Stablecoin Velocity

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Supply, Velocity, Spend

Supply, turnover and spending answer different questions. Each has a clear publication status.

Spend is a future concept, not a current reading. It requires opt-in, aggregated data from neobanks, card programs, payment apps, or processors before Stable Tape can publish anything under that name.

Methodology snapshot

Research direction: the planned 30D reading is adjusted stablecoin transfer volume divided by average USD stablecoin supply over the same period.

Source data: transfer volume comes from Artemis-filtered stablecoin transfer volume; the supply denominator comes from Stable Tape’s own frozen Daily Tape records — the same USD stablecoin supply figures that back the ODS benchmark.

Asset coverage: a fixed 18-symbol allowlist (USDT, USDC, DAI, USDS, PYUSD, FDUSD, BUSD, USDe, USD1, USYC, BUIDL, USDG, USDY, RLUSD, USDD, GHO, TUSD, GUSD). Stablecoins outside this list are excluded from the numerator and reported separately, never estimated.

Coverage and gating: the 7D reading requires 7 contiguous frozen Daily Tape records before it publishes at all. A 30D window is held back until 30 contiguous records exist, and even then is not published automatically. Any asset missing a day of Artemis data in the window is dropped from that window, not interpolated.

See Methodology for how the underlying ODS benchmark and Daily Tape records are produced.

Scope and limitations

• Velocity measures adjusted transfer value relative to supply, not transaction count, active users, or active entities.
• It cannot isolate consumer spending, card activity, merchant payments, or every economic use of a transfer.
• Velocity is not a complete measure of stablecoin adoption. See Stablecoin Adoption Metrics for other adoption measures.
• It is not payment adoption by itself: transfer volume can include exchange, treasury, and bridge movement.
• Not Daily Tape supply movement — Velocity measures turnover, not whether supply expanded or contracted.
• Not investment advice.
• Single-provider dependency — all transfer volume comes from Artemis, with no fallback source.
• Currently unauthenticated beta access to Artemis — a real fragility, since an unauthenticated public endpoint can be rate-limited or withdrawn without notice.
• Adjusted transfer volume reflects Artemis’s own filtering methodology, which can change independently of Stable Tape.
• Exchange-internal transfers and other non-payment movement are reduced, not eliminated, by that filtering.
• Cross-chain turnover is summed per asset, not broken out per chain.
• Asset coverage is fixed to the allowlist above; new stablecoins with material supply outside that list are excluded until it is updated.

Where Velocity fits

Velocity measures turnover. ODS measures scale, while Daily Tape records supply changes. Flow and Active are separate proposed measures.

More on Stable Tape

See Metrics for the full benchmark index, Stablecoin Supply Today for the current supply reading, Methodology for the ODS formula and sources, Developers for API access, or the stablecoin M2 ratio explainer if you are new to the benchmark.