Definition. 30-day net change in the aggregate circulating supply of the eleven largest USD stablecoins that Glassnode covers, in USD. Green columns are net issuance, red columns are net redemptions. The BTC price is shown for context.

Technical. Aggregate supply is the sum of each constituent's multi-chain circulating supply, with one token counted as one US dollar. The chart plots the change in that aggregate over a trailing 30-day window, split by sign into issuance and redemption columns; the hover row carries the signed net figure.

Interpretation. Sustained net issuance indicates fresh dollar liquidity entering the ecosystem and is generally associated with demand for digital assets; sustained net redemptions indicate capital leaving and are generally associated with risk-off conditions.

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. Supply 30-Day Percentage Change shows the same change as a percentage.