Stablecoin daily (Jun 25): Solana sheds $473M as ETH USDT repatriation hits new series peak
Big-3 stablecoins shed $357.9M on Day 30 — a deceleration from Day 29's $480M drain, but not a recovery. Solana lost $473M in combined stablecoin outflows (USDC −$273.7M, USDT −$199.7M), while ETH USDT repatriation surged to a new series peak of +$238.1M. BTC broke below $62K, Fear & Greed sank to a cycle low of 12, and BTC ETFs posted their largest single-day outflow of the 8-day streak at −$469M. On the regulatory front, Trump stalled the CBDC ban by refusing to sign the housing bill, CLARITY Act Senate vote is confirmed for July, and Circle partnered with Nomura to enter Japan's $440B FX market.
Data cutoff: 2026-06-25T13:00Z (UTC) · Day 30 of series
USDC burns slowed 21% from yesterday — but the headline number hides a harder story. Solana stablecoins lost $473M in a single day, ETH USDT repatriation posted its largest single-session inflow in the tracked series, BTC broke below $62K, and the Fear & Greed Index sank to a new cycle low. The flows are not calming; they are rerouting. 1
Big-3 aggregate: −$357.9M, second straight day of heavy outflows
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The three major stablecoins combined shed $357.9M in the 24 hours ending at the data cutoff. 1 That is smaller than Day 29's −$480.3M, but the deceleration is entirely attributable to USDT's small net gain (+$20.9M) and a slight slowdown in USDC burns — not to any broad recovery.
| Asset | Current supply | 24h delta | 7-day delta |
|---|---|---|---|
| USDT | $186.066B | +$20.9M | −$226.2M (−0.12%) |
| USDC | $73.801B | −$369.4M | −$1.008B (−1.35%) |
| DAI | $4.857B | −$9.4M | +$471.3M (+10.74%) |
| Big-3 total | $264.724B | −$357.9M | — |
DAI's 7-day figure remains elevated from the Day 28 surge (+$383M), but the two-day decline streak (−$14.6M Day 29, −$9.4M Day 30) suggests the spike is fading. 1
USDC: second consecutive day of massive burns, Solana the dominant source
USDC total fell to $73.801B, down $369.4M in 24 hours — 20.9% less severe than Day 29's −$466.8M, but still the second-largest single-day burn in the two-day stretch. The two-day combined USDC burn stands at −$836.2M. 1
Solana USDC drove roughly 74% of the day's burn at −$273.7M, dropping the chain's USDC stock to $6.994B — below the $7B level for the first time in the tracked period. The acceleration is striking: Day 28 registered −$33.3M, Day 29 −$106.5M, and Day 30 −$273.7M (a 3-day cumulative drain of −$413.5M). 1
The chain-level picture elsewhere was mixed:
- Arbitrum USDC: +$24.9M (partial offset)
- Aptos USDC: +$19.8M
- Ethereum USDC: +$15.8M (a thin positive, following Day 29's near-neutral reading)
- Base USDC: −$28.0M, to $4.203B
- Avalanche USDC: −$24.8M, to $448.7M — resuming decline after Day 29's momentum exhausted at +$0.5M
- Hyperliquid USDC: −$51.9M, to $5.876B — the second straight day below $6B (from $6.242B a week ago, −5.87% in 7 days) 1
The 3-day Solana USDC drain is accelerating at a pace that has no precedent in this series:
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ETH USDT repatriation: +$238.1M, new series peak — the arc reignites
This is the signal that cuts against the broader risk-off narrative. Ethereum USDT added $238.1M in 24 hours, lifting the chain's USDT stock to $80.051B. 1 That is 26× the Day 29 pace of +$9.1M, and it surpasses the prior repatriation peak from Jun 22 (+$209M) — the highest single-session ETH USDT inflow in the tracked series.
The counterpart: Solana USDT shed −$199.7M, falling from $2.856B to $2.657B. Plasma USDT lost −$13.6M, OP Mainnet USDT −$7.5M. The combined Solana stablecoin outflow (USDC −$273.7M + USDT −$199.7M) reached approximately −$473M in 24 hours. Mantle USDT bucked the cross-chain drain with a +$16.0M gain. 1
The pattern from early June — rotation away from Solana toward Ethereum — is repeating, but at a pace not seen since the post-FOMC session on Jun 23.
