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Stablecoin capitalization fell by $377.61 million over seven days to $305.07 billion as of 07:00 UTC on Sept. 14, with declines in USDC, PayPal USD and BlackRock’s BUIDL partly offset by an expansion in Ethena’s USDe.
USDe gained 5.13% to $4.59 billion during the period. The figures show its supply expanding while several dollar-linked products contracted, but they do not establish that the same investors moved funds between them.
USDC Supply Falls $366M as Redemptions Exceed Issuance by $200M
USDC supply fell 0.49% to $74.34 billion, a decline of roughly $366 million based on the seven-day market-cap figures. Circle’s latest weekly reserve disclosure before the snapshot provides part of the flow behind that contraction.
The issuer reported $6.7 billion of USDC issuance and $6.9 billion of redemptions over seven days through Sept. 10, reducing circulation by a net $200 million. PayPal USD recorded a steeper percentage decline. PYUSD fell 5.14% to $2.76 billion, equivalent to roughly $150 million of outstanding supply.
Paxos publishes PYUSD reserve reports monthly rather than providing a live seven-day redemption breakdown, so the supply figures do not identify which holders reduced their positions.
BUIDL Falls $81M as USDe Adds About $224M
BUIDL declined 2.89% to $2.73 billion, reducing its tracked value by about $81 million over the week. BUIDL is a tokenized Treasury fund rather than a conventional payment stablecoin, with qualified investors able to subscribe for and redeem fund shares through Securitize.
USDe moved in the opposite direction. Its 5.13% increase to $4.59 billion represents roughly $224 million in additional outstanding supply. USDe itself does not automatically pay yield. Holders can separately stake the token into sUSDe to receive protocol rewards.
Four Products Account for Most of $378M Stablecoin Contraction
The declines in USDC, PYUSD and BUIDL total roughly $597 million using the reported percentages, while USDe’s expansion offsets about $224 million of that amount.
Those rounded figures account for most of the overall $377.61 million market contraction but do not prove a direct shift from the declining products into USDe.
Confirming investor rotation would require matching redemptions with subsequent USDe mints across counterparties or wallets rather than comparing market-cap changes alone.
