $292.5M — a 53.8% reduction in one week. At $135M, Aptos USDC is approaching a level that likely represents locked DeFi collateral rather than mobile liquidity. The mobile capital has largely exited; the remaining balance may drain more slowly regardless of broader market conditions.
Industry events
MoneyGram launches MGUSD on Stellar — 60M users, 500K retail locations
MoneyGram launched MGUSD, its own dollar-backed stablecoin, on the Stellar network on June 2. 5 The stablecoin is issued by Bridge (a stablecoin infrastructure platform acquired by Stripe), with smart contracts from M0 and wallet infrastructure from Fireblocks. It ships with a self-custodial wallet embedded in the MoneyGram app and launches first in the United States, with global expansion planned.
MGUSD reaches MoneyGram's existing distribution network: 60 million customers across approximately 500,000 retail locations. CEO Anthony Soohoo said: "Starting with our distribution platform, we're using stablecoin as a foundation to build future applications." 5 Stellar CEO Denelle Dixon added: "Stellar was built for real-world utility at institutional scale." 5
MoneyGram joins SoFi (SoFiUSD), PayPal (PYUSD), and Western Union (stablecoin on Solana) in the wave of traditional finance companies entering on-chain dollar infrastructure. The MGUSD launch is part of a five-year partnership between MoneyGram and Stellar covering remittance services. Citi projects the stablecoin market reaching $4 trillion by 2030, up from roughly $300 billion today. 5
Gnosis Pay: delay-module exploit, full user reimbursement pledged
Gnosis Pay — the self-custodial Visa debit card built on Gnosis Chain — was hit by an active exploit on June 1 targeting the "delay module" that governs outgoing transactions on its Safe-based card accounts. 6 The delay module is part of the Zodiac toolset; it imposes a roughly three-minute hold before transactions execute. Co-founder Martin Köppelmann confirmed the attacker "is able to initiate tx from Safes with such a delay module." 6
Gnosis asked bridge validators to pause cross-chain transfers as a containment step. No loss figure has been publicly disclosed. Köppelmann pledged: "Rest assured, Gnosis will cover all user losses." 6 GNO traded around $118 on the day, down approximately 2.8%. 7
ECB's Schnabel warns on stablecoin growth, pushes digital euro
On June 1, ECB Executive Board member Isabel Schnabel said rapid stablecoin growth could amplify financial stability risks and reinforce U.S. dollar dominance globally. 8 The ECB estimates the global stablecoin market at nearly $300 billion, with USDT and USDC accounting for approximately 90% of circulation. 9 Schnabel urged Europe to accelerate work on a digital euro; the ECB targets 2029 for technical completion, contingent on legislation passing in 2026.
Ripple expands RLUSD to Turkey's $200B crypto market
Ripple expanded its regulated USD-backed RLUSD stablecoin into Türkiye on June 2 through partnerships with three local exchanges: BiLira, Bitexen, and Bitlo. 10 Turkey's crypto market is estimated at approximately $200 billion. RLUSD is a regulated U.S. dollar-backed stablecoin issued by Ripple.
May 2026 crypto hack tally: $81.7M, down 87% from April
PeckShield's May 2026 security report put total hack losses at $81.7M — down 87% from April's approximately $650M. 11 Bridge exploits accounted for 41% of all May losses. Major incidents included Verus-Ethereum bridge ($11.5M, May 18), Gravity Bridge ($5.4M, May 31), and DxSale on BNB Chain ($7.3M). The monthly tally was the third time in 2026 that losses fell below $100M.
Mt. Gox moves 10,306 BTC ($731M) after two quiet months
On June 2, a Mt. Gox-related address transferred 10,306 BTC (approximately $731M at prevailing prices) to a new wallet after roughly two months of inactivity. 12 A separate Mt. Gox cold wallet moved 116.3 BTC (~$8.25M) to a hot wallet on the same day, per on-chain analyst Yu Jin. The transfers arrived on the same session BTC dropped below $70,000, contributing to sell-off concern in the market.
Market context
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BTC broke below $70,000 — a level it had held since April 8 — to close the window at $68,973 (−4.1%), down from $71,930 at the prior checkpoint. 2 Seven-day loss is −10.66% (from approximately $77,201). The 24-hour trading volume was $49.2B, up 56% from the prior session, reflecting elevated activity around the breakdown. BTC's current price is 45.4% below its all-time high of $126,173 (October 2025). 2
ETH held near $1,975 (+0.48%), flat versus the prior checkpoint of $1,980. 13 ETH's relative resilience during a BTC −4.1% session is notable — the BTC/ETH divergence on this day is approximately 4.4 percentage points.
Fear & Greed dropped six points from 29 (Fear) to 23 (Extreme Fear), re-entering the territory last visited in late May. 3 The index had spent May 28 through June 1 gradually recovering from the 22–23 range; today's decline reverses that partial recovery.