USDT transparency cross-check
Tether's official transparency page (last updated Jun 22 23:30 UTC) shows total net circulation of $186.252B, with per-chain figures of Ethereum $93.210B and Tron $87.884B. 2 DeFiLlama's live figure of $186.066B reflects a ~$185M gap, consistent with a 3-day lag and methodological differences: Tether counts authorized-minus-unissued (including off-chain reserves), while DeFiLlama tracks on-chain circulating supply. The ~$13B discrepancy on the Ethereum figure is expected for this reason.
Tron USDT on DeFiLlama sits at $87.754B, essentially flat versus the Day 29 checkpoint of $87.762B. 1
USDS and USDe: diverging at the margin
USDS (the Sky/MakerDAO dollar) reversed yesterday's −$13.0M erosion with a +$30.2M rebound to $8.198B, driven entirely by Ethereum USDS (+$30.6M). The 7-day change is +$7.6M (+0.09%), effectively flat over the week. 1
USDe (Ethena's synthetic dollar) edged down −$7.6M to $4.473B, tilting from the plateau that held through Day 28–29 into mild erosion. The 7-day change of −$27.7M (−0.61%) and 1-month change of +$28.8M together suggest the asset is range-bound, not trending decisively. 1
Macro: BTC breaks $62K, F&G hits new cycle low at 12
BTC is at $61,085 as of 13:09 UTC — down 1.95% from Day 29's $62,297 close and 4.25% over seven days. 3 The $62K support that survived Day 28 and Day 29 is now broken. ETH sits at $1,634 (−0.66% 24h, −5.72% 7d), tracking BTC with no divergence signal; the ETH/BTC ratio of 0.02675 is essentially flat versus Day 29's 0.02671. 4
The Fear & Greed Index reads 12 — down from 17 on Day 29 and the lowest reading in the current cycle. 5 The Extreme Fear streak has run for more than 30 consecutive days. BTC is 51.6% below its October 2025 all-time high of $126,173; ETH is 67.0% below its August 2025 high of $4,946.
May PCE inflation printed at 4.1% YoY, up from 3.8% in April and the highest reading since April 2023 — sustaining pressure on Fed rate-cut expectations and weighing on risk-asset sentiment. 6
ETF flows (Jun 24 data): BTC streak hits 8 days, broadest selloff in the run
BTC ETFs recorded −$469.0M on Jun 24, the largest single-day outflow in the current streak and more than 4× the prior day's −$113.8M. 7 The 8-day consecutive outflow streak is now the longest sustained selling period in the series.
What changed structurally: FBTC (Fidelity) was a net buyer on Jun 23 (+$23M) and flipped to −$120.8M. ARKB (Ark/21Shares) was a net buyer on Jun 23 (+$31M) and flipped to −$50.7M. Together these two "counter-buyer" funds had been the only source of purchase pressure during the streak; both collapsed on the same day. IBIT (BlackRock) continued at −$239.3M, accelerating from −$182.0M. GBTC −$54.3M. The only fund with net inflows was the Grayscale BTC mini trust at +$23.6M. 7
ETH ETFs improved to −$30.3M (from −$82.4M on Jun 23), but the composition deteriorated: ETHA (BlackRock) decelerated sharply to −$8.1M from −$86.1M, which looks like recovery — until you see that FETH (Fidelity) flipped from +$15.7M counter-buyer to −$15.7M seller, and the Grayscale ETH mini trust added −$6.5M. Outflow spread across more funds even as the headline number fell. 8
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Regulatory and industry notes
Trump stalls CBDC ban. The housing bill containing a prohibition on Federal Reserve retail CBDCs through Dec 31, 2030 cleared Congress with overwhelming margins (Senate 85–5, House 358–32), but President Trump cancelled the Jun 24 signing ceremony. He conditioned his signature on Congress first passing the SAVE America Act (an elections bill requiring citizenship proof for federal voting). The SAVE Act lacks 60 Senate votes. Trump has ten days (excluding Sundays) to act before the bill can become law without his signature — or be pocket-vetoed if Congress adjourns. 910
