On Dec 30, Tether and Circle each minted $1B in stablecoins on the same day — USDT on Tron, and USDC on Solana. When the two largest stablecoin issuers expand supply simultaneously, it usually reflects confirmed and imminent trading and settlement demand across multiple chains. Capital increasingly enters the market in stablecoin form first, then flows into different trading and on-chain venues. This pattern tends to lead volume and price movements, signaling accumulation on the trading side — a clear marker of the stablecoin-first era taking shape.