BTC ETF: Day 13, −$440.3M — third-largest single session of the streak
June 1 BTC spot ETF net flow: −$440.3M across all 12 products, extending the outflow streak to 13 consecutive trading days (May 14 through June 1). 4 IBIT (BlackRock) contributed −$37.3M and BITB (Bitwise) −$12.3M; only MSBT saw inflows at +$6.1M. 4 The three largest single-day outflows of the streak are: May 27 (−$527.8M), May 18 (−$448.4M), and June 1 (−$440.3M). Since inception, total cumulative net flow remains at approximately +$55,230M; GBTC's cumulative redemption alone stands at −$26,619M. 4 June 2 flow data was not yet published as of this data cut.
Signal read
USDT Day 6 burn at −$108M is the most ambiguous data point of the six-day cycle. It could mark the beginning of a genuine burn deceleration toward zero — or it could be a single lighter session inside a cycle that resumes at −$200M or higher on Day 7. The prior Day 3 dip to −$97.5M proved to be a false floor; Days 4 and 5 snapped back to −$240M. The six-day cumulative at ~−$1,978M is approaching −$2B. A Day 7 reading will determine whether this is structural deceleration or noise. 1
The Ethereum → Solana/Hyperliquid USDC rotation is the dominant structural flow story of this cycle. In this session alone, Ethereum lost −$402.5M, Solana gained +$304.4M, and Hyperliquid gained +$197.9M. The pattern has been consistent across multiple sessions. Hyperliquid's growth from $4.76B to $6.51B over 30 days (+36.8%) suggests it is absorbing institutional and high-frequency trading capital that previously settled on Ethereum L2s. Solana's +$304M in one day, if sustained, would make it the fastest-growing USDC venue in the current cycle — but a single session is insufficient to confirm a trend shift. 1
USDC's flip back to negative after a single positive day confirms the prior bounce was transient. Remove Hyperliquid's prior-day +$74.7M reversal from yesterday's headline and USDC was negative; today, with Ethereum still draining −$402.5M, the top-line USDC figure is −$45.3M despite Solana and Hyperliquid both large positive. The 7-day figure is −$606M and the direction has not changed.
MoneyGram's MGUSD is the most commercially significant stablecoin launch of the current wave. SoFi, PayPal, and Western Union are primarily serving existing digital-native or fintech-adjacent audiences. MoneyGram's 500,000 physical retail locations serve populations that move money in cash — an entirely different distribution channel. If MGUSD achieves adoption among MoneyGram's 60M users for cross-border remittances, it would represent a meaningful new demand vector for dollar stablecoins outside the existing crypto-trading and DeFi population. Whether supply growth materializes on Stellar will be visible in DeFiLlama's chain data in subsequent sessions. 5
The BTC ETF streak at 13 days and −$440.3M (June 1) is entering territory where the cumulative redemption pressure on BTC spot price becomes material. The three-largest single-session outflows occurring near the streak's end (not its beginning) may indicate that institutional redemptions are accelerating rather than completing. Mt. Gox's 10,306 BTC transfer adds a potential secondary supply overhang. Neither the ETF flow pace nor the Mt. Gox movement alone forces a directional conclusion, but both are consistent with downward price pressure continuing below $70,000. 412
DAI's third consecutive positive day (+$17.9M) during a broad stablecoin contraction is a notable divergence. DAI's expansion in a declining market is consistent with counter-cyclical minting — collateral depositors opening or maintaining Maker vaults as ETH prices fall but remain above liquidation thresholds. It does not indicate broad demand recovery; it reflects the specific mechanics of collateralized debt position (CDP) dynamics during drawdowns. 1
Supply data: DeFiLlama Stablecoins API (~13:00 UTC Jun 2). USDT per-chain values reported as 1-day delta percentages only; absolute per-chain USDT figures remain unreliable under DeFiLlama's May 22 methodology reclassification. USDC and DAI per-chain absolute values unaffected. BTC/ETH prices: CoinPaprika (~13:12 UTC Jun 2). Fear & Greed: Alternative.me API. BTC ETF data: Farside Investors (confirmed through Jun 1; Jun 2 data not yet published as of this data cut).
References
- 1DeFiLlama Stablecoins API
stablecoins.llama.fi
- 2CoinPaprika BTC ticker
api.coinpaprika.com
- 3Alternative.me Fear & Greed Index API
api.alternative.me
- 4Farside Investors: Bitcoin ETF Flow
farside.co.uk
- 5
- 6The Defiant: Gnosis Pay delay module exploit
thedefiant.io
- 7Protos via CryptoNews: Rough weekend for DeFi
cryptonews.net
- 8
- 9DeFi Planet: ECB warns stablecoins could reshape banking
defi-planet.com
- 10DeFi Planet: Ripple expands RLUSD to Türkiye
defi-planet.com
- 11DeFi Planet: Crypto hacks fall to $81.7M in May
defi-planet.com
- 12SpendNode: Mt. Gox moves 10,306 BTC
spendnode.io
- 13CoinPaprika ETH ticker
api.coinpaprika.com
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