What does ODS measure?

ODS measures circulating USD stablecoin supply as a share of U.S. M2. It is a scale benchmark, not a complete measure of adoption.

What happens at each daily cutoff?

Stable Tape publishes the dated outcome of each scheduled cutoff. That may be a full record, a level-only record, or no reading. If a published reading is later withdrawn, it stays visible with that status.

Where does the data come from?

Stable Tape uses DeFiLlama for circulating USD stablecoin supply and FRED M2SL for U.S. M2. Published records link back to their sources.

How often does Stable Tape update?

Stable Tape has a scheduled daily cutoff at 16:00 Europe/London. It does not estimate, carry forward, or backfill a number when the checks do not support a reading.

Public beta

The benchmark is live. The daily fixing process is being hardened. Missed fixings are recorded as gaps, not reconstructed.

About public beta

BENCHMARK

Onchain Dollar Share

USD stablecoin supply as a share of US M2. Stablecoins are not a component of M2; the ratio compares the two.

DAILY TAPE RECORD BEGINS 20 JUNE 2026 ARCHIVED AS PUBLISHED

CURRENT RECORD · 8 SEPTEMBER 2026

$1OF USD STABLECOINSfor every $75 OF US M2

1.3383%OBSERVED 16:00 LONDON

$310.73bn USD stablecoin supply $23,218bn US M2 (July 2026) 1.3383%

Sources: DeFiLlama (stablecoin supply) FRED M2SL (US M2)

RECORD DT-20260908-888728e6e9e6 Open dated record

Publication status

Current published record

8 September 2026

LEVEL-ONLY RECORDThe supply level and benchmark were frozen for this date, but the constituent breakdown could not be determined.

Next observation

9 September 2026 16:00 London

Stable Briefing · 7 September 2026

USD stablecoin supply rose $125.88m at the 7 September fixing. Onchain Dollar Share 1.3408%.

One published edition for each fixing: the level, the benchmark, what changed against the previous record, and what the record does not carry.

Read today’s Briefing →Distribution Pack

Each point is the reading published that day.

Corrections and withdrawals are added to the record, not written over it.

8 SEPTEMBER 2026

OPEN DATED RECORD

M2 updates are marked on the chart.

METHODOLOGY

Source observations

One market, whole-market source lenses

8 September 2026 fixing

What each source counts, and what it reported. Only one of these rows counts units outstanding across the whole market, and it is the designated measurement. The others are preserved beside it and are never averaged into it.

Designated measurement

Stable Tape
reads from DeFiLlama

DeFiLlama — observed
Commercial licence in discussion

USD stablecoin supply, in the benchmark universe

Face value whole marketEvery issuer in the benchmark universe.

Reported$310.73bnObserved8 Sep 2026
Comparison source

CoinMarketCap

CoinMarketCap — not yet observed
Use permitted with attribution

USD Stablecoin category market capitalisation

Market price own universeCoinMarketCap’s USD Stablecoin category, not Stable Tape’s and not CoinGecko’s.

ReportedNot yet observedObservedApproved for capture; no observation recorded yet
Comparison source

CoinGecko

CoinGecko — not observed
Commercial use covered by CoinGecko standard Commercial License

Stablecoins category market capitalisation

Market price own universeCoinGecko’s Stablecoins category, not Stable Tape’s and not CoinMarketCap’s.

ReportedNot observedObservedNo governed observation is recorded for this fixing

These figures answer different questions, and the price basis and coverage each row states says which. Stable Tape does not average them, rank them or take a majority of them. Every figure is filed under the date it was actually observed and none is carried forward onto a later fixing.

All source observations

Read the source definitions, timestamps, and preservation notes.

Different 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 $310.73bn 8 September 2026 Preserved as published The published measurement

Designated source: DeFiLlama · Commercial licence in discussion

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

Stable Tape published record
CoinMarketCap Independent comparison Unavailable Not observed for this fixing Preserved as published Comparison unavailable for this fixing.

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

Data provided by CoinMarketCap.com
CoinGecko Independent comparison $290.77bn 4 September 2026, 14:56 UTC Preserved as published These readings measure different quantities and are not directly comparable. Observed 4,864 minutes apart, on 8 September 2026 and 4 September 2026.

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

Data provided by CoinGecko

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.

More stablecoins doesn’t always mean a bigger share of the dollar system.

Stablecoin supply measures size. Onchain Dollar Share measures it against US M2, the broad measure of US dollars in the economy.

Why US M2?

Taken once a dayStated US M2 reference monthMethodology

Structure

Inside the total

The stablecoins, chains, issuers and currencies Stable Tape follows. The 8 September 2026 record holds the market total without its constituent breakdown, so the register below shows the most recent record that proved one, dated where it stands.

Most recent record with a breakdown 12 August 2026 1-day change vs 11 August 2026

Ethereum $147.95B 48.07% +$119.8M
Tron $92.09B 29.92% +$822.9M
BSC $17.90B 5.82% −$14.1M
Solana $16.22B 5.27% −$43.3M
Hyperliquid L1 $6.18B 2.01% −$29.2M

Issuers Chains Currencies

Archive
Date	Outcome	ODS	Market change	ODS change	Constituent movement
8 September 2026	LEVEL-ONLY RECORD	1.3383%	−$584.30m	−18.77 bps	n/a
7 September 2026	LEVEL-ONLY RECORD	1.3408%	+$125.88m	+4.05 bps	n/a
6 September 2026	LEVEL-ONLY RECORD	1.3403%	−$293.42m	−9.42 bps	n/a
5 September 2026	LEVEL-ONLY RECORD	1.3416%	+$370.38m	+11.90 bps	n/a
4 September 2026	LEVEL-ONLY RECORD	1.3400%	n/a	+43.09 bps	n/a

75 records are archived from 17 June to 8 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.

View the full Archive

8 September 2026 reading

Supply: $310.73bn. Market change: −$584.30m. ODS change: −18.77 bps.Constituent breakdown: unavailable for this fixing.

How the daily reading is measured

Sources and verification

Stable Tape, “Onchain Dollar Share,” record for 8 September 2026: 1.3383% of US M2 ($1 of USD stablecoins for every $75 of US M2). USD stablecoin supply $310,732,360,631; US M2 $23,218,000,000,000 (July 2026). https://stabletape.com/tape/2026-09-08

Record hash888728e6…3e169274full hash on the dated record