20 June 2026

Digital Dollar Dominance

June 2026

Since the previous record

What moved

The shape of the numerator

Stablecoin Signal

Colophon

Citation

What did not change

What can be attributed

Largest single movements

Snapshot pair and continuity

Agreement check

Integrity

Data-quality notes stored with this record

Notes

Daily Tape · Almanac

Canonical Saturday · frozen at the 12:00 UTC cutoff · part of the canonical daily series

Record 4 of 51 in the published archive · 48 canonical · 3 bootstrap · 2 declared gaps · Daily Tape history

1 in 73 dollars is a stablecoin

On this record, USD stablecoin supply of $314.25B stood at 1.3780% of a U.S. M2 money stock of $22.80T, measured against the April 2026 reference month.⁴ see note 4

Precise DDD

1.3780%

Stored share of U.S. M2

Published benchmark

1.38%

Rounded for reading

USD stablecoin supply

$314.25B

$314,246,958,589

U.S. M2

$22.80T

April 2026 reference month · M2 as of: 2026-04-01

Stored net movement

−$1.04B

Supply contracted over the frozen Daily Tape window.¹ see note 1

Exact stored denominator $22,804,500,000,000.

12 records · 3 bootstrap · 2 declared gaps

Canonical record
Bootstrap record
Declared gap, no record

July 2026 All months in the archive

19 June 2026 is the previous published record, 1 day earlier. Both records are frozen; the change below is the difference between two figures that were each written once and are never revised.

Previous record19 June 20261.3816%$315.06B supplyM2 April 2026

This record20 June 20261.3780%$314.25B supplyM2 April 2026

This record set beside the previous published record
Measure	19 June 2026	20 June 2026	Change
Record date	19 June 2026	20 June 2026	1 day
Digital Dollar Dominance	1.3816%	1.3780%	-0.0036 pp
Published benchmark	1.38%	1.38%	unchanged
Public expression	1 in 72	1 in 73	1
USD stablecoin supply	$315.06B	$314.25B	−$817.1M
U.S. M2	$22.80T	$22.80T	unchanged
M2 reference month	April 2026	April 2026	unchanged
Stored net movement¹ see note 1	−$46.1M	−$1.04B	each record stores its own
Gross expansion² see note 2	$1.37B	$282.8M	each record stores its own
Gross contraction² see note 2	$1.42B	$1.32B	each record stores its own

The stored U.S. M2 denominator did not change between these two records, so no split between numerator and denominator is shown and none is claimed. The whole of the benchmark movement above sits in the numerator.⁴ see note 4

the stored U.S. M2 denominator
the M2 reference month (April 2026)
the record schema (version 8)

Net movement is what the record stored between its two source snapshots. Gross expansion and gross contraction are measured separately and cannot be derived from net alone, and both are printed here because a share of net is not a share of the activity behind it.

Net movement

−$1.04B

Supply contracted over the frozen Daily Tape window.¹ see note 1

Expanded

$282.8M

Observed supply expansion

Contracted

$1.32B

Observed supply contraction

Gross activity

$1.60B

Expansion and contraction combined² see note 2

Issuer driverNot assessedThis dimension was not assessed on this record.
Chain driverNot assessedThis dimension was not assessed on this record.
Currency driverNot assessedThis dimension was not assessed on this record.

No dimension was withheld on this record.

Largest single token movements on this record
Top expansion	USD1 · World Liberty Financial USD (+$52.1M)
Top contraction	EURC · Circle · EUR (−$493.7M)

Stored levels as they stood when this record was frozen. These are positions, not attributions of movement. Ranking history and full composition live on the Structure routes.

Largest issuerTether$186.04B · 59.2% of supply$128.21B across 230 other issuersIssuers
Largest chainEthereum$157.36B · 50.1% of supply$156.88B across 10 other chainsChains
Largest currencyUSD$314.24B · 100.0% of supplyCurrencies

An interpretation of the record above, selected by fixed published rules at the moment the record was frozen. It is subordinate to the figures and never replaces them.

Selected family Net move

Stablecoin supply contracted $1.04B

$283M expanded · $1.32B contracted · −$1.04B net

Official cutoff 12:00 UTC. Frozen record for 2026-06-20. This record does not change. Selected by fixed public rules, not by an editor or AI — a market observation, not a trading signal.

Why this Signal? Net supply movement — Supply moved $1.04B net — a directional day below the large-move floor, with no higher-priority family eligible.

It was the highest-priority eligible Signal under the published rules.

