Daily Tape · Almanac
Canonical Tuesday · frozen at the 12:00 UTC cutoff · part of the canonical daily series
Record 40 of 51 in the published archive · 48 canonical · 3 bootstrap · 2 declared gaps · Daily Tape history
Digital Dollar Dominance
1 in 75 dollars is a stablecoin
On this record, USD stablecoin supply of $308.27B stood at 1.3373% of a U.S. M2 money stock of $23.05T, measured against the May 2026 reference month.4 see note 4
Exact stored denominator $23,052,300,000,000.
Since the previous record
27 July 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.
| Measure | 27 July 2026 | 28 July 2026 | Change |
|---|---|---|---|
| Record date | 27 July 2026 | 28 July 2026 | 1 day |
| Digital Dollar Dominance | 1.3421% | 1.3373% | -0.0048 pp |
| Published benchmark | 1.34% | 1.34% | unchanged |
| Public expression | 1 in 75 | 1 in 75 | unchanged |
| USD stablecoin supply | $309.38B | $308.27B | −$1.11B |
| U.S. M2 | $23.05T | $23.05T | unchanged |
| M2 reference month | May 2026 | May 2026 | unchanged |
| Stored net movement1 see note 1 | −$692.4M | −$1.11B | each record stores its own |
| Gross expansion2 see note 2 | $145.6M | $409.0M | each record stores its own |
| Gross contraction2 see note 2 | $838.0M | $1.52B | 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
What did not change
- the stored U.S. M2 denominator
- the M2 reference month (May 2026)
- the record schema (version 8)
- the public expression (1 in 75)
- the Signal rules version (v5)
What moved
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.
What can be attributed
- Issuer driverCircleAccounted for −$926.8M, 83.3% of the record’s net movement, and 48.0% of its gross activity.3 see note 3
- Chain driverSolanaAccounted for −$809.5M, 72.8% of the record’s net movement, and 41.9% of its gross activity.3 see note 3
- Currency driverUS DollarAccounted for −$1.11B, 99.7% of the record’s net movement, and 57.5% of its gross activity.3 see note 3
No dimension was withheld on this record.
Largest single movements
| Top expansion | AUSD · Agora Dollar (+$30.0M) |
| Top contraction | USDC · Circle (−$926.8M) |
The shape of the numerator
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$183.63B · 59.6% of supply$124.64B across 250 other issuersIssuers
- Largest chainEthereum$149.41B · 48.5% of supply$158.86B across 10 other chainsChains
- Largest currencyUSD$308.27B · 100.0% of supplyCurrencies
Colophon
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
- Official cutoff
- 12:00 UTC
- Snapshot captured
- 28 July 2026, 10:54:20 UTC
- Record frozen
- 28 July 2026, 10:54:21 UTC
- Record status
- CanonicalPassed the canonical ~24h snapshot-pair freeze gate (±90min tolerance of the 12:00 UTC cutoff) with the current validated schema.
- Permanent route
https://onchaindollarshare.com/tape/2026-07-28
Snapshot pair and continuity
- Previous record closed at (27 July 2026)
snapshot-20260727T1109Z.json2026-07-27T11:09:17.643Z · 752 rows · $309.38B - This record opened at
snapshot-20260727T1109Z.json2026-07-27T11:09:17.643Z · 752 rows · $309.38B - This record closed at
snapshot-20260728T1054Z.json2026-07-28T10:54:20.462Z · 751 rows · $308.27B
Measurement chain continues from the previous record. The two identifiers agree: this record starts where the previous record finished.
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
Agreement check
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.
| Dimension | Sum of parts | Published total | Residual | Stored tolerance | Verdict |
|---|---|---|---|---|---|
| Issuer | $308,268,628,405 | $308,272,296,216 | -$3,667,811-0.12 bps | $9,248,169 | Within the stored tolerance |
| Chain | $308,268,628,405 | $308,272,296,216 | -$3,667,811-0.12 bps | $9,248,169 | Within the stored tolerance |
| Currency | $308,268,628,405 | $308,272,296,216 | -$3,667,811-0.12 bps | $9,248,169 | Within the stored tolerance |
Integrity
- Canonicalisation
stable-json-v1- Hash algorithm
sha256- Computed at
- 28 July 2026, 10:54:21 UTC
Record hash0b442c3ba4da7196126926c062a423af964ec0173374180d43feda1cf2cef7dd
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.
Notes
- 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.
Citation
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, 2026-07-28: DDD was 1 in 75 dollars, based on $308.27B USD stablecoin supply and $23.05T U.S. M2 as of 2026-05-01. Source: DeFiLlama (stablecoin supply) + FRED M2SL (U.S. M2). https://onchaindollarshare.com/tape/2026-07-28
- Short referencepresentation and social
Stable Tape, Daily Tape 2026-07-28: Digital Dollar Dominance 1.34% (1 in 75). https://onchaindollarshare.com/tape/2026-07-28
- Footnotereport, policy and research
Stable Tape, “Daily Tape: 28 July 2026”, Digital Dollar Dominance 1.3373% of U.S. M2 (May 2026); USD stablecoin supply $308.27B. Accessed at https://onchaindollarshare.com/tape/2026-07-28. Record hash 0b442c3ba4da7196126926c062a423af964ec0173374180d43feda1cf2cef7dd.
- Data notejournalism and chart sources
Source: Stable Tape Daily Tape record 2026-07-28 (https://onchaindollarshare.com/tape/2026-07-28). Numerator: USD stablecoin supply, DeFiLlama. Denominator: U.S. M2, FRED M2SL, May 2026. Frozen record; values are not revised.
Permanent address https://onchaindollarshare.com/tape/2026-07-28. Integrity hash 0b442c3ba4da7196126926c062a423af964ec0173374180d43feda1cf2cef7dd. 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.
Net movement as a share of all up-and-down movement across the latest 7 canonical records. 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.