What is stablecoin supply?

Most stablecoins are minted when someone deposits dollars and burned when someone redeems. So supply moves with money entering or leaving crypto in dollar form. DefiLlama puts the total a little over $300 billion in September 2026, and two tokens, USDT and USDC, make up more than 80 percent of it.

The total is the slow signal. Traders get more out of the split by chain. About half of all USDT sits on Tron, while about 60 percent of USDC is on Ethereum, with Solana and Hyperliquid holding roughly a tenth each. A chain that keeps gaining stablecoins often gains trading volume soon after, and big burns tend to follow redemptions in a stress event.

Supply is not demand. Issuers mint to fill client orders, and Tether sometimes mints ahead and leaves the tokens in its treasury until they are needed. Stablecoins parked in bridges, exchange wallets and DeFi contracts count too.

Suppose USDC on Solana grows by $1 billion in a week while another chain loses a similar amount. That reads as capital moving to Solana, and the next thing to check is DEX volume there over the following days.

Also called: stablecoin market cap, stablecoin float.

The Stablecoin risk widget shows each coin's supply, its 1-day change and the chains holding most of it. Down 5 percent in a day? Watch. Down 20 percent, High. Market flows shows DefiLlama's total stablecoin supply with its 1, 7 and 30 day change. It has no bridge volume, because DefiLlama serves that only on a paid plan, and Cashboard does not guess it. Chain pulse shows the stablecoin supply on Base or Robinhood Chain alone, with its 7-day and 30-day change.

• Market flows
• Stablecoin risk
• Chain pulse

• Stablecoin
• Cross-chain bridge
• Total value locked
• Stablechain