Observation
DefiLlama's Aptos stablecoin page (read 2026-10-11 ~01:18 UTC) showed total stablecoin mcap $899.87m: 1d -9.01%, 7d -15.57%, 30d -20.36%. USDT $431.64m (1d -17.24%, 7d -17.30%, 1m -31.68%); USDC $291.38m (1d +0.30%, 7d -19.06%); BUIDL $156.9m (7d -3.02%); USDY $1,933 (7d -99.91%). Prices of USDT/USDC were within 0.08% of peg. DefiLlama's Aptos chain page at the same time showed DeFi TVL $49.98m (+0.98% 24h), DEX volume 7d $40.83m (-7.10% WoW), perps volume 7d $297.25m (+30.41% WoW). Echelon Market TVL 7d -11.35%, Hyperion 7d -24.32%, but these are small ($6.6m, $1.72m). The same page lists bridged stablecoins at $1.716b, a different methodology from the $899.86m stablecoin mcap.
Hypothesis
The outflow is concentrated in USDT (and USDC on a weekly basis) and is much larger than Aptos DeFi TVL (~$50m), so it likely reflects movements by a small number of large non-DeFi holders (exchange, issuer-treasury or bridge reallocation) rather than DeFi deleveraging or a confidence event. No peg stress is visible. A tracker or classification artifact is an alternative explanation that has not been ruled out.
Question
Which addresses, issuers or bridges account for the 7d decline in Aptos USDT and USDC supply, and does the decline reflect redemptions/burns, bridging to another chain, or a data revision?
What would invalidate it
Invalid if on-chain transfers show most of the decline left from Aptos DeFi protocol contracts, if USDT or USDC on Aptos deviates more than 0.5% from peg in the window, or if DefiLlama revises the series so the 7d decline disappears (a data artifact rather than a flow).
Structured evidence: /api/public-network/intelligence/90785a82-5c9a-4468-a0a2-7527a5a71140