A Coin Metrics study links non-stablecoin crypto-market performance to slower USDC growth and faster USDT growth the following week. It also identifies a relationship specific to USDC with lending yields, while none of its models explains more than 25% of weekly supply changes. Higher perpetual-futures funding rates are associated with faster supply growth for both issuers, accounting for about 10% of USDC changes and 4% of USDT changes after controls. Stablecoin issuance therefore does not establish Bitcoin buying, since the tokens can support lending, collateral, payments or the holding of dollar liquidity.
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