Definition. 30-day percentage change in the aggregate circulating supply of the eleven largest USD stablecoins that Glassnode covers. 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 as a percentage of its level 30 days earlier, split by sign; the hover row carries the signed figure.

Interpretation. The percentage view normalises issuance across the basket's growth: a $5B redemption would have been a 10% contraction in March 2021 but is under 2% today. Sustained positive readings indicate fresh dollar liquidity entering the ecosystem; sustained negative readings indicate capital leaving.

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 Net Position Change shows the same change in dollars.