Stable Tape · Metrics

What Stable Tape measures

Current12 tracked metrics · 4 live · 2 frozen into the daily record · 1 research beta · 4 research · 1 planned

The register lists what is current, what is frozen into Daily Tape, what remains research, and what is planned. Each entry names its source, update cadence, reference period, and public reading. Definitions and formulas live in Methodology.

All metrics

Every tracked metric in one table. Planned means not yet built; it is a scope label, not a quality judgement.

Swipe horizontally to view source, cadence and frozen-record fields

Stable Tape metrics, with public status, source, update cadence and whether the metric enters the frozen Daily Tape record.
Metric Status Measures Source Cadence In frozen record
ODS Live USD stablecoin supply as a share of U.S. M2 DeFiLlama ÷ FRED M2SL Continuous ÷ monthly Yes
Daily Tape Frozen The dated canonical record and its supply movement Stable Tape snapshots Daily, 12:00 UTC Is the record
Issuer dominance Live Concentration of supply across issuers DeFiLlama Continuous Yes
Chain distribution Live Spread of supply across networks DeFiLlama Continuous Yes
Currency breakdown Live USD-pegged share of tracked stablecoin supply DeFiLlama Continuous Yes
Supply momentum Frozen Net expansion or contraction across the record window Stable Tape snapshots Daily, 12:00 UTC Yes
Stablecoin Velocity Research beta Turnover of supply over a rolling window Artemis ÷ frozen records 7D window No
ODS Flow Research Stablecoin settlement against traditional rails Not configured — No
Mint Follow-Through Research Whether large mint or burn events durably change supply Frozen records — No
Peg / Market Stress Research Research Whether major USD stablecoins trade close to $1 Price proximity only — No
ODS Active Planned Recently active supply against transactional dollars Not available — No
Agentic Activity Research Stablecoin activity attributable to autonomous agents Not available — No
Live
Published reading, updated from source
Frozen
Written once into the dated record
Research beta
Published reading, quality checks, not canonical
Research
Defined methodology, no public reading
Planned
Named with a defined scope, no complete methodology
In frozen record
Whether the figure enters the Daily Tape
Definitions, formulas, source caveats and the reasoning behind each choice are published in the Methodology.

Live and frozen

The benchmark, its dated record, and the market structure measured from the same supply total.

ODS — Onchain Dollar Share

Live
ODS = USD stablecoin supply ÷ U.S. M2

The headline benchmark: circulating USD stablecoin supply as a share of U.S. M2 broad money. It measures monetary scale, not adoption, usage or payment activity.

Stablecoins per US M2
See the latest record
Share of U.S. M2
See the latest record
USD stablecoin supply
See the latest record
U.S. M2
See the latest record
M2 reference month
Latest published M2SL observation
Supply observed
Latest available snapshot
Sources: DeFiLlama, FRED M2SL. The live figures above are read from the benchmark endpoint when this page loads; the dated record carries the frozen values for any given day.
Enters the frozen Daily Tape. Supply updates continuously upstream, M2 only when the Federal Reserve publishes a new monthly observation, so the two inputs move on different clocks. Cache window is not observation freshness — see source inputs.
The benchmark → The latest record → Formula and caveats →

Daily Tape

Frozen
net movement = expanded supply − contracted supply

One dated, citable record per day: the supply level at the 12:00 UTC cutoff, the movement since the previous record, the benchmark reading, and the Daily Assessment selected from those figures by published rules.

Cutoff
12:00 UTC
First canonical record
20 June 2026
Integrity
SHA-256 record hash
Revisions
None — records are frozen
The Daily Tape measures supply change between snapshots, not transfer volume and not transaction-level mint or burn events. Bootstrap captures and declared gaps are published as such rather than estimated.
Open the Daily Tape → Every published record → How a record is frozen →

Issuer dominance

Live
issuer share = issuer USD supply ÷ total USD stablecoin supply

How concentrated USD stablecoin supply is across issuers: top issuer share, top 2 share, top 5 share and the tracked issuer count, computed from the ranked issuer list.

