Definition. Circulating supply of the eleven largest USD stablecoins that Glassnode covers, stacked: green = USDT, blue = USDC, grey = Others (USDS, DAI, USDe, USD1, USDG, PYUSD, RLUSD, USDD, USDF); the black line, Total Supply / Market Cap, is the basket total. Because every token is counted at one US dollar, the chart doubles as the basket's market capitalisation at par.

Technical. Supply counts tokens across every chain each stablecoin is issued on, at one US dollar per token; valued at traded prices instead, the basket differs by the peg deviation — under 0.2% across the period drawn, and under one percent even on the worst day of the March 2023 depeg. Bands are cumulative layers, so the hover rows for the three bands read USDT, USDT + USDC and USDT + USDC + Others (the basket total); the USDC and Others rows carry the per-bucket values. The chart opens on the period from 2025-04-12, the day USD1 coverage begins and the full basket first exists; zoom out for the longer histories of USDT and USDC, over which the Others band and the total are not drawn.

Interpretation. Aggregate supply is the dollar liquidity parked inside the digital asset ecosystem. Expansion accompanies capital inflows and risk-on regimes; contraction accompanies redemptions and risk-off regimes. The relative width of the bands shows how concentrated that liquidity is in the two incumbents.

Notes. Constituents: USDT, USDC, USDS, DAI, USDe, USD1, USDG, PYUSD, RLUSD, USDD and USDF — the eleven largest USD stablecoins that Glassnode covers by supply on 2026-08-25, once the depegged USTC and the yield-bearing wrappers, tokenised funds and exchange-internal margin assets (sUSDS, sUSDe, BUIDL, USDY, BFUSD) are set aside. The basket is fixed and reviewed periodically; every covered coin below $1B of supply (GHO, TUSD, FDUSD, FRAX, BUSD, RAI and smaller) is left out.