Circle and Tether Mint $3B in Stablecoins in 2 Days

This scale of minting is less a directional bet than a plumbing signal: stablecoin issuance is how fiat enters crypto rails, so two dominant issuers expanding supply together points to genuine demand for settlement liquidity rather than idle treasury management. The read-through matters most for venues and desks that depend on stablecoin depth to absorb flow. Whether this pace persists or reverses in the coming days is the open question — issuance has historically been a coincident, not leading, indicator.