Daily Tape · Almanac

Current benchmark: Onchain Dollar Share. Record vocabulary frozen at publication. See terminology history.

28 July 2026

Canonical Tuesday · frozen at the 12:00 UTC cutoff · part of the canonical daily series

Presentation-derived record IDDT-20260728-0b442c3ba4daHash stem 0b442c3ba4da

Record 40 of 78 in the published archive · 74 canonical · 3 bootstrap · 2 declared gaps · Daily Tape history

Digital Dollar Dominance

1 in 75 dollars is a stablecoin

On this record, USD stablecoin supply of $308.27B stood at 1.3373% of a U.S. M2 money stock of $23.05T, measured against the May 2026 reference month.⁴ see note 4

USD stablecoin supply

$308.27B

$308,272,296,216

Precise DDD

1.3373%

Stored share of U.S. M2

Market change

−$1,112,310,816

Accepted market total versus 27 July 2026.

ODS change

−35.95 bps

Relative change in ODS versus the accepted prior calendar-day ODS record.

U.S. M2

$23.05T

May 2026 reference month · M2 as of: 2026-05-01

Published benchmark

1.34%

Rounded ODS for reading

Exact stored denominator $23,052,300,000,000.

July 2026

31 records

Every day in July 2026. Days with a published record link to that record.
M	T	W	T	F	S	S
		1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	30	31

Canonical record
Withdrawn record
Bootstrap record
Declared gap, no record
No reading

June 2026 August 2026 All months in the archive

Since the previous record

27 July 2026 is the previous published record, 1 day earlier. Both records are frozen; the change below is the difference between two figures that were each written once and are never revised.

Previous record27 July 20261.3421%$309.38B supplyM2 May 2026

This record28 July 20261.3373%$308.27B supplyM2 May 2026

Every measure, set beside the previous record

This record set beside the previous published record
Measure	27 July 2026	28 July 2026	Change
Record date	27 July 2026	28 July 2026	1 day
Digital Dollar Dominance	1.3421%	1.3373%	-0.0048 pp
Published benchmark	1.34%	1.34%	unchanged
Public expression	1 in 75	1 in 75	unchanged
USD stablecoin supply	$309.38B	$308.27B	−$1.11B
U.S. M2	$23.05T	$23.05T	unchanged
M2 reference month	May 2026	May 2026	unchanged
Stored net movement¹ see note 1	−$692.4M	−$1.11B	each record stores its own
Gross expansion² see note 2	$145.6M	$409.0M	each record stores its own
Gross contraction² see note 2	$838.0M	$1.52B	each record stores its own

The stored U.S. M2 denominator did not change between these two records, so no split between numerator and denominator is shown and none is claimed. The whole of the benchmark movement above sits in the numerator.⁴ see note 4

What did not change

the stored U.S. M2 denominator
the M2 reference month (May 2026)
the record schema (version 8)
the public expression (1 in 75)
the Signal rules version (v5)

Constituent breakdown

Net movement is what the record stored between its two source snapshots. Gross expansion and gross contraction are measured separately and cannot be derived from net alone, and both are printed here because a share of net is not a share of the activity behind it.

Net constituent movement

−$1.11B

Constituent-resolved supply contracted over the frozen Daily Tape window.¹ see note 1

Expanded

$409.0M

Observed supply expansion

Contracted

$1.52B

Observed supply contraction

Gross activity

$1.93B

Expansion and contraction combined² see note 2

What can be attributed

Issuer driverCircleAccounted for −$926.8M, 83.3% of the record’s net movement, and 48.0% of its gross activity.³ see note 3
Chain driverSolanaAccounted for −$809.5M, 72.8% of the record’s net movement, and 41.9% of its gross activity.³ see note 3
Currency driverUS DollarAccounted for −$1.11B, 99.7% of the record’s net movement, and 57.5% of its gross activity.³ see note 3

No dimension was withheld on this record.

