Monthly report
Stablecoin M2 Ratio — June 2026
June ended with USD stablecoins at roughly 1.35% of U.S. M2, or about 1 in 74 dollars. This first Stable Tape monthly report reads the stablecoin M2 ratio, Digital Dollar Dominance, and Daily Tape movement from the available canonical June records.
Executive summary
- Latest Digital Dollar Dominance reading: 1.35% on the June 30 canonical Daily Tape record.
- Latest one-in-N reading: 1 in 74 U.S. dollars.
- Latest USD stablecoin supply: $311.79B.
- U.S. M2 denominator: $23.0523T, using FRED M2SL as of May 2026.
- Across the available canonical June records, supply was contracting: net -$3.98B, with $4.98B expanded and $8.95B contracted.
Stable Tape's canonical Daily Tape series began during June 2026, so this first report is based on the available canonical records rather than a full-month backtest.
What DDD measured in June
DDD, or Digital Dollar Dominance, is the Stable Tape benchmark for USD stablecoin supply vs U.S. M2. The formula is simple: circulating USD stablecoin supply divided by U.S. M2 money supply.
That makes DDD a stablecoin benchmark for monetary scale. It does not, by itself, measure stablecoin adoption in full. A complete stablecoin adoption metrics stack also needs transfer volume, velocity, active entities, and payment-like usage. DDD answers the narrower question: how large is the circulating USD stablecoin float relative to the U.S. money stock? For the evergreen beginner version, read the stablecoin M2 ratio explainer.
Daily Tape movement
The June 30 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 |
|---|---|---|---|
| Jun 20, Jun 23-30 | -$3.98B | $4.98B | $8.95B |
| Latest record: Jun 30 | -$670M | $775M | $1.45B |
M2 denominator update
During June, the DDD denominator moved to the May 2026 FRED M2SL reading. The June 30 Daily Tape record used $23.0523T of U.S. M2, as of May 2026.
This matters because a higher M2 denominator can reduce the DDD percentage even when stablecoin supply is flat. DDD compares stablecoin supply with U.S. 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, Tron about 28.56%, BSC about 5.99%, and Solana about 5.00%. Solana remains a venue to watch in the chain distribution layer, but the Daily Tape chain view should not be read as directional settlement flow without event-level evidence.
Large single-day expansion headlines need follow-through. A reported expansion from zero can reflect a new listing, coverage change, or reclassification as much as it can reflect a durable supply increase. Daily Tape keeps those movements visible, while the headline benchmark remains aggregate USD stablecoin supply.
What DDD 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.