How the Signal is selected →

How this Signal was selected14 published rule families and selection detail

Winning family: Net supply movement. This was the highest-priority eligible Signal for the record.

1Record validityOnly a complete canonical Daily Tape record can produce a market Signal.
2DDD benchmark or milestoneA material DDD move, rounded 1-in-N milestone, or genuinely denominator-driven M2 update.
3Archive extremeThe largest same-direction daily move in a sufficiently deep canonical archive.
4Sequence reversalA material move reverses or interrupts the immediately preceding run in the other direction.
5Weekly extremeThe largest daily move in the latest complete seven-record window.
6Large daily movementA net daily supply move clears the published large-movement floor.
7Multi-day streakSupply keeps moving in the same direction across contiguous canonical days.
8Weekly supply trendThe latest seven canonical records show a material directional endpoint trend.
9Quiet market with weekly contextA quiet day is placed in the context of the latest seven-record trend.
10Issuer or chain trendA clean endpoint-confirmed issuer or chain move explains the weekly change.
11Offsetting movementLarge opposing supply changes leave the net daily move close to flat.
12Broad issuer movementMovement is broad across major issuers rather than concentrated in one name.
13Quiet readingSupply remains inside the published flat threshold after stronger families are tested.
14Net supply movementThe plain directional daily movement when no more specific family is eligible.Selected for this record

Stable Tape tests each canonical record against these published families in order. Eligibility includes materiality, repetition, attribution and data-quality guards. View exact thresholds and wording rules →

Signal wording uses rounded figures; the tables above show the exact frozen values.

How this record was made, printed with it so the two cannot be separated. Every field is read from the frozen record and never recomputed from live data.

Record date: 20 June 2026
Official cutoff: 12:00 UTC
Snapshot captured: 20 June 2026, 12:45:34 UTC
Record frozen: 20 June 2026, 12:45:34 UTC
Record status: CanonicalFirst record whose current snapshot (2026-06-20T12:45 UTC) was captured after the numerator-definition fix (commit dd8d867, 2026-06-19 17:23 UTC), so benchmark.totalSupplyUsd/sharePct/oneInN are USD-pegged-only and correct. Full schema (schemaVersion 7 at freeze time: provenance, movement.rows, movementBreakdown, breakdowns reconciliation with tolerance checks, sha256 integrity hash). Passed the canonical ~24h snapshot-pair freeze gate. Marks the start of the official citable Daily Tape series.
Permanent route: https://onchaindollarshare.com/tape/2026-06-20

Numerator source: DeFiLlama defillama
Denominator source: FRED M2SL FRED:M2SL
M2 reference month: April 2026
Movement basis: owned-snapshots
Schema version: 8

Previous record closed at (19 June 2026)snapshot-20260619T1035Z.json2026-06-19T10:35:31.784Z · 806 rows · $315.06B
This record opened atsnapshot-20260619T1320Z.json2026-06-19T13:20:11.645Z · 809 rows · $315.28B
This record closed atsnapshot-20260620T1245Z.json2026-06-20T12:45:34.428Z · 723 rows · $314.25B

Continuity boundary: bootstrap record. The two identifiers do not agree.

The benchmark on this record is read from the closing snapshot. The movement is measured across the opening and closing pair.¹ see note 1

Whether the parts this record stored sum to the whole it published, against the tolerance the record itself stored. No threshold is invented at render time.

Stored reconciliation of each breakdown against the published total
Dimension	Sum of parts	Published total	Residual	Stored tolerance	Verdict
Issuer	$314,243,013,665	$314,246,958,589	-$3,944,924-0.13 bps	$9,427,409	Within the stored tolerance
Chain	$314,243,013,665	$314,246,958,589	-$3,944,924-0.13 bps	$9,427,409	Within the stored tolerance
Currency	$314,243,013,665	$314,246,958,589	-$3,944,924-0.13 bps	$9,427,409	Within the stored tolerance

Canonicalisation: stable-json-v1
Hash algorithm: sha256
Computed at: 20 June 2026, 12:45:34 UTC

Record hash850d439e76753a4eca7cfd34ae112583d452561f95a21a1156af17a36fec79e7

The hash attests that these stored bytes are unchanged since the record was frozen. It does not attest that the source figure was right; the archive keeps those two claims separate.

