Daily Fixing Standard
Version 1.0Effective: 11 September 2026Last reviewed: 11 September 2026
What happens at 16:00 London time each day.
Every day at 16:00 Europe/London, Stable Tape attempts to capture a point-in-time record of the onchain dollar system.
The important word is point-in-time. We record what could actually be established at the fixing, rather than rebuilding a cleaner-looking version later.
01 · In plain English
A fixing can result in
Missing or withheld readings are part of the record. We do not fill the gap later just to make the chart continuous.
| Outcome | What it means |
|---|---|
| PASS | The required conditions were met and the reading can be published. |
| WITHHELD | We captured something, but a governance or integrity rule prevented publication. |
| UNAVAILABLE | A required observation could not be established under the rules. |
02 · The formal rule
How the fixing works
The sections below set out where the evidence behind a fixing is kept, when a reading is published, how a later correction is handled, and what runs automatically versus under review.
Evidence custody
What is captured at the fixing is kept, whether or not the day results in a published reading.
What is captured at the fixing is kept, whether or not the day results in a published reading.
At each 16:00 Europe/London cutoff, Stable Tape captures the source data available at that moment: stablecoin supply figures, their constituent breakdown, and the reference values the fixing depends on. This capture happens whether the day ultimately results in PASS, WITHHELD or UNAVAILABLE, so the evidence behind a withheld or unavailable day still exists and is not discarded.
A PASS reading is written into the permanent, hashed record described in the Methodology. A WITHHELD or UNAVAILABLE outcome is recorded as that outcome, dated, rather than as a silent absence.
Publication timing
A fixing is attempted once per day, at one fixed cutoff.
A fixing is attempted once per day, at one fixed cutoff.
- Official daily cutoff
- 16:00 Europe/London
- Frequency
- Once per calendar day
Stablecoin markets trade continuously, but a fixing needs one defined daily reference point. The result of that single attempt, whichever of the three outcomes it produces, is the day's published position. Stable Tape does not re-run a fixing later in the day to try for a better outcome.
The exact cutoff convention in force on a given date, and how it is applied, is set out in full on Methodology.
Corrections
A correction is a new, dated entry. It does not rewrite what was published on the original date.
A correction is a new, dated entry. It does not rewrite what was published on the original date.
If evidence found after a fixing shows a published figure needed correcting, the original dated record is left exactly as published, and the correction is recorded separately, dated, on Transparency. This follows the same historical-integrity rule set out in Governance.
A correction never converts a WITHHELD or UNAVAILABLE day into a PASS after the fact. If the conditions for PASS were not met at the fixing, they were not met, regardless of what is learned later.
Automation
Ordinary days are captured and frozen automatically. Unusual ones are held for review.
Ordinary days are captured and frozen automatically. Unusual ones are held for review.
A day's reading is captured and frozen automatically once the source data passes its checks: the figures are well formed, timestamps are correct, and the individual constituents reconcile to the total. A large or unexplained jump, or a source that fails a check, is held for review rather than published automatically. This is the same process the Methodology describes for how a record is frozen; the Fixing Standard states the daily cutoff and outcomes it produces, and the Methodology states how the underlying record is built.
Historical integrity
A published fixing outcome is permanent. Gaps stay visible rather than being smoothed over.
A published fixing outcome is permanent. Gaps stay visible rather than being smoothed over.
Every PASS, WITHHELD or UNAVAILABLE outcome is a dated, permanent entry in the published record. Stable Tape does not later reclassify a day, backfill an UNAVAILABLE date with an estimate, or remove a WITHHELD entry once it has been published. The archive at Daily Tape prints these dates so an absence is visible and countable rather than hidden by a continuous line.
03 · Technical detail
Versioning and change log
This standard is versioned explicitly, in the same spirit as the documented methodology versions maintained by other market-data providers.
- Document
- Daily Fixing Standard
- Version
- 1.0
- Effective
- 11 September 2026
- Last reviewed
- 11 September 2026
Changes to this standard will be dated. Changes affecting future fixings apply prospectively. Where a change is substantive, it will be noted on Transparency with the date it took effect.