Stable Tape · The Move
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The change in USD stablecoin supply between two consecutive Stable Tape fixings, taken at 16:00 Europe/London, broken down by Token, Chain and Issuer. A change is named only when both fixings measured it on the same basis. The remainder is shown as unresolved or held, and is not attributed.
- Market change
- −$894.9M−$894,924,290
- 24 September 2026
- $313.67B$313,673,683,185
- 25 September 2026
- $312.78B$312,778,758,895
Move hash c7ec7dda8d5b615965a57035380d324038fe7cdf59ef8bbc91977d5bdd456736
The Move
| Scope | Named | Unresolved | Held | Rounding | Market change |
|---|---|---|---|---|---|
| Token | +$186.2M | −$2.1M | −$1.08B | $0 | −$894.9M |
| Chain | −$893.0M | $0 | −$1.9M | −$13,518 | −$894.9M |
| Issuer | +$280.6M | −$1.18B | $0 | $0 | −$894.9M |
Token
+$186.2M named across 172 tokens
Largest decreases
- USDC−$94.7M
- USYC−$28.2M
- USDGO−$10.7M
- DAI−$9.6M
- pUSD−$5.3M
Unresolved −$2.1M
- Source valuation unresolved (159 source assets)−$2.1M
Held −$1.08B
Changes that could not be compared on the same basis. Visible for reconciliation, attributed to nothing.
7 held transitions
| Held portion | Why | Change |
|---|---|---|
| Source asset 214 | Classification changed between fixings | −$677.2M |
| Source asset 12 | Classification changed between fixings | −$402.5M |
| Source asset 218 | Classification changed between fixings | +$802K |
| Source asset 125 | Classification changed between fixings | −$138K |
| Source asset 410 | Classification changed between fixings | −$11K |
| Source asset 132 | Classification changed between fixings | −$2K |
| Source asset 288 | Classification changed between fixings | −$17 |
Chain
−$893.0M named across 140 chains
Largest increases
- Solana+$443.1M
- Tron+$218.2M
- Base+$140.4M
- Hyperliquid L1+$101.4M
- Kaia+$50.0M
Largest decreases
- Ethereum−$669.1M
- BSC−$537.2M
- Waves−$395.9M
- Arbitrum−$171.7M
- TON−$99.4M
Unresolved $0
No unresolved class.
Held −$1.9M
Changes that could not be compared on the same basis. Visible for reconciliation, attributed to nothing.
4 held transitions
| Held portion | Why | Change |
|---|---|---|
| Source asset 153 on Meter | Chain row left coverage | −$991K |
| Source asset 2 on Meter | Chain row left coverage | −$503K |
| Source asset 12 on BSC | Chain row left coverage | −$210K |
| Source asset 1 on Meter | Chain row left coverage | −$165K |
Issuer
+$280.6M named across 6 legal issuers
Named only where governed legal-issuer authority exists. A token without it stays issuer-unresolved; no issuer is inferred from a name.
Largest increases
- Tether International S.A. de C.V.+$225.7M
- Standard Custody Trust Company LLC+$38.7M
- Paxos Trust Company N.A.+$16.8M
- FD121 BVI Limited+$101K
Largest decreases
- Ondo Global Markets BVI Limited−$618K
- HTMI Limited−$117K
Unresolved −$1.18B
- Issuer unresolved (331 source assets)−$1.18B
Held $0
Changes that could not be compared on the same basis. Visible for reconciliation, attributed to nothing.
Nothing held.
What changed
USD stablecoin supply fell by $894.9M between the 24 September 2026 and 25 September 2026 fixings, from $313.67B to $312.78B.
Named Token movement is +$186.2M across 172 tokens; the largest are USDT (+$225.7M) and USDC (−$94.7M). −$2.1M is unresolved and −$1.08B is held, and is not attributed to any token.
Named Chain movement is −$893.0M across 140 chains; the largest are Ethereum (−$669.1M) and BSC (−$537.2M). −$1.9M is held, and is not attributed to any chain.
Named legal-issuer movement is +$280.6M across 6 legal issuers; the largest are Tether International S.A. de C.V. (+$225.7M) and Standard Custody Trust Company LLC (+$38.7M). −$1.18B is issuer-unresolved, and is not attributed to any issuer.
Evidence
This page is served only after every binding below is verified against the committed files, and after the Move is replayed from the two frozen fixings and matches the stored artifact byte for byte. If any check fails, the page is withdrawn rather than shown in part.
The Move
- Move hash
c7ec7dda8d5b615965a57035380d324038fe7cdf59ef8bbc91977d5bdd456736SHA-256 of the stable contract JSON of the Move without this field.- Stored artifact SHA-256
fa532396f4a1aaea82a979a35ab1c8351bd36f647aad47b52266f274607ec942- Method
- stable-tape-structure-move-v1
- Fixing convention
- 16:00 Europe/London, both dates
From fixing: 24 September 2026
- Record hash
849ec07ec6bc9d55b2b476255f821ea390152b2182da2553fb6bb4eef82a1084- Core hash
4ff9b365c22ad5722783c521ee3c221c72e98f3ced43d236f7bc8a1c886b9763- Publication seal
9169749d517de5927503d5db94edd44fcc923aa980043dd90734ad047221116d- Market Reading archive
5807e55dc6fc3a709cc951b977b72d398578d5e253f14d4cf46144ac8c842b71
To fixing: 25 September 2026
- Record hash
c921b7d3617881305c4e1ef67c720a500520777d63f9afcee0ce238f2d51027c- Core hash
de98c271f365fc6151c751ed324dd94382c38ed682206114c34b387f38f311a9- Publication seal
795397aeba7fa0c0ff55fb81a4056ade42c9e76aa69b17f5748784b0cabe459f
Prior Structure baseline
- Baseline hash
06fd9852c320e701085162939cab8a975eff41a8930d2cc9175514d4240e7749- Method
- stable-tape-current-structure-baseline-v1
- Admitted at
- 2026-09-24T15:34:26.917Z
- Admission deadline
- 2026-09-25T15:00:00.000ZThe later fixing instant. Admission at or after it fails closed.
Baseline timing custody
- Timing receipt hash
57999a35babaf1f97504048efece11681f714c912ffe13d7d935a69223e83818- Authenticated read-back at
- 2026-09-24T15:34:35.000Z
- Workflow
- .github/workflows/structure-move-derived-publication.yml
- Workflow run
- 36021042156, attempt 1
- Baseline commit
39850a0a5d3e785f89b93d14a6efdb38cb4a29ae
How to cite
Cite the dated address. It names one authenticated Move and does not change.
Stable Tape, “The Move: 24-25 September 2026”, Structure Move for the 25 September 2026 fixing (16:00 Europe/London), Move hash c7ec7dda8d5b615965a57035380d324038fe7cdf59ef8bbc91977d5bdd456736. https://stabletape.com/move/2026-09-25
- Short reference presentation and social
Stable Tape, The Move 2026-09-24 to 2026-09-25: USD stablecoin supply −$894.9M. https://stabletape.com/move/2026-09-25
- Data note journalism and chart sources
Source: Stable Tape, The Move 2026-09-24 to 2026-09-25 (https://stabletape.com/move/2026-09-25). Structure Move method stable-tape-structure-move-v1; Move hash c7ec7dda8d5b615965a57035380d324038fe7cdf59ef8bbc91977d5bdd456736. Derived from the frozen Daily Tape records for both fixings; values are not revised.
Permanent address https://stabletape.com/move/2026-09-25
Where this Move sits
Daily Tape Frozen fact
Structure Composition
The Move Authenticated change
Signal Scarce governed event
No public Signal is linked to this Move.