Transition artifact in movement figures only (not the benchmark): the previous-day comparison snapshot (snapshot-20260619T1320Z.json, captured 13:20 UTC — 4h before the 17:23 UTC fix) still included non-USD-pegged rows that the current (post-fix) snapshot correctly excludes. This makes movement.topContraction (EURC · Circle · EUR, -$493,650,224, currentSupplyUsd: 0) and part of contractedUsd a one-time methodology-transition artifact rather than a same-day redemption — verified directly: EURC has 5 chain rows totalling exactly $493,650,224 in the previous snapshot and zero rows in the current snapshot and the next one (snapshot-20260620T1538Z.json).

Two smaller movementBreakdown.topIssuerContractions entries (EUR CoinVertible, -$112.72M; Elixir deUSD, -$92.15M) show the same currentSupplyUsd:0 signature; not traced to a specific cause this pass — flagged as unconfirmed, lower-confidence possible coverage artifacts. Combined with EURC, roughly $698M of this day’s $1.32B contractedUsd traces to currentSupplyUsd:0 vanishing-row patterns rather than confirmed organic redemptions.

benchmark.totalSupplyUsd/sharePct/oneInN (314,246,958,589 / 1.38% / 1 in 73) are unaffected by the above — they come only from the current (post-fix) snapshot.

Passed breakdowns reconciliation within tolerance for currency/chain/issuer (see breakdowns.*.reconciliation.withinTolerance).

Net movement is the figure this record stored, measured between the two source snapshots named in the colophon. It is not the difference between two published supply levels, and it is not transaction-level mint or burn data.
Gross expansion and gross contraction are measured separately and cannot be derived from net movement alone. A record with small net movement can still carry large activity in both directions.
A contributor’s share of net movement is a share of the residual net figure, not of the day’s gross activity. Both are printed together wherever a share appears, because a contributor can represent almost all of a small net figure while being a modest part of the activity behind it.
U.S. M2 is a monthly series published by FRED, typically lagged four to six weeks. Each record carries the reference month that was in force when it was frozen. No daily M2 value is interpolated between months.
The previous record is the previous published record in the archive, which is not always the previous calendar day. Declared archive gaps are stepped over, never closed up.

2121 June 2026, declared archive gap, no record

2222 June 2026, declared archive gap, no record

Cite the record, not the route index. A record cannot change; the archive grows. Every form below expresses the same frozen record and adds no claim to it.

Stable Tape Daily Record, 2026-06-20: DDD was 1 in 73 dollars, based on $314.25B USD stablecoin supply and $22.80T U.S. M2 as of 2026-04-01. Source: DeFiLlama (stablecoin supply) + FRED M2SL (U.S. M2). https://onchaindollarshare.com/tape/2026-06-20

Permanent record This record as JSON Methodology Developers and API

Short referencepresentation and social: Stable Tape, Daily Tape 2026-06-20: Digital Dollar Dominance 1.38% (1 in 73). https://onchaindollarshare.com/tape/2026-06-20
Footnotereport, policy and research: Stable Tape, “Daily Tape: 20 June 2026”, Digital Dollar Dominance 1.3780% of U.S. M2 (April 2026); USD stablecoin supply $314.25B. Accessed at https://onchaindollarshare.com/tape/2026-06-20. Record hash 850d439e76753a4eca7cfd34ae112583d452561f95a21a1156af17a36fec79e7.
Data notejournalism and chart sources: Source: Stable Tape Daily Tape record 2026-06-20 (https://onchaindollarshare.com/tape/2026-06-20). Numerator: USD stablecoin supply, DeFiLlama. Denominator: U.S. M2, FRED M2SL, April 2026. Frozen record; values are not revised.

Permanent address https://onchaindollarshare.com/tape/2026-06-20. Integrity hash 850d439e76753a4eca7cfd34ae112583d452561f95a21a1156af17a36fec79e7. No export is offered that this archive does not publish.

Further contextDerived windows, subordinate to this record

These figures describe a window of recent canonical records, not this one. They are derived, they are not part of the frozen record, and they carry none of its guarantees.

Recent state

Latest 1 canonical record

Net movement−$1.04B

Gross movement$1.04B

Net share of movement100.0%

Supply range$314.25B – $314.25B

Net movement as a share of all up-and-down movement across the latest 1 canonical record. This window does not measure persistence or establish a trend.

DDD = USD stablecoin supply ÷ U.S. M2. Numerator: total USD-denominated stablecoin supply (DeFiLlama). Denominator: U.S. M2 money stock, seasonally adjusted (FRED M2SL), typically lagged 4–6 weeks. Each record is frozen at its stated cutoff and never recomputed from live data. The /tape entry points to the latest canonical dated record. Methodology.

Every record in the Daily Tape history