STABLECOINS
How many dollars exist on a blockchain
Stablecoins are tokens designed to hold a value of one US dollar. Their combined supply is a read on demand for dollars outside the banking system — and it is published continuously, by the networks themselves.
Counting 15 dollar-pegged tokens across three networks. Read directly from each blockchain when this page was last built, and refreshed at most every ten minutes.
BY TOKEN
Each stablecoin, and where it lives
Bar length is each token's size against the largest one, and the coloured segments are the networks it lives on. The same token runs on several at once, holding a separate supply on each, shown split out rather than merged because they are not one pool of money.
OVER TIME · ETHEREUM ONLY
Stablecoin supply on Ethereum, three years
Read from Ethereum's own archive, one point roughly every thirty days, each dated by the block it came from.
Read this line carefully. Ethereum's stablecoin supply peaked near $175.41B in 2025-11 and has fallen since. That is not stablecoins shrinking — over the same stretch Tron grew past Ethereum to become the largest home for Tether, at $94.29B today. The supply moved chains rather than leaving. Tron and Solana publish no comparable history, so this chart covers Ethereum alone.
What the total cannot show. Tether and USD Coin still hold most of Ethereum's stablecoin supply between them, but the newer tokens are where the movement is. USDe — a synthetic dollar, backed by a hedged crypto position rather than cash in a bank — reached 8.7% of the chain's supply in 2025-10 and is 2.6% today. On the total above that whole arc is a small wobble. A line that starts partway across is a token that did not exist before then, not one that sat at zero.
This does not move with US interest rates
Between Sept 2023 and Aug 2026 the supply above went from $67B to $156B (+133%), while the US 10-year yield went from 4.30% to 4.73%. Month-on-month growth was tested against the yield at every lag from none to three months, and against the level of the yield itself. None of them clears the usual significance bar.
r is correlation, from −1 to +1; t above about 2 is the usual bar for calling a relationship real. The strongest of these is -0.197, at t = -1.17. This rests on 37 monthly observations, which is enough to detect a strong relationship and not enough to rule out a weak one — so this says the rate cycle does not explain the supply, not that nothing does. Ethereum only, for the reason given above the chart.
WHY THIS IS HERE
What this number is actually telling you
What it signals
A stablecoin is a dollar claim someone chose to hold outside the banking system. A rising total means more people want dollars they can move without a bank — often in economies where dollars are hard to get or expensive to send. Tron holding more Tether than any other network is that story in one number.
What it doesn't
Supply is not a measure of anyone's reserves, solvency, or trustworthiness. It says how many tokens exist, nothing about what stands behind them. It is also not part of the MMAI score, and these figures never influence any market's rating.
Each figure is read from the token's own contract on the network named — Ethereum and Tron are asked directly for their total supply, Solana for its mint supply. This is public ledger data, not a data provider's product, so there is no estimate and no intermediary between the chain and this page. Backing type is the one hand-maintained field here, and describes the kind of asset an issuer says stands behind the token, not an audit of it.
Why these figures differ from a crypto data site. This page counts every token that exists on each chain. Most aggregators publish circulating supply, which subtracts tokens an issuer has created but not yet sold — Tether's own treasury holds about $1.9B of unissued USDT on Ethereum alone. Neither measure is wrong; they answer different questions, and this one is the question a blockchain can answer without anybody's estimate. Coverage differs too: the tokens listed above are the ones tracked here, and euro-pegged coins are excluded because this page counts dollars.
Deliberately absent: the live peg price. It is readable, but no source for it has cleared this site's licensing bar yet, and MMAI would rather show nothing than publish a number it cannot republish cleanly. The same rule is applied on the Sources page for every market.