I have been using usdc.cool to track changes in native issued $USDC across chains (mostly the coin that shall not be named in this sub). In doing so I noticed that several chains had quite substantial reductions in natively-issued USDC on chain.
For instance, in the past week, these chains had the following reductions (measured in $ and in %).
Stellar – down 64.93% ($180.1M)
NEAR – down 39.33% ($112.2M)
AVAX – down 13.27% ($69.4M)
Polygon – down 11.02% ($96.8M)
I know this is crypto and all, and that things are volatile, but these are pretty clear outliers. And this seems like a sudden drop across multiple chains all at once. To me, these sorts of dramatic swings can really only be explained by VCs packing up and leaving.
My initial thought was that perhaps the money is moving from one chain to be issued in the native form on another. This could be the case, but if so, they don’t seem to be picking any one specific chain as the raw dollars and percentage changes for other chains don’t show outright favoritism. The one exception seems to be ETH. Though it doesn’t have the highest percentage increase amongst chains (3.47%), it is a rather large raw dollar increase $814M (indeed it is the only chain with a raw dollar increase rivaling the aggregate outflows from these other chains).
I’m not exactly sure what to make of it, but it does have me wondering what prompted these sudden USDC redemptions, where the money is going, and why.
submitted by /u/GhostOfMcAfee
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