Stablecoin Market Cap Moves Only With Issuance, Redemptions or Price

This is a definitional clarification rather than a market event, but it matters because stablecoin market cap is frequently cited as a proxy for liquidity and demand. Reading wallet-to-wallet transfers as growth inflates that signal, since only issuance, redemptions or price deviations actually change the figure. The distinction affects how observers interpret supply data from major issuers, where mints and burns are the real tells. Whether market participants adjust their reading of stablecoin cap as a demand gauge is the open question.