Enters the frozen Daily Tape. Issuer is not a field in the upstream pegged-asset dataset: each pegged asset is labelled from a Stable Tape symbol mapping, falling back to the source asset name, so an issuer’s separate stablecoins generally appear as separate rows. When the upstream dataset or the mapping changes, the shares change with it. Where a share is unavailable it is omitted rather than estimated.
Issuer dominance → How the share is computed →

Chain distribution

Live
chain share = chain stablecoin supply ÷ total USD stablecoin supply

Which networks hold the most stablecoin supply, and whether concentration at the network level is rising or falling.

Enters the frozen Daily Tape. Supply that a per-chain decomposition does not account for is carried explicitly as an “other” residual rather than distributed across named chains, and “other” is never named as a mover.
Chain distribution → How the share is computed →

Currency breakdown

Live
USD share = USD-pegged supply ÷ total tracked stablecoin supply

What share of tracked stablecoin supply is USD-pegged and what share is not, placing the ODS numerator in the context of the wider stablecoin market.

Enters the frozen Daily Tape. Non-USD supply is context only; it is excluded from the ODS numerator. There is no canonical non-USD benchmark, and none is claimed.
Currency breakdown → What enters the numerator →

Supply momentum

Frozen
net movement = expanded supply − contracted supply

Whether USD stablecoin supply is in net expansion or contraction across the latest Daily Tape window, and which side of the movement was larger.

Enters the frozen Daily Tape. Movement is the observed difference between two snapshots; it does not claim to know when within the window a change occurred, and it is not a mint and burn feed.
Supply momentum → How movement is measured →

Research

Velocity has a published beta reading. The other research entries have definitions but no public figure. None enters Daily Tape or changes the benchmark or Daily Assessment.

Stablecoin Velocity

Research beta
velocity = adjusted stablecoin transfer volume ÷ average USD stablecoin supply

A turnover metric: provider-adjusted stablecoin transfer volume over a window, divided by average Stable Tape USD stablecoin supply over the matching frozen-record window.

Latest 7-day reading

Not shown

7D turnover

The beta reading is read from the research endpoint when this page loads. Without it, the definition and provenance below still apply; the current figure is published on the Velocity research page.

Numerator Artemis-filtered transfer volume
Denominator Average Stable Tape USD stablecoin supply
Coverage Reported with each reading
30D window Hidden until 30 contiguous frozen records exist
In frozen record No
Cadence Rolling 7-day window
Provenance Transfer volume: Artemis-filtered stablecoin transfer volume · Supply: Stable Tape frozen records
Beta note Research beta. Provider access and methodology are subject to change before commercial rollout.
Does not enter the frozen Daily Tape and cannot select a Daily Assessment. Artemis describes its figure as deduped stablecoin activity less intra-exchange transfers and MEV, so it remains provider-defined adjusted volume that may change as provider methodology or access changes. Velocity measures turnover, not active users, payment adoption, investment demand or transaction-level events, and is not a trading signal.
The Velocity research page → Why it sits outside the benchmark →

ODS Flow

Research
flow = adjusted stablecoin transfer volume ÷ traditional payment or settlement rail volume

ODS Flow would measure how much stablecoin value moves through the network rather than how much is issued. It requires a credible peer-to-peer transfer-volume source with same-entity transfers, bridge hops, DEX routing and MEV removed.

Numerator — transfer volume
Not configured. Adjusted volume requires an external provider, and no contract is in place.
Possible providers
Allium / Visa Onchain Analytics · Artemis · Coin Metrics (TxTfrValAdjUSD) · The Block. Dune Analytics and Flipside Crypto are raw sources, research only.
Denominator — traditional rail volume
Static reference only. ACH, Fedwire and CHIPS publish on a quarterly cadence with no live API.
ODS Flow must never use snapshot deltas, issuance data or Daily Tape inputs. Those measure supply movement, not settlement usage.
No public reading, and none until both sides of the ratio have a citable source.

