Stablecoin Flow Tracker

Total stablecoin supply growth and per-chain composition for USDT and USDC — the two issuers that account for % of majors and % of all stablecoin supply. Daily refresh from DefiLlama. Updated .

This is the operational layer of The Repricing of Locality's Pillar 5 (Money). The dollar isn't weakening — it's being reallocated. Stablecoin supply growth is dollar liquidity expanding at the user level, parallel to (but separate from) Fed/banking-system M2. Chain composition tells you where that liquidity sits — USDT lives on Tron + Ethereum (offshore-leaning, payments-heavy), USDC lives on Ethereum + Solana + new L2s (institutional-leaning, programmable).

Total stablecoin supply

Monthly month-end stablecoin supply (peggedUSD only) since DefiLlama's earliest indexed observation in November 2017. The structural growth from $5B (2018) to (today) is the chart of the dollar moving onto private rails over the last cycle.

USDT vs USDC — issuer split

USDT lead has held throughout the 2024–2026 institutional buildup despite USDC's regulated-onshore positioning. The 2023 banking stress (SVB → USDC briefly de-pegged) is visible as the USDC drawdown that cycle. Today USDT runs % of the major-issuer share — the offshore-leaning, payments-rail dominance hasn't been displaced.

Per-chain composition

USDT chain breakdown

across chains

USDC chain breakdown

across chains

The chain composition is where the two issuers diverge structurally. USDT's two-headed Tron + Ethereum dominance reflects payments and offshore demand. USDC's broader spread across Ethereum, Solana, and emerging L2s (Hyperliquid, Base, Arbitrum) reflects programmable / institutional / DeFi-collateral demand. The same dollar; different rails; different end users.

Per-chain time series (top chains)

How to read this

What stablecoin growth signals

Net stablecoin supply growth is a flow signal — when supply grows, dollars are entering crypto rails (institutional inflows, retail accumulation, off-shore demand for USD). When supply shrinks (rare), dollars are exiting. The annual run-rate (~) is the pace at which the user-level dollar is being reallocated to private rails.

Chain composition as a regime read

Tron-heavy USDT growth = payments / remittances / off-shore demand expanding. Ethereum + Solana / L2 USDC growth = DeFi collateral / institutional onshore demand expanding. The mix matters: a stablecoin growth phase driven by Tron USDT is structurally different from one driven by L2 USDC, even if the total dollar add is the same.

Source: DefiLlama Stablecoin index via the public stablecoins.llama.fi API (no key required). Cached locally at cache/alternative_data/defillama_stables/ and refreshed daily via scripts/alt_data/fetch_defillama_stables.py. Free public data.

Related research: the Crypto Positioning Watch shows CFTC TFF positioning across CME BTC + ETH futures; the Digital Assets Research Preview built a 2-axis crypto regime classifier on top of stablecoin growth + 10 other indicators (failed institutional validation; published transparently as research).