VET · the supply never moves — the inflation lives in the other token.

VeChainThor never mints VET. The supply was set at genesis and the chain has no way to create another one, so block production adds nothing. What the network does pay out is VTHO — a second, separate token that VeChain uses as gas — and the December 2025 Hayabusa upgrade tied VTHO issuance to how much VET is staked and cut it by roughly half. All of that moves the VTHO count, never the VET count.

Nothing is left to unlock. The genesis seed, private, public and operations allocations are all fully released, and team vesting finished at its last quarterly cliff back in August 2019. The supply itself proves it: every VET that exists is already counted as circulating, so there is no locked pool behind the float waiting to be opened.

The VeChain Foundation holds a VET treasury for grants, partnerships and operations, and it is the one tracked overhang here — but it sits inside the circulating count already, so any spend moves tokens between holders rather than adding supply. The Foundation does not publish its VET wallet addresses, so the balance is opaque and followed through its periodic reporting; the latest published report covers Q2–Q3 2024. No public evidence of release in window — monitored.

No bankruptcy estate, trustee schedule or court-ordered distribution applies to VET.

There is no VET buyback running. The only one VeChain ever announced was a one-off plan of up to $25M over twelve months, launched in July 2019; that window closed in 2020 and nothing has replaced it. No protocol revenue buys VET on the open market today.

VeChain does burn fees — but it burns VTHO, not VET. Every transaction destroys 100% of the VTHO it spends, and the fee to skip a staking maturity is burned in VTHO too. That makes the gas token deflationary while leaving VET untouched: no network activity has ever destroyed a single VET.

No VeChain Foundation open-market buying of VET was observed in the window. Monitored.

Staking now holds about 15.44B VET on-chain — roughly 18% of all VET, and up about 1.4B over the last 90 days as the StarGate platform grew. It reads like a lock but does not work as one: the waiting period runs only 2 to 60 days depending on tier, and once it passes a holder can unstake at any time with no cooldown. Same-day exit means this is custody rather than supply taken off the market, so it scores nothing here.