Stable Tape Daily Tape

Daily Tape: 2026-06-20

Canonical 12:00 UTC cutoff. This permalink is rendered from the frozen Daily Tape record for the date shown — its Stablecoin Signal, evidence line, and figures — and is a shareable, citable record.

Audit notes

Transition artifact in movement figures only (not the benchmark): the previous-day comparison snapshot (snapshot-20260619T1320Z.json, captured 13:20 UTC — 4h before the 17:23 UTC fix) still included non-USD-pegged rows that the current (post-fix) snapshot correctly excludes. This makes movement.topContraction (EURC · Circle · EUR, -$493,650,224, currentSupplyUsd: 0) and part of contractedUsd a one-time methodology-transition artifact rather than a same-day redemption — verified directly: EURC has 5 chain rows totalling exactly $493,650,224 in the previous snapshot and zero rows in the current snapshot and the next one (snapshot-20260620T1538Z.json).

Two smaller movementBreakdown.topIssuerContractions entries (EUR CoinVertible, -$112.72M; Elixir deUSD, -$92.15M) show the same currentSupplyUsd:0 signature; not traced to a specific cause this pass — flagged as unconfirmed, lower-confidence possible coverage artifacts. Combined with EURC, roughly $698M of this day’s $1.32B contractedUsd traces to currentSupplyUsd:0 vanishing-row patterns rather than confirmed organic redemptions.

benchmark.totalSupplyUsd/sharePct/oneInN (314,246,958,589 / 1.38% / 1 in 73) are unaffected by the above — they come only from the current (post-fix) snapshot.

Passed breakdowns reconciliation within tolerance for currency/chain/issuer (see breakdowns.*.reconciliation.withinTolerance).

Stablecoin Signal Net move
Stablecoin supply contracted $1.04B

Frozen at 12:00 UTC on 2026-06-20. This record does not change. Selected by fixed public rules, not by an editor or AI — a market observation, not a trading signal.

$283M expanded · $1.32B contracted · −$1.04B net

Why this Signal? Net supply movement — Supply moved $1.04B net — a directional day below the large-move floor, with no higher-priority family eligible.

It was the highest-priority eligible Signal under the published rules.

How the Signal is selected →

How this Signal was selected

Winning family: Net supply movement. This was the highest-priority eligible Signal for the record.

  1. 1Record validityOnly a complete canonical Daily Tape record can produce a market Signal.
  2. 2DDD benchmark or milestoneA material DDD move, rounded 1-in-N milestone, or genuinely denominator-driven M2 update.
  3. 3Archive extremeThe largest same-direction daily move in a sufficiently deep canonical archive.
  4. 4Sequence reversalA material move reverses or interrupts the immediately preceding run in the other direction.
  5. 5Weekly extremeThe largest daily move in the latest complete seven-record window.
  6. 6Large daily movementA net daily supply move clears the published large-movement floor.
  7. 7Multi-day streakSupply keeps moving in the same direction across contiguous canonical days.
  8. 8Weekly supply trendThe seven-record supply level continues a material directional trend.
  9. 9Quiet market with weekly contextA quiet day is placed in the context of the complete seven-record trend.
  10. 10Issuer or chain trendA clean endpoint-confirmed issuer or chain move explains the weekly change.
  11. 11Offsetting movementLarge opposing supply changes leave the net daily move close to flat.
  12. 12Broad issuer movementMovement is broad across major issuers rather than concentrated in one name.
  13. 13Quiet readingSupply remains inside the published flat threshold after stronger families are tested.
  14. 14Net supply movementThe plain directional daily movement when no more specific family is eligible.Selected for this record

Stable Tape tests each canonical record against these published families in order. Eligibility includes materiality, repetition, attribution and data-quality guards. View exact thresholds and wording rules →

DDD benchmark
1.38%
1 in 73 U.S. dollars
Net supply movement
-$1.04B
Supply contracted over the frozen Daily Tape window.
Expanded
$282.8M
Observed supply expansion
Contracted
$1.32B
Observed supply contraction

Signal wording uses rounded figures; the tables above show the exact frozen values.

Benchmark

DDD: 1.38% · equivalent to 1 in 73 U.S. dollars
Share of U.S. M2
1.38%
M2 as of: 2026-04-01

Source basis

Stablecoin supply
$314.25B
Source: DeFiLlama
M2 used
$22.80T
Source: FRED M2SL

Movement totals

Net movement
-$1.04B
Expanded
$282.8M
Contracted
$1.32B

Top moves

Top expansionUSD1 · World Liberty Financial USD (+$52.1M)
Top contractionEURC · Circle · EUR (-$493.7M)

Drivers

Issuer driverCircle (-$571.8M)
Chain driverEthereum (-$745.7M)
Currency driverEuro (-$743.4M)

Snapshot basis

Current snapshot2026-06-20T12:45:34.428Z
Previous snapshot2026-06-19T13:20:11.645Z
Provenanceowned-snapshots
Record hash (SHA-256)850d439e76753a4e…

Citation

Stable Tape Daily Record, 2026-06-20: DDD was 1 in 73 dollars, based on $314.25B USD stablecoin supply and $22.80T U.S. M2 as of 2026-04-01. Source: DeFiLlama (stablecoin supply) + FRED M2SL (U.S. M2). https://stabletape.com/tape/2026-06-20

Methodology

DDD = USD stablecoin supply ÷ U.S. M2. Numerator: total USD-denominated stablecoin supply (source: DeFiLlama). Denominator: U.S. M2 money stock, seasonally adjusted (source: FRED M2SL), typically lagged 4–6 weeks from the record date.

Each record is frozen at the 12:00 UTC cutoff and never recomputed from live data. This permalink always serves the frozen record values and its own dated share card and social preview. The live /tape page collects until the next cutoff.