CLARITY Act Senate vote set for July. Sen. Cynthia Lummis confirmed on Fox Business (Jun 24) that the final bill text will be released over the July 4 holiday, with a floor vote planned for July. "We're finally to the point where we're going to put out a text over the July 4th and give people one last really thorough look at the bill. And then we're moving in July," Lummis said. Polymarket puts passage odds at roughly 42%. About five working weeks remain before the August recess, and the housing standoff risks consuming floor time. 11 Four law enforcement groups (NDAA, NAAUSA, IACP, NSA), representing more than 70,000 officers, sent a letter to the acting Attorney General on Jun 23 opposing Section 604 of the bill on money-laundering grounds; the Blockchain Association countered with a letter from former federal prosecutors and FBI agents. 12
FDIC proposes bank-like AML for stablecoin issuers. Under GENIUS Act implementation, the FDIC published a proposed rule requiring payment stablecoin issuers to adopt written, risk-based customer identity verification procedures — the same standard applied to banks. The GENIUS Act (the federal stablecoin legislation enacted in July 2025) carries a one-year rulemaking deadline of July 18, 2026 — 23 days away. 13
Circle + Nomura target Japan's $440B FX market. Circle and Nomura Holdings announced a partnership to build a USDC-based cross-border settlement service for Japan's corporate currency market, targeting a 2027 launch. Japan's updated payment rules cleared USDC as the first global dollar stablecoin approved for domestic corporate use. Nomura handles client onboarding and regulatory compliance. 14
BIS warns: 99.4% of stablecoins peg to USD. Chapter III of the BIS 2026 Annual Economic Report (published Jun 23) assessed the ~$320B stablecoin market, finding that 99.4% of fiat-backed supply by value is USD-denominated. The BIS called for international coordination on regulation, citing risks of financial instability and dollar substitution in emerging markets. 15
Spark and Uniswap build stablecoin "FX Layer." Spark (the Sky/MakerDAO lending arm) and Uniswap announced shared stablecoin swap infrastructure on Uniswap v4, seeded with $150M migrated from Spark's USDS ecosystem. Spark CEO Sam MacPherson framed it as infrastructure for multiple issuers: "The native stablecoin remains visible. The liquidity infrastructure becomes invisible. That's the future we're building." 16
SBI acquires Bitbank for $288.6M. SBI Holdings signed agreements to buy Japanese crypto exchange Bitbank for 46.7 billion yen ($288.6M) through subsidiary SBICAH LLC. Subject to Japan Fair Trade Commission clearance, the deal is expected to close around October 2026, giving the combined SBI VC Trade + Bitbank entity approximately $6.8B in customer crypto assets and 2.92 million accounts — which SBI says would rank it first among domestic Japanese exchanges by assets under management. 17
Hormuz: oil returns to pre-war levels. Traffic through the Strait of Hormuz is recovering under the 60-day US-Iran ceasefire. Oil prices have fallen back to pre-conflict levels. Thirty India-bound vessels have transited the strait; 26 more remain in the Persian Gulf awaiting clearance. Secretary of State Marco Rubio emphasized during his Gulf tour that the strait must stay open and toll-free. The IRGC Navy issued a warning requiring vessels to use Iran-designated routes. Full normalization may take additional weeks given elevated maritime insurance premiums. 6
Cover image: AI-generated illustration
References
- 1DeFiLlama Stablecoins API
stablecoins.llama.fi
- 2Tether Transparency Page
tether.to
- 3CoinPaprika BTC ticker
api.coinpaprika.com
- 4CoinPaprika ETH ticker
api.coinpaprika.com
- 5Alternative.me Fear & Greed Index
api.alternative.me
- 6
- 7Farside Investors BTC ETF flows
farside.co.uk
- 8Farside Investors ETH ETF flows
farside.co.uk
- 9
- 10
- 11thirdweb: US Crypto Regulation 2026: CLARITY Act Senate Vote in July
blog.thirdweb.com
- 12
- 13
- 14
- 15
- 16
- 17
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