Stablecoin M2 Ratio Explained

What is the stablecoin M2 ratio?

The stablecoin M2 ratio measures USD stablecoin supply vs U.S. M2. In plain English, it asks: how large is circulating onchain dollar supply relative to the U.S. dollar money stock?

Stable Tape calls this benchmark Onchain Dollar Share, or ODS. The ODS percentage is the metric. The “$1 of stablecoins for every $N of US M2” line is only a rounded translation that makes the same ratio easier to read.

The formula

ODS = circulating USD stablecoin supply / U.S. M2

• Numerator: circulating USD stablecoin supply tracked from DeFiLlama stablecoin supply data.
• Denominator: U.S. M2 money supply from FRED M2SL.
• Boundary: the headline numerator excludes CBDCs, bank deposits, and non-USD stablecoins.
• Sources: DeFiLlama for stablecoin supply and FRED M2SL for U.S. M2.

The comparison does not mean stablecoins are part of M2. It uses M2 as a public denominator so the size of USD stablecoin supply can be read in macro context.

A simple example

Using the June 30, 2026 canonical Daily Tape record, USD stablecoin supply was about $312B and US M2 was about $23.05T. The current ODS interpretation is 1.35%, or $1 of stablecoins for every $74 of US M2. The linked frozen record retains its publication-era DDD wording.

The live benchmark on the homepage updates as stablecoin supply changes and when a new monthly FRED M2SL observation becomes available.

Why compare stablecoins with M2?

Absolute stablecoin supply can be hard to interpret alone. A market measured in hundreds of billions of dollars sounds large, but it needs a stable comparison point.

U.S. M2 is a public macro benchmark for the U.S. dollar money stock. Stablecoins are global onchain dollars, not bank deposits or central bank money. Comparing stablecoin supply with M2 gives scale and context without claiming monetary equivalence.

What ODS does not measure

ODS is a scale benchmark, not a complete stablecoin adoption benchmark by itself. It does not measure:

• Transaction volume.
• Active users or active entities.
• Payment-like usage.
• Whether supply sits in exchange inventory or is used in real-world activity.
• Velocity.
• All offshore dollar demand.
• Issuer safety, reserve quality, or solvency.

How it relates to stablecoin adoption

ODS measures scale: how much USD stablecoin supply exists relative to U.S. M2. Adoption is broader. Adjusted transfer volume, velocity, active entities, payment-like activity, and issuer or chain distribution answer other questions.

For those measures, read Stablecoin Adoption Metrics.

How Stable Tape uses it

The methodology page gives the calculation, source boundaries, caveats, and citation language. The developers page documents API and widget interfaces for teams that want to inspect or integrate the benchmark.