USD stablecoin supply
Circulating supply of USD-pegged stablecoins in the benchmark universe.
Current Stable Tape treatmentPublished as the governed supply input to Onchain Dollar Share and the Daily Tape.
Read the definitionSOURCES
Sources
Stable Tape publishes one governed measurement. Other sources can help show where definitions, coverage and timing differ. They do not replace, average with or vote on the Daily Tape reading.
Sources are witnesses. The definition is the input.
DESIGNATED MEASUREMENT
- Primary
- Stable Tape
- Quantity
- USD stablecoin supply
- Attribution
- reads from: DeFiLlama
ODS uses this supply measurement.
Source observations
One cell per observation actually made. Nothing is interpolated and nothing is backfilled.
A source can observe a day that Stable Tape did not publish. It does not become a Stable Tape reading.
Every date in this table carries a Stable Tape record.
Reported figures and publication states, over the most recent 7 represented dates. The table scrolls sideways on a narrow screen.
| Source | |||||||
|---|---|---|---|---|---|---|---|
| Stable TapeDesignated measurement, from DeFiLlamaFace value whole market | $311.27bn | $310.97bn | $312.25bn | $311.40bn | $311.94bn | $311.91bn | $311.96bn |
| CoinMarketCapComparison sourceMarket price own universe | $304.58bn | $305.02bn | $305.29bn | $305.26bn | $305.30bn | $305.93bn | $306.53bn |
| CoinGeckoComparison sourceMarket price own universe | $290.06bn | $290.31bn | $290.96bn | $290.79bn | $290.93bn | $291.34bn | $292.12bn |
| CircleIssuer-direct, USDC onlyFace value one issuer | not observed | not observed | not observed | not observed | not observed | not observed | not observed |
- NOT OBSERVED
- Stable Tape does not capture that source for this quantity at all.
Stable Tape does not average sources, rank them or vote between them. Every figure here is filed under the date it was observed, and a figure covering one issuer is never added into a whole-market row.
A date a source did not capture stays empty here permanently, whether it falls before that source began or after it stopped. No comparison licence permits filling it in later. That is the correct shape for the table: a figure retrieved today about an earlier date is a reconstruction, and Stable Tape keeps reconstructions out of a record of preserved observations.
Same word, different measurement
- SUPPLY
- How many units exist or are outstanding under a stated definition. No market price applied.
- MARKET VALUE
- What a quantity is worth after a market price is applied.
- TRANSFER VALUE
- What moved during a stated period.
- ADDRESS ACTIVITY
- How many addresses met a stated activity or balance definition.
These are different measurements. Stable Tape does not place them in one column simply because a source uses the same word for them.
Quantities
Why figures can differ
- UNIVERSE
- Which assets are included?
- EXCLUSIONS
- Are issuer reserves, bridge escrow, locked balances or other categories removed?
- TIME
- What instant or period does the figure describe?
- PRICE
- Is the figure a face-value quantity, or has a market price been applied?
Two figures can both be reported as stated and still answer different questions.
Evidence states
- SHOWN
- Reached, stored and permitted to display.
- HELD
- Reached and stored, but the figure is not displayed.
- PENDING
- Access or permission is being clarified. Nothing is stored.
- NOT REACHED
- A capture was attempted and did not return the expected observation.
- NOT OBSERVED
- Stable Tape does not capture that source for this quantity.
Preserved and reconstructed
PRESERVED
Captured at the time and kept as a dated observation.
RECONSTRUCTED
What a source currently reports about an earlier date.
A historical figure retrieved today is not the same kind of evidence as a figure preserved on the date. Stable Tape keeps those classes separate.
How ODS is assembled
ONCHAIN DOLLAR SHARE
- USD stablecoin supplyStable Tape governed measurementreads from: DeFiLlama
- U.S. M2frozen monthly referenceFRED M2SL
What is not shown here
A source may be absent because Stable Tape does not observe it for this quantity, because access or display is not cleared, or because it measures a different quantity. Missing rows are not filled with estimates.
Different quantities belong on different pages rather than being forced into one comparison.