Mint Follow-Through

Research

Whether large reported mint or burn events translate into durable circulating supply changes after 1, 3 and 7 days. A mint headline shows the event; the Daily Tape shows what stuck.

No public reading. It would not make the Daily Tape a transaction-level mint and burn tracker, and it does not enter the frozen record.

Peg / Market Stress Research

Research

A research component reading whether major USD stablecoins trade close to $1. Price proximity only.

Not a public benchmark, not intraday monitoring, and not a score. It is not evidence of reserves, solvency, redemption risk, issuer health or systemic risk, and it is neither investment advice nor a trading alert.

Agentic Activity

Research

Early-stage research into whether stablecoin flows attributable to autonomous on-chain agents can be measured from credible labels and transaction data at all.

No public reading and no committed methodology. The open question is whether the attribution is possible, not what the number is.

Planned

These metrics have names and defined inputs, but no reading or launch date. They will remain unpublished until the required data exists.

ODS Active

Planned
active = active stablecoin float ÷ transactional dollar stock

ODS Active would measure working stablecoin liquidity next to spendable dollar balances, counting only coins that moved within a defined window.

Numerator — active stablecoin float
Unavailable — no address-level activity provider is configured.
Required inputs
  • Address-level stablecoin balances, by chain
  • Last outbound movement per address
  • 30 / 90 / 180-day active balance windows
  • Stablecoin token contracts on every supported chain
  • Issuer treasury, bridge and burn address labels
  • Entity labels where available
Denominator — transactional dollar stock
currency in circulation + demand deposits

A reconstructed transactional-dollar denominator rather than official M1, because modern M1 also includes savings-like balances. It would use currency in circulation (MBCURRCIR) and demand deposits (DEMDEPSL) only.

Unavailable — neither FRED series is wired to a public endpoint: MBCURRCIR not configured, DEMDEPSL not configured.
Commercial bank deposits (DPSACBW027SBOG) would be a context lens, not the ODS Active denominator.
No ODS Active ratio is shown until both the numerator and the denominator are available.

Concentration over time

Planned
HHI = ∑(issuer share)²

A time series of top-N issuer share and a single Herfindahl-Hirschman Index reading for the issuer landscape, so a shift in market structure is visible over weeks and months rather than only as a point-in-time snapshot.

Top-2 share (TCD) and HHI are already published as point-in-time concentration context on Issuers. What is planned is the series, and threshold zones for it.

Economic model taxonomy

Planned

A classification of stablecoin issuers by economic model — bank-reserved, yield-bearing, decentralised collateral, revenue-sharing and partner-led — to track structural change in who issues on-chain dollars and how value accrues.

No public classification is published. Issuer classification today comes from the upstream pegged-asset dataset and covers which asset belongs to which issuer, not how that issuer is funded.

Supply comparisons

Alternative denominators that put stablecoin supply in context. They are M2 alternatives, not branded benchmarks, and none is published as a live ratio.

Planned

Stablecoins vs physical cash
supply ÷ MBCURRCIR

Source: FRED MBCURRCIR · monthly · no public reading

Planned

Stablecoins vs commercial bank deposits
supply ÷ DPSACBW027SBOG

Source: FRED DPSACBW027SBOG · weekly · no public reading

Planned

Stablecoins vs monetary base
supply ÷ BOGMBASE

Source: FRED BOGMBASE · weekly · no public reading
None of these enters the frozen Daily Tape. A comparison becomes a published metric only once its source, cadence, reference period and limitations are documented in the Methodology first.

Where the definitions live

Methodology

Methodology documents the formula, terminology, timing, record hashes, gaps, bootstrap records, Daily Assessment rules, corrections, source revisions, citation, and sponsor independence. It also explains what gets frozen and how the M2 reference month is chosen.

The ODS formula → Sources and freshness → Integrity and hashes → Daily Assessment rules → Limitations → Developers and API →

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