Stablecoin Velocity
Stablecoin Velocity compares adjusted stablecoin transfer volume with stablecoin supply. It is a usage proxy, not a measure of card spend, merchant payments, consumer purchases, or economic final settlement.
Research beta. Separate from canonical Daily Tape, not a trading signal, and not a payments metric unless the underlying source specifically classifies payment activity.
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Supply, Velocity, Spend
Stable Tape builds usage context in layers. Each layer answers a different question, and each is labelled by how live it is.
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
Velocity = adjusted stablecoin transfer volume ÷ average USD stablecoin supply over the same window.
Research direction: the planned benchmark-style framing is 30D adjusted stablecoin transfer volume divided by average USD stablecoin supply over the same period. The current beta remains labelled research while source access, coverage, and methodology are reviewed.
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 DDD 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 DDD benchmark and Daily Tape records are produced.
What Velocity does not measure
- Not transaction count — volume is USD value moved, not a count of transfers.
- Not active users or active entities.
- Not complete stablecoin adoption — see Stablecoin Adoption Metrics for the wider stack.
- Not payment adoption by itself — transfer volume includes exchange, treasury, and bridge movement that is not necessarily payment usage.
- Not Daily Tape supply movement — Velocity measures turnover, not whether supply expanded or contracted.
- Not investment advice.
Limitations
- 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.
Relationship to Stable Tape layers
Velocity is one layer in a wider stack. It is not a substitute for DDD or the Daily Tape, and it is not the same thing as the future Flow or Active layers.
More on Stable Tape
See Metrics for the full benchmark index, Stablecoin Supply Today for the current supply reading, Methodology for the DDD formula and sources, Developers for API access, or the stablecoin M2 ratio explainer if you are new to the benchmark.