Stable Tape
The record of the stablecoin monetary system
LATEST FIXING
The daily record for the onchain dollar system.
A governed fixing at 16:00 London, published as the Daily Tape, preserved in history and explained in Stable Briefing.
CURRENT RECORD · 22 SEPTEMBER 2026
$1OF USD STABLECOINSfor every $74 OF US M2
1.3434%OBSERVED 16:00 LONDON
Onchain Dollar Share measures stablecoin supply against US M2, the broad measure of US dollars in the economy. Why US M2
$311.91bn USD stablecoin supply $23,218bn US M2 (July 2026) 1.3434%
Sources: DeFiLlama (stablecoin supply) FRED M2SL (US M2)
RECORD DT-20260922-77b97140cf03
Open dated record
Publication status
Current published record
Published numerical readingThe market reading was frozen and published for this date, with current Structure and a Structure Move measured from 21 September 2026.
Next observation
16:00 London
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Stable Briefing · 22 September 2026
USD stablecoin supply fell $27.30m at the 22 September fixing. Onchain Dollar Share 1.3434%.
The daily reading, what moved, and the evidence behind it. Read, cite or share the same published record.
Each point is the reading published that day.
Corrections and withdrawals are added to the record, not written over it.
M2 updates are marked on the chart.
METHODOLOGYSource observations
What each source reported
22 September 2026 fixing
-
Designated measurement
Stable Tape
reads from DeFiLlama
DeFiLlama — observed
USD stablecoin supply, in the benchmark universe
Face value whole market
Reported$311.91bnObserved22 Sep 2026 -
Comparison source
CoinMarketCap
CoinMarketCap — observed
Use permitted with attribution
USD Stablecoin category market capitalisation
Market price own universe
Reported$305.93bnObserved22 Sep 2026, 15:05 UTC -
Comparison source
CoinGecko
CoinGecko — observed
Commercial use covered by CoinGecko standard Commercial License
Stablecoins category market capitalisation
Market price own universe
Reported$291.34bnObserved22 Sep 2026, 15:01 UTC
These sources count different universes on different bases. Stable Tape never averages, ranks or reconciles them.
All source observationsDifferent providers measure the stablecoin market differently. These reported values are kept separate, never averaged. Onchain Dollar Share is Stable Tape’s own benchmark and no other source publishes it.
-
Stable Tape Daily Tape measurement $311.91bn 22 September 2026 Preserved as published The published measurement
Designated source: DeFiLlama
- Who
- Stable Tape publishes the Daily Tape, a dated record of the stablecoin monetary system.
- Measures
- Total USD stablecoin supply, read once a day at 16:00 London and published as a dated record.
- Counts
- The USD stablecoin universe defined by Stable Tape’s methodology, read once a day at the 16:00 London cutoff.
- History
- Preserved as published. Recorded when it was published and kept unchanged since.
- Differs because
- Stable Tape counts the universe its published methodology defines, at its own daily cutoff. A source using a different universe or a different reading time will report a different total. Methodology ↗
-
CoinMarketCap Independent comparison $305.93bn 22 September 2026, 15:05 UTC Preserved as published These readings measure different quantities and are not directly comparable. Observed 905 minutes apart.
- Who
- CoinMarketCap is an independent cryptocurrency market-data provider.
- Measures
- The market capitalisation of the assets in CoinMarketCap’s USD Stablecoin category, converted to USD.
- Counts
- CoinMarketCap’s USD Stablecoin category market capitalisation in USD, across the assets CoinMarketCap assigns to category 625d04fa57c0560770d004e1.
- History
- Preserved as published. Recorded when it was published and kept unchanged since. CoinMarketCap history begins on 27 August 2026; no earlier observations are implied.
- Differs because
- CoinMarketCap controls category membership and applies market prices to its circulating-supply figures. Its category can include algorithmic assets and separately listed staked, yield-bearing or bridged representations, and it does not publish a chain-allocation total for this field. Methodology ↗
- Rights
- Use permitted with attribution
-
CoinGecko Independent comparison $291.34bn 22 September 2026, 15:01 UTC Preserved as published These readings measure different quantities and are not directly comparable. Observed 901 minutes apart.
- Who
- CoinGecko is an independent cryptocurrency data provider.
- Measures
- The combined market capitalisation of the assets in CoinGecko's Stablecoins category.
- Counts
- CoinGecko's Stablecoins category market capitalisation, across the assets CoinGecko places in that category.
- History
- Preserved as published. Recorded when it was published and kept unchanged since. CoinGecko history begins on 18 August 2026; no earlier observations are implied.
- Differs because
- CoinGecko decides which assets belong in the category and values them at market price, so a token trading below its peg counts for less than its face value. Stable Tape’s universe and its 16:00 London cutoff are its own.
- Rights
- Commercial use covered by CoinGecko standard Commercial License
Why are these numbers different?
Sources count the stablecoin market differently. They include different assets, treat broken pegs differently, and read at different times.
Stable Tape does not average them. The Daily Tape uses one defined measurement, and every other source is shown on its own, so you can see where they agree and where they do not.
How Stable Tape uses sources
- One defined measurement stands behind the Daily Tape.
- Every other source is an independent witness, not an input.
- Stable Tape does not average them.
- When sources disagree, that is a reason to look, not a reason to change the number.
- A comparison source never changes the published record on its own.
- Where rights permit, Stable Tape keeps what a source reported on the day it reported it.
89 records are archived from 17 June to 22 September 2026. Two dates are marked as gaps. Three of them, dated 17 June to 19 June, were archived before Stable Tape began publishing a record hash on 20 June and carry none.
Sources and verification
Governed daily fixing · 16:00 London · Once per day · Withheld if checks fail · Never reconstructed
Stable Tape, “Onchain Dollar Share,” record for 22 September 2026: 1.3434% of US M2 ($1 of USD stablecoins for every $74 of US M2). USD stablecoin supply $311,907,735,532; US M2 $23,218,000,000,000 (July 2026). https://stabletape.com/tape/2026-09-22
Record hash77b97140…b09b5451full hash on the dated record