USD stablecoin supply
Circulating supply of USD-pegged stablecoins in the benchmark universe.
Current Stable Tape treatmentPublished as the governed supply input to Onchain Dollar Share and the Daily Tape.
Read the definitionSOURCES
Sources
Stable Tape publishes one governed measurement. Other sources can help show where definitions, coverage and timing differ. They do not replace, average with or vote on the Daily Tape reading.
Sources are witnesses. The definition is the input.
DESIGNATED MEASUREMENT
- Primary
- Stable Tape
- Quantity
- USD stablecoin supply
- Attribution
- reads from: DeFiLlama
ODS uses this supply measurement.
Same word, different measurement
- SUPPLY
- How many units exist or are outstanding under a stated definition. No market price applied.
- MARKET VALUE
- What a quantity is worth after a market price is applied.
- TRANSFER VALUE
- What moved during a stated period.
- ADDRESS ACTIVITY
- How many addresses met a stated activity or balance definition.
These are different measurements. Stable Tape does not place them in one column simply because a source uses the same word for them.
Quantities
Why figures can differ
- UNIVERSE
- Which assets are included?
- EXCLUSIONS
- Are issuer reserves, bridge escrow, locked balances or other categories removed?
- TIME
- What instant or period does the figure describe?
- PRICE
- Is the figure a face-value quantity, or has a market price been applied?
Two figures can both be reported as stated and still answer different questions.
Evidence states
- SHOWN
- Reached, stored and permitted to display.
- HELD
- Reached and stored, but the figure is not displayed.
- PENDING
- Access or permission is being clarified. Nothing is stored.
- NOT REACHED
- A capture was attempted and did not return the expected observation.
- NOT OBSERVED
- Stable Tape does not capture that source for this quantity.
Preserved and reconstructed
PRESERVED
Captured at the time and kept as a dated observation.
RECONSTRUCTED
What a source currently reports about an earlier date.
A historical figure retrieved today is not the same kind of evidence as a figure preserved on the date. Stable Tape keeps those classes separate.
How ODS is assembled
ONCHAIN DOLLAR SHARE
- USD stablecoin supplyStable Tape governed measurementreads from: DeFiLlama
- U.S. M2frozen monthly referenceFRED M2SL
What is not shown here
A source may be absent because Stable Tape does not observe it for this quantity, because access or display is not cleared, or because it measures a different quantity. Missing rows are not filled with estimates.
Different quantities belong on different pages rather than being forced into one comparison.