Stablecoin activity is splitting in two directions. USDT transfers fell 20%. USDC dropped 13%. Together they control 89% of the market. But alternatives are heating up. USD1 transfers jumped 67%. RLUSD rose 19%. Meanwhile, the market saw a $1.1B net supply contraction, led by $930M in USDT redemptions. Our latest analysis breaks down what the flow data is signaling and where risk may be building. crystalintelligence.com/market...…

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