Largest single movements

Largest single token movements on this record
Top expansion	AUSD · Agora Dollar (+$30.0M)
Top contraction	USDC · Circle (−$926.8M)

The shape of the numerator

Stored levels as they stood when this record was frozen. These are positions, not attributions of movement. Ranking history and full composition live on the Structure routes.

Largest issuerTether$183.63B · 59.6% of supply$124.64B across 250 other issuersIssuers
Largest chainEthereum$149.41B · 48.5% of supply$158.86B across 10 other chainsChains
Largest currencyUSD$308.27B · 100.0% of supplyCurrencies

Daily Assessment

A rolling, rules-based comparison of this frozen record with prior canonical records. It is subordinate to the figures and never replaces them.

Selected family Weekly move

A $1.11B supply decrease was the week's largest daily drop.

The next largest daily drop was $692M.

Official cutoff 12:00 UTC. Frozen record for 2026-07-28. This record does not change. Selected by fixed public rules, not by an editor or AI — a market observation, not a trading signal.

Why this Daily Assessment? Weekly extreme — It was the largest daily move across the seven-record Daily Tape window.

It was the highest-priority eligible Daily Assessment under the published rules.

How the Daily Assessment is selected →

How this Daily Assessment was selected14 published rule families and selection detail

Stored selection rules v5

Winning family: Weekly extreme. This was the highest-priority eligible Daily Assessment for the record.

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

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

DDD DDD held at 1.34%, equivalent to 1 in 75 U.S. dollars.
Supply Supply contracted $1.11B.
Issuer Circle led contraction.
Chain Solana concentrated the move.
Currency USD stablecoins drove the change.

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

Selection rules v5 · Assessment templates v5-t6 · changes apply only to future records

Colophon

How this record was made, printed with it so the two cannot be separated. Every field is read from the frozen record and never recomputed from live data.

Record ID: DT-20260728-0b442c3ba4daPresentation-derived from the frozen date and hash stem.
Record date: 28 July 2026
Official cutoff: 12:00 UTC
Snapshot captured: 28 July 2026, 10:54:20 UTC
Record frozen: 28 July 2026, 10:54:21 UTC
Record status: CanonicalPassed the canonical ~24h snapshot-pair freeze gate (±90min tolerance of the 12:00 UTC cutoff) with the current validated schema.
Permanent route: https://stabletape.com/tape/2026-07-28

Numerator source: DeFiLlama defillama
Denominator source: FRED M2SL FRED:M2SL
M2 reference month: May 2026
Constituent movement basis: owned-snapshots
Constituent movement method: snapshot-diff-v2
Daily aggregate method: daily-aggregate-change-v1
Daily aggregate records: 2026-07-27 6a1a1eb53b92d4591bd40e6c885be8adde1facbadff16e84f35d501c1a6aa2d6to2026-07-28 (current record hash shown above)
ODS change method: ods-change-v1
ODS change records: 2026-07-27 6a1a1eb53b92d4591bd40e6c885be8adde1facbadff16e84f35d501c1a6aa2d6to2026-07-28 (current ODS component hash shown above)
Schema version: 8
Assessment rules: v5
Assessment template: v5-t6

How this record was assembled and verified

Snapshot pair and continuity

Previous record closed at (27 July 2026)snapshot-20260727T1109Z.json2026-07-27T11:09:17.643Z · 752 rows · $309.38B
This record opened atsnapshot-20260727T1109Z.json2026-07-27T11:09:17.643Z · 752 rows · $309.38B
This record closed atsnapshot-20260728T1054Z.json2026-07-28T10:54:20.462Z · 751 rows · $308.27B

Measurement chain continues from the previous record. The two identifiers agree: this record starts where the previous record finished.

The benchmark on this record is read from the closing snapshot. The movement is measured across the opening and closing pair.¹ see note 1

Agreement check

Whether the parts this record stored sum to the whole it published, against the tolerance the record itself stored. No threshold is invented at render time.

Stored reconciliation of each breakdown against the published total
Dimension	Sum of parts	Published total	Residual	Stored tolerance	Verdict
Issuer	$308,268,628,405	$308,272,296,216	-$3,667,811-0.12 bps	$9,248,169	Within the stored tolerance
Chain	$308,268,628,405	$308,272,296,216	-$3,667,811-0.12 bps	$9,248,169	Within the stored tolerance
Currency	$308,268,628,405	$308,272,296,216	-$3,667,811-0.12 bps	$9,248,169	Within the stored tolerance

Integrity

Canonicalisation: stable-json-v1
Hash algorithm: sha256
Computed at: 28 July 2026, 10:54:21 UTC

Record hash0b442c3ba4da7196126926c062a423af964ec0173374180d43feda1cf2cef7dd

The hash attests that these stored bytes are unchanged since the record was frozen. It does not attest that the source figure was right; the archive keeps those two claims separate.

Notes

Net constituent movement is the figure this record stored, measured between the two source snapshots named in the colophon. It is not the difference between two published supply levels, and it is not transaction-level mint or burn data. Market change is the distinct market-level comparison.
Gross expansion and gross contraction are measured separately and cannot be derived from net movement alone. A record with small net movement can still carry large activity in both directions.
A contributor’s share of net movement is a share of the residual net figure, not of the day’s gross activity. Both are printed together wherever a share appears, because a contributor can represent almost all of a small net figure while being a modest part of the activity behind it.
U.S. M2 is a monthly series published by FRED, typically lagged four to six weeks. Each record carries the reference month that was in force when it was frozen. No daily M2 value is interpolated between months.
The previous record is the previous published record in the archive, which is not always the previous calendar day. Declared archive gaps are stepped over, never closed up.

Citation

Cite the record, not the route index. A record cannot change; the archive grows. Every form below expresses the same frozen record and adds no claim to it.

Stable Tape Daily Record, 2026-07-28: DDD was 1 in 75 dollars, based on $308.27B USD stablecoin supply and $23.05T U.S. M2 as of 2026-05-01. Source: DeFiLlama (stablecoin supply) + FRED M2SL (U.S. M2). https://stabletape.com/tape/2026-07-28

Permanent record This record as JSON Methodology Developers and API

Other citation formats

Short referencepresentation and social: Stable Tape, Daily Tape 2026-07-28: Digital Dollar Dominance 1.34% (1 in 75 dollars). https://stabletape.com/tape/2026-07-28
Footnotereport, policy and research: Stable Tape, “Daily Tape: 28 July 2026”, Digital Dollar Dominance 1.3373% of U.S. M2 (May 2026); USD stablecoin supply $308.27B. Accessed at https://stabletape.com/tape/2026-07-28. Record ID DT-20260728-0b442c3ba4da.
Data notejournalism and chart sources: Source: Stable Tape Daily Tape record 2026-07-28 (https://stabletape.com/tape/2026-07-28). Numerator: USD stablecoin supply, DeFiLlama. Denominator: U.S. M2, FRED M2SL, May 2026. Frozen record; values are not revised.

Permanent address https://stabletape.com/tape/2026-07-28. Hash stem 0b442c3ba4da. No export is offered that this archive does not publish.

Further contextDerived windows, subordinate to this record

These figures describe a window of recent canonical records, not this one. They are derived, they are not part of the frozen record, and they carry none of its guarantees.

Recent state

Latest 7 canonical records

Net movement−$460.3M

Gross movement$4.07B

Net share of movement11.3%

Supply range$308.27B – $310.54B

Net movement as a share of all up-and-down movement across the latest 7 canonical records. This window does not measure persistence or establish a trend.

DDD = USD stablecoin supply ÷ U.S. M2. Numerator: total USD-denominated stablecoin supply (DeFiLlama). Denominator: U.S. M2 money stock, seasonally adjusted (FRED M2SL), typically lagged 4–6 weeks. Each record is frozen at its stated cutoff and never recomputed from live data. The /tape entry points to the latest canonical dated record. Methodology.

Every record in the Daily Tape history