# USDT and USDC Mint and Burn Tracker

> Tether mint and burn tracker: every USDT and USDC mint and burn by chain, with its transaction, the minter and daily net issuance, read from contract events.

Markdown copy of https://voltfincrypto.com/apps/usdt-usdc-mint-burn-tracker

**Question:** How much USDT and USDC was minted or burned today, on which chain and in which transactions?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Stablecoins](https://voltfincrypto.com/topics/stablecoins)
- Chains: Multi-chain, Ethereum, Tron, Solana
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Stablecoin supply changes only when an issuer mints or burns tokens. This dashboard lists every USDT and USDC mint and burn on the covered chains, each with its transaction, its chain and the address that performed it. It adds them up into daily net issuance for both coins.

A mint is not always new money arriving. Tether usually mints into its own treasury and issues to customers later, so a large mint can sit unissued for a while; Circle mints when an approved customer deposits dollars and burns when one redeems. The dashboard tracks the treasury's outgoing transfers apart from the mints themselves, so both moments can be read.

Use the today page for the latest events and the history page to see whether issuance or redemptions have been winning on each chain. Each event links to its transaction and block.

## Blueprint

### Today

The latest mints and burns of USDT and USDC, event by event.

- **USDT minted today** (USDT): USDT created by Issue events since the start of the current UTC day, across covered chains.
- **USDT burned today** (USDT): USDT destroyed by Redeem events since the start of the current UTC day.
- **USDC minted today** (USDC): USDC created by Mint events today, leaving out mints that complete a cross-chain transfer.
- **USDC burned today** (USDC): USDC destroyed by Burn events today, leaving out burns that start a cross-chain transfer.
- **Latest mints and burns**: Every mint, burn and treasury issue of the last day with its time, chain, coin, amount, address and transaction, newest first.

### History

Net issuance by day, coin and chain.

- **USDT net issuance, 30 days** (USDT): USDT minted minus burned over the last thirty days, across covered chains.
- **USDC net issuance, 30 days** (USDC): USDC minted minus burned over the last thirty days, with cross-chain moves left out.
- **Issued from the Tether treasury** (USDT): USDT sent each day from Tether's treasury addresses to other addresses: the moment minted tokens enter circulation.
- **Net issuance by day** (USD): Daily mints minus burns of each coin over the last ninety days, positive above the line and negative below.
- **Net issuance by chain, 30 days** (USD): Mints minus burns of each coin on each chain over thirty days, so a chain's growth can be traced to issuance there.

Filters: Coin (USDT, USDC or both); Chain (Every covered chain).

## How it will be measured

- USDT mints and burns are the TetherToken Issue and Redeem events on each chain where Tether issues natively; USDC's are the FiatToken Mint and Burn events, with the minter address each names.
- Transfers out of Tether's treasury addresses are tracked separately, so a mint into the treasury and the later issue to customers each appear as their own event.
- USDC moved between chains through Circle's cross-chain transfer protocol is burned on one chain and minted on another; those pairs are matched and shown as moves, not as new issuance or redemptions.
- Daily net issuance is mints minus burns per coin, chain and UTC day; every event links to its transaction hash and block.

## Data it needs

- `stablecoin_flows_daily` (to build): Stablecoin mints, burns, transfer volume and active addresses per stablecoin and chain per day.
- `stablecoins` (published): Every tracked stablecoin contract: issuer, peg, chain, decimals and whether it is native or bridged.
- `address_labels` (to build): Labels for known addresses: exchanges, bridges, protocols, funds, treasuries, sanctioned addresses and known attackers.
- `whale_transfers` (to build): Transfers above a size threshold per token and chain, with sender and receiver labels (exchange, fund, bridge, unknown).
- Source: Issue and Redeem events of TetherToken on Ethereum and of the USDT TRC-20 contract on Tron
- Source: Mint, Burn and MinterConfigured events of USDC FiatToken contracts on each covered chain
- Source: Transfers out of Tether's treasury addresses, to separate issue into circulation from mints into inventory
- Source: DepositForBurn and MintAndWithdraw events of Circle's cross-chain transfer protocol, to match cross-chain moves

## Questions

### What does it mean when Tether mints USDT?

Tether creates new USDT through its contract's issue function, usually into its own treasury address. The tokens count as authorized but not issued until Tether sends them to a customer who has paid for them, which is when they enter circulation.

### Does a large mint mean new money is coming into crypto?

Not by itself. A mint into an issuer's treasury can wait there for weeks, and a mint on one chain can match a burn on another when tokens move across chains. Net issuance into circulation, after those cases are separated, is the better measure.

### How does USDC minting work?

Circle mints USDC when an approved customer deposits dollars and burns it when a customer redeems. Each mint and burn is an event on the USDC contract that names the minter, so issuance can be read chain by chain.

### Why are some USDC burns not redemptions?

Some burns move tokens rather than retire them: Circle's cross-chain transfer protocol burns USDC on the source chain and mints the same amount on the destination. Matched pairs are shown as cross-chain moves.

### Where can I see Tether treasury transactions?

The today page lists every mint, burn and treasury transfer of the latest day with its transaction hash, so each one can be opened on its chain. Each receipt names the treasury address involved and the public source for it.

## Glossary

- **Mint**: Creating new tokens. For a fiat-backed stablecoin it normally means the issuer has received, or set aside, the dollars that back them.
- **Burn**: Destroying tokens, usually when an issuer redeems them for dollars, which lowers supply.
- **Authorized but not issued**: Tokens an issuer has minted into its own treasury as inventory but not yet sold to anyone, so they are not in circulation.

## Related apps

- [USDT on Tron: Supply and Daily Transfers](https://voltfincrypto.com/apps/usdt-on-tron)
- [USDT vs USDC Supply by Chain](https://voltfincrypto.com/apps/usdt-vs-usdc-supply-by-chain)
- [Stablecoin Market Cap and Total Supply](https://voltfincrypto.com/apps/stablecoin-market-cap)
- [USDT Blacklist Tracker: Frozen USDT and USDC Wallets](https://voltfincrypto.com/apps/usdt-blacklist-tracker)
- [Stablecoin Market Monthly Review](https://voltfincrypto.com/apps/stablecoin-monthly-review)
- [Stablecoin Market Share by Issuer](https://voltfincrypto.com/apps/stablecoin-market-share-by-issuer)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F