Monthly report
Onchain Dollar Share — June 2026
June 2026 ended with Onchain Dollar Share at 1.35%, or about $1 of stablecoins for every $74 of US M2. This Stable Tape monthly report reads ODS and Daily Tape movement from the available canonical records.
Executive summary
- Latest Onchain Dollar Share reading: 1.35% on the 2026-06-30 canonical Daily Tape record.
- Latest reciprocal reading: $1 of stablecoins for every $74 of US M2.
- Latest USD stablecoin supply: $311.79B.
- U.S. M2 denominator: $23.0523T, using FRED M2SL as of May 2026.
- Across 9 measurable canonical June 2026 records, supply was contracting: net -$3.98B, with $4.98B expanded and $8.95B contracted.
Stable Tape's canonical Daily Tape series does not cover every day in this month, so this report is based on the available canonical records.
What ODS measured in June
Onchain Dollar Share (ODS) is USD stablecoin supply as a share of US M2. The formula is circulating USD stablecoin supply divided by US M2 money supply.
ODS is a benchmark for monetary scale. It does not, by itself, measure stablecoin adoption in full. Measuring adoption also requires transfer volume, velocity, active entities, and payment-like usage. ODS answers the narrower question: how large is the circulating USD stablecoin float relative to the U.S. money stock?
Daily Tape movement
The latest June 2026 Daily Tape record showed stablecoin supply contracted $670M: $775M expanded, $1.45B contracted, and net movement was -$670M.
The largest reported stablecoin expansion in the latest record was trUSD · Tori trUSD at $49.4M. Because it appeared from zero in the prior snapshot, it should be read as a reported supply movement that needs follow-through, not as a standalone conclusion about organic issuance. The largest reported contraction was USDS · Sky at -$335M.
Daily Tape movement is snapshot-to-snapshot supply movement. It is not transaction-level mint/burn evidence unless the underlying data explicitly supports that claim.
| Available canonical June records | Net | Expanded | Contracted |
|---|---|---|---|
| 06-20, 06-23, 06-24, 06-25, 06-26, 06-27, 06-28, 06-29, 06-30 | -$3.98B | $4.98B | $8.95B |
| Latest record: 2026-06-30 | -$670M | $775M | $1.45B |
M2 denominator update
The latest June 2026 Daily Tape record used $23.0523T of U.S. M2, using the FRED M2SL reading as of May 2026.
This matters because a higher M2 denominator can reduce ODS even when stablecoin supply is flat. ODS compares stablecoin supply with US M2 for scale; it does not claim stablecoins are part of M2.
Market structure notes
Issuer concentration remained high at month-end. Tether represented about 59.13% of tracked USD stablecoin supply, Circle about 23.62%, and the top two issuers together about 82.75%.
Chain distribution was also concentrated. Ethereum represented about 49.75% of tracked supply and Tron about 28.56%. Solana represented about 5.00% of tracked supply. The Daily Tape chain view should not be read as directional settlement flow without event-level evidence.
Gross expansion headlines need follow-through. A large reported expansion from zero can reflect a new listing, coverage change, or reclassification as much as it can reflect a durable supply increase. The Daily Tape keeps those movements visible, but the headline benchmark remains aggregate USD stablecoin supply.
What ODS does not measure
- Transaction volume.
- Active users or active entities.
- Payment-like usage.
- Whether stablecoins are held in exchange inventory or used in real-world commerce.
- All offshore dollar demand.
- Investment signals or market sentiment.