How sensitive is each coin's supply to the market's? Rolling regression of daily market capitalization changes against the total.
As of October 11, 2026, the 90-day market beta of USDC against total stablecoin supply stood at 1.17, a market-like reading. RLUSD carried the highest beta among the 20 coins with enough history, at 4.00, and EURC the lowest, at -0.84. Betas for recently launched coins should be read alongside their issuance history: a window containing a launch period or a single day of unusually large issuance can be dominated by those observations.
This is not price beta. A dollar-pegged coin's price barely moves, so a price beta would measure nothing. Beta here is computed on daily market capitalization percent changes, which for a dollar-pegged coin is equivalent to a change in circulating supply. It measures share sensitivity: when total stablecoin supply grows by 1%, how much does this coin's supply grow? A beta of 1.0 means the coin grows in line with the market; above 1.0 means it gains share faster than average during expansions; below 1.0, or negative, means it grows more slowly than the market or loses relative share.
| Coin | Market cap | Beta | Reading |
|---|---|---|---|
| RLUSD | $2.45B | 2.33 | Amplifier |
| USDE | $4.76B | 1.31 | Amplifier |
| USD1 | $4.26B | 1.31 | Amplifier |
| USDS | $10.2B | 1.29 | Amplifier |
| USDC | $73.0B | 1.26 | Amplifier |
| U | $1.55B | 1.16 | Market-like |
| BUSD | $0.284B | 0.93 | Market-like |
| USDG | $3.13B | 0.91 | Market-like |
| USDTB | $0.470B | 0.81 | Market-like |
| USDD | $1.81B | 0.60 | Defensive |
| PYUSD | $2.91B | 0.58 | Defensive |
| DAI | $4.55B | 0.54 | Defensive |
| USDF | $1.82B | 0.43 | Counter-cyclical |
| FDUSD | $0.324B | 0.07 | Counter-cyclical |
| GHO | $0.698B | 0.05 | Counter-cyclical |
| TUSD | $0.494B | 0.03 | Counter-cyclical |
| USD0 | $0.542B | 0.02 | Counter-cyclical |
| USDT | $184.1B | 0.00 | Counter-cyclical |
| FRAX | $0.218B | -0.12 | Counter-cyclical |
| EURC | $0.494B | -0.79 | Counter-cyclical |
| Coin | Market cap | Beta | Reading |
|---|---|---|---|
| RLUSD | $2.45B | 4.75 | Amplifier |
| USDC | $73.0B | 1.57 | Amplifier |
| PYUSD | $2.91B | 1.37 | Amplifier |
| USDE | $4.76B | 1.30 | Amplifier |
| USD1 | $4.26B | 1.14 | Market-like |
| DAI | $4.55B | 0.71 | Defensive |
| USDS | $10.2B | 0.69 | Defensive |
| U | $1.55B | 0.68 | Defensive |
| USDG | $3.13B | 0.65 | Defensive |
| BUSD | $0.284B | 0.53 | Defensive |
| USDD | $1.81B | 0.14 | Counter-cyclical |
| USD0 | $0.542B | 0.08 | Counter-cyclical |
| GHO | $0.698B | 0.05 | Counter-cyclical |
| FDUSD | $0.324B | 0.04 | Counter-cyclical |
| TUSD | $0.494B | 0.03 | Counter-cyclical |
| USDT | $184.1B | 0.02 | Counter-cyclical |
| FRAX | $0.218B | -0.12 | Counter-cyclical |
| USDF | $1.82B | -0.17 | Counter-cyclical |
| EURC | $0.494B | -1.29 | Counter-cyclical |
| USDTB | $0.470B | -2.24 | Counter-cyclical |
| Coin | Market cap | Beta | Reading |
|---|---|---|---|
| RLUSD | $2.45B | 4.00 | Amplifier |
| USDS | $10.2B | 2.34 | Amplifier |
| USD1 | $4.26B | 1.21 | Amplifier |
| USDC | $73.0B | 1.17 | Market-like |
| USDE | $4.76B | 1.14 | Market-like |
| PYUSD | $2.91B | 0.99 | Market-like |
| USDF | $1.82B | 0.86 | Market-like |
| U | $1.55B | 0.63 | Defensive |
| DAI | $4.55B | 0.54 | Defensive |
| USDD | $1.81B | 0.44 | Counter-cyclical