The short answer
Stablecoin supply measures a stock of tracked onchain balances at a stated date or between reviewed endpoints. It can answer three different kinds of questions: how large the tracked stock is and which assets dominate it; where the stock sits and how dependent each chain is on a single asset; and which assets or chains gained or lost tracked balance or share over a comparable weekly window.
Supply alone does not measure liquidity, demand, adoption, transfer activity, reserves, peg safety, or fresh fiat inflow. This page organizes six reviewed Dune-backed charts into one proof path. Each chart keeps its own canonical copy, denominator, and evidence date. Compare charts only when their displayed snapshots or endpoints align.
The evidence map
- Stock size and market composition: Total tracked balances establishes the size and direction of the stock; asset concentration shows how that stock is distributed.
- Chain location and within-chain reliance: Supply by chain shows where tracked balances sit; single-asset reliance shows how dependent each admitted chain is on its largest asset label.
- Weekly asset and chain movement: Supply change by asset ranks balance changes; share change by chain ranks percentage-point movement inside the same reviewed denominator.
1. How large is the tracked stock, and which assets dominate it?
Read the total first to establish the size and direction of the tracked balance stock. Then read concentration to see whether that stock is spread across assets or held mainly by the largest labels.
Stablecoin Supply: Total Tracked Balances
Stablecoin Supply Concentration by Asset
Together, these charts support stock-size and composition statements inside the reviewed denominator. They do not turn a larger balance stock into evidence of liquidity, demand, reserve quality, or market power.
2. Where does the stock sit, and which chains depend on one asset?
The chain distribution chart shows where tracked balances sit. The reliance chart changes the denominator: it looks inside each admitted chain and asks how much of that chain's tracked balance is held by its largest stablecoin label.
Stablecoin Supply by Chain
Which chains rely most on a single stablecoin?
These are different questions. A chain's share of the market is not the same as the largest asset's share inside that chain. Neither view proves chain adoption, liquidity, payment activity, or bridge net flow.
3. What changed over the latest reviewed week?
The weekly views compare the same kind of reviewed balance stock at two same-weekday endpoints. One ranks absolute asset balance changes; the other ranks percentage-point changes in each comparable chain's share of the total.
Stablecoin Supply Change by Asset
Which chains gained stablecoin supply share this week?
Endpoint differences show what changed, not why it changed. They do not trace transactions or separate minting, redemptions, bridge movements, pricing effects, coverage changes, or fresh fiat inflow.
How to read the claim boundary
- Stock and composition: the charts can support tracked balances, shares, and concentration inside a stated denominator. Liquidity, demand, transfer activity, and adoption need separate market or usage data.
- Issuer and asset safety: supply composition cannot establish reserve quality, peg safety, redemption capacity, solvency, or issuer conduct.
- Weekly change: comparable endpoint differences can identify gainers and losers. Minting, redemption, bridge net flow, fresh fiat inflow, and causal explanations need separate flow evidence.
Frequently asked questions
Is stablecoin supply the same as market cap?
Not necessarily. This research uses tracked onchain USD stablecoin balances from a stated Dune denominator. Provider market-cap or circulating-supply figures may use different asset coverage, chain coverage, pricing, and classification rules.
Does higher stablecoin supply mean more liquidity or demand?
No. A larger tracked balance stock does not by itself measure order-book depth, pool liquidity, transfer activity, user demand, or adoption. Those questions require separate liquidity, volume, or usage data.
Can a weekly supply increase prove that fresh fiat entered the market?
No. A change between two reviewed balance snapshots does not identify minting, redemption, bridge movement, pricing changes, coverage changes, or fresh fiat inflow. Flow attribution needs a separate transaction-level evidence route.
Can chain share gains prove adoption or bridge inflows?
No. A chain can gain a larger share of the tracked balance denominator without proving user adoption, payment activity, liquidity growth, or net bridge inflow. The chart shows balance-stock redistribution, not causality.
Why do stablecoin supply totals differ across data providers?
Totals can differ because providers include different assets and chains, normalize bridged assets differently, price balances at different times, and apply different materiality or quality filters. Compare the stated denominator and data-through date before comparing totals.
Methodology and revision rule
The six charts use reviewed projections from Dune stablecoin balance data. Latest-snapshot views and weekly-endpoint views are separate evidence shapes, so each chart displays its own source, denominator, data-through date, unit, and grain. Asset-label normalization and chain admission rules are applied before public ranking or concentration calculations.
When a source refresh changes only the displayed values, the canonical chart projection updates the chart-level answer and evidence date. A change to the conclusion, denominator, coverage, or entity mapping requires renewed materiality review before the research proof path is updated.
Share note
Stablecoin supply evidence, with caveats attached.
Source trail, chart context, and what the data cannot prove stay on the canonical research page.