Stable Tape · Metrics

What Stable Tape measures

Current7 tracked metrics · 2 live · 2 live via API with a frozen page · 2 frozen into the daily record · 1 research beta

The register lists what is current: live, frozen into Daily Tape, or published research beta. Each entry names its source, update cadence, reference period, and public reading. Definitions and formulas live in Methodology.

All metrics

Every metric Stable Tape currently publishes, in one table.

Swipe horizontally to view source, cadence and frozen-record fields

Stable Tape metrics, with public status, source, update cadence and whether the metric enters the frozen Daily Tape record.
Metric	Status	Measures	Source	Cadence	In frozen record
ODS	Live	USD stablecoin supply as a share of U.S. M2	DeFiLlama ÷ FRED M2SL	Continuous ÷ monthly	Yes
Daily Tape	Frozen	The dated canonical record and its supply movement	Stable Tape snapshots	Daily, 16:00 London	Is the record
Issuer dominance	Live API, frozen page	Concentration of supply across issuers	DeFiLlama	Continuous via API; page fixed to one record	Yes
Chain distribution	Live API, frozen page	Spread of supply across networks	DeFiLlama	Continuous via API; page fixed to one record	Yes
Currency breakdown	Live	USD-pegged share of tracked stablecoin supply	DeFiLlama	Continuous	Yes
Stablecoin Velocity	Research beta	Turnover of supply over a rolling window	Artemis ÷ frozen records	7D window	No

Live: Published reading, updated from source on every request
Live API, frozen page: The measure recomputes from source, but the published page is read from one dated record and states which
Frozen: Written once into the dated record
Research beta: Published reading, quality checks, not canonical
In frozen record: Whether the figure enters the Daily Tape

Definitions, formulas, source caveats and the reasoning behind each choice are published in the Methodology.

Live and frozen

The benchmark, its dated record, and the market structure measured from the same supply total.

ODS — Onchain Dollar Share

Live

ODS = USD stablecoin supply ÷ U.S. M2

The headline benchmark: circulating USD stablecoin supply as a share of U.S. M2 broad money. It measures monetary scale, not adoption, usage or payment activity.

Stablecoins per US M2: See the latest record
Share of U.S. M2: See the latest record
USD stablecoin supply: See the latest record
U.S. M2: See the latest record
M2 reference month: Latest published M2SL observation
Supply observed: Latest available snapshot

Sources: DeFiLlama, FRED M2SL. Frozen values for a given day are on that day’s record.

Enters the frozen Daily Tape. Supply updates continuously upstream, M2 only when the Federal Reserve publishes a new monthly observation, so the two inputs move on different clocks. See source inputs.

The benchmark → The latest record → Formula and caveats →

Daily Tape

Frozen

net movement = expanded supply − contracted supply

One dated, citable record per day: the supply level at the 16:00 Europe/London cutoff, the movement since the previous record, the benchmark reading, and the Daily Assessment selected from those figures by published rules.

Cutoff: 16:00 Europe/London
First canonical record: 20 June 2026
Integrity: SHA-256 record hash
Revisions: None — records are frozen

The Daily Tape measures supply change between snapshots, not transfer volume and not transaction-level mint or burn events. Bootstrap captures and declared gaps are published as such rather than estimated.

Open the Daily Tape → Every published record → How a record is frozen →

Issuer dominance

Live API, frozen page

issuer share = issuer USD supply ÷ total USD stablecoin supply

How concentrated USD stablecoin supply is across issuers: top issuer share, top 2 share, top 5 share and the tracked issuer count, computed from the ranked issuer list.

Enters the frozen Daily Tape. Issuer is not a field in the upstream pegged-asset dataset: each pegged asset is labelled from a Stable Tape symbol mapping, falling back to the source asset name, so an issuer’s separate stablecoins generally appear as separate rows. When the upstream dataset or the mapping changes, the shares change with it. Where a share is unavailable it is omitted rather than estimated.

The measure recomputes from source on every call to /api/issuers. The published Issuers page does not: it is read from the most recent Daily Tape record that carries an issuer breakdown, and it states that record's date. Those two are not the same reading and the page says which one it is showing.

Issuer dominance → How the share is computed →

Chain distribution

Live API, frozen page

chain share = chain stablecoin supply ÷ total USD stablecoin supply

Which networks hold the most stablecoin supply, and whether concentration at the network level is rising or falling.

Enters the frozen Daily Tape. Supply that a per-chain decomposition does not account for is carried explicitly as an “other” residual rather than distributed across named chains, and “other” is never named as a mover.

The measure recomputes from source on every call to /api/chains. The published Chains page does not: it is read from the most recent Daily Tape record that carries a network breakdown, and it states that record's date.

Chain distribution → How the share is computed →

Currency breakdown

Live

USD share = USD-pegged supply ÷ total tracked stablecoin supply

What share of tracked stablecoin supply is USD-pegged and what share is not, placing the ODS numerator in the context of the wider stablecoin market.

Enters the frozen Daily Tape. Non-USD supply is context only; it is excluded from the ODS numerator. There is no canonical non-USD benchmark, and none is claimed.

Currency breakdown → What enters the numerator →

Research

Stablecoin Velocity has a published beta reading. It does not enter Daily Tape and does not change the benchmark or Daily Assessment.

Stablecoin Velocity

Research beta

velocity = adjusted stablecoin transfer volume ÷ average USD stablecoin supply

A turnover metric: provider-adjusted stablecoin transfer volume over a window, divided by average Stable Tape USD stablecoin supply over the matching frozen-record window.

Latest 7-day reading

Not shown

7D turnover

The current beta reading is published on the Velocity research page. The definition and provenance below stand either way.

Numerator Artemis-filtered transfer volume

Denominator Average Stable Tape USD stablecoin supply

Coverage Reported with each reading

30D window Hidden until 30 contiguous frozen records exist

In frozen record No

Cadence Rolling 7-day window

Provenance Transfer volume: Artemis-filtered stablecoin transfer volume · Supply: Stable Tape frozen records

Beta note Research beta. Provider access and methodology may still change.

Does not enter the frozen Daily Tape and cannot select a Daily Assessment. Artemis describes its figure as deduped stablecoin activity less intra-exchange transfers and MEV, so it remains provider-defined adjusted volume that may change as provider methodology or access changes. Velocity measures turnover, not active users, payment adoption, investment demand or transaction-level events, and is not a trading signal.

The Velocity research page → Why it sits outside the benchmark →

Where the definitions live

Methodology

Methodology documents the formula, terminology, timing, record hashes, gaps, bootstrap records, Daily Assessment rules, corrections, source revisions, citation, and sponsor independence. It also explains what gets frozen and how the M2 reference month is chosen.

The ODS formula → Sources and freshness → Integrity and hashes → Daily Assessment rules → Limitations → Developers and API →