Stablecoin U Tops $1.38B Circulation, Lists on Kraken

The headline number is less telling than the distribution push underneath it: a Kraken listing plus direct deposit and withdrawal rails between Binance and Robinhood Chain signal that U's issuer is buying reach rather than relying on organic demand. The tiered Earn incentives, capped for ordinary users and far more generous for VIPs, suggest liquidity is being rented from large holders on a fixed calendar. Whether that circulation holds once the promotional window closes is the open question, and it is the one that separates a durable float from a subsidized one.