Stable Tape separates live benchmarks from research. DDD measures USD stablecoin supply relative to U.S. M2. The Daily Tape is the citable daily record. Issuer dominance, chain distribution, and currency breakdown explain structure; Velocity, Flow, Active, stress, and follow-through layers remain clearly labelled beta, planned, or research. See Stablecoin Supply Today for the current reading in one place.
A clean status map for the Stable Tape metric family. DDD is the headline scale benchmark. Supporting layers are live only where the data pipeline is stable; research layers stay labelled until methodology and sources are ready.
| Layer | Benchmark | Measures | Status | Question answered |
|---|---|---|---|---|
| Scale | DDD | Supply vs M2 | Live | How much of U.S. broad money is represented by USD stablecoins? |
| Daily movement | Daily Tape | Supply movement | Daily | What is the official DDD reading for a given date, and what supply movement was recorded? |
| Structure | Issuer dominance | Concentration | Live | How concentrated is USD stablecoin supply across issuers? What share does the top issuer hold? |
| Structure | Chain distribution | Network spread | Live | Which blockchains hold the most stablecoin supply, and how is that spread changing? |
| Structure | Currency breakdown | USD vs non-USD | Live | How much of tracked stablecoin supply is USD-denominated? What share is non-USD? |
| Daily movement | Supply momentum | Daily Tape expansion / contraction | Daily | Is USD stablecoin supply in net expansion or contraction across the latest Daily Tape window? |
| Flow / usage research | Stablecoin Velocity | Usage rate | Research beta | How many times did stablecoin supply turn over across the latest 7-day window? |
| Flow / usage research | DDD Flow | Value moved | Research | How does stablecoin transfer volume compare with traditional payment rail volumes? |
| Flow / usage research | DDD Active | Recently active supply | Planned | What share of stablecoin supply has moved recently, once address-level methodology exists? |
| Flow / usage research | Mint Follow-Through | Event follow-through | Research | Do large reported mint or burn events translate into durable circulating supply changes? |
| Stress / risk research | Peg / Market Stress Research | Stress state | Research | Research Pulse component reading whether major USD stablecoins trade close to $1. Price proximity only; not reserves, solvency, redemption risk, issuer health, systemic risk, investment advice, or a trading alert. |
| Future research | Agentic Activity | Autonomous transaction share | Research | Can stablecoin activity by autonomous agents be measured from credible labels and transaction data? |
Live benchmarks first. Research and roadmap metrics are clearly labelled below.
USD stablecoin supply ÷ U.S. M2
The headline benchmark. Measures USD stablecoin supply as a share of U.S. M2 broad money — one neutral read on the depth of on-chain dollar penetration. Updated continuously from DeFiLlama supply data and FRED M2SL.
supply snapshot deltas + observed expansion/contraction movement
The citable daily record of stablecoin supply movement. Each dated entry records what expanded, what contracted, and the net supply change across the measurement window. Dated permalinks make individual records suitable for citation.
issuer supply ÷ total USD stablecoin supply
Tracks how concentrated USD stablecoin supply is across issuers. Reports top issuer share, top 2 share, top 5 share, and tracked issuer count — refreshed from DeFiLlama issuer data. Tells you whether onchain dollars are becoming more or less distributed.
chain stablecoin supply ÷ total USD stablecoin supply
Shows which blockchains hold the most stablecoin supply and how that distribution is shifting. Ethereum, Tron, and Solana dominate by supply — this layer tracks whether concentration at the network level is rising or falling.
View chain distribution →USD-pegged supply ÷ total stablecoin supply
DDD measures USD-denominated stablecoins only. The currency breakdown layer shows what share of total tracked stablecoin supply is USD-pegged versus non-USD — putting the DDD numerator in context of the broader stablecoin market.
View currency breakdown →Stable Tape starts with supply, adds velocity as a research-beta usage proxy, and may add spend indexes later if partners provide aggregated data.
Loading adjusted transfer volume and frozen supply records.
active stablecoin float ÷ transactional dollar stock
Designed to measure how much working stablecoin liquidity exists compared with spendable dollar balances — only counting coins that have moved within a defined window.
currency in circulation + demand deposits
DDD Active uses a reconstructed transactional-dollar denominator rather than official M1, because modern M1 includes savings-like balances. The denominator uses only currency in circulation (MBCURRCIR) and demand deposits (DEMDEPSL).
adjusted stablecoin transfer volume ÷ traditional payment / settlement rail volume
Intended to measure stablecoins as payment and settlement rails — how much value is actually flowing through the network versus how much is issued. Not yet live. Requires a credible peer-to-peer transfer-volume source with noise removal (same-entity transfers, bridge hops, DEX routing, and MEV excluded).
Future signal: Mint Follow-Through. Mint Follow-Through is a planned Flow signal for checking whether large reported mint or burn events translate into durable circulating supply changes after 1D, 3D, and 7D. Mint headlines show the event; the Daily Tape shows what stuck. It is not live, not currently part of DDD, and not a claim that Stable Tape verifies every transaction-level mint or burn event. Unlike the live Supply Momentum read, which summarizes net Daily Tape expansion or contraction today, Mint Follow-Through would track whether individual event-level mint or burn headlines persist after 1D / 3D / 7D. It is not live.
Future metrics and research directions. None of these are live benchmarks. They are listed here so the scope of the Stable Tape roadmap is transparent.
Supplementary comparisons that put stablecoin supply in context. Not the headline DDD benchmark — no branded benchmarks, no live ratios until data is wired.
Supporting layers do not replace DDD. The headline benchmark remains circulating USD stablecoin supply divided by U.S. M2. Each supporting layer carries its own methodology and status badge. No layer will be marked live unless the required data pipeline has been validated.
Daily Tape
The latest official Daily Tape window, daily card, and citable stablecoin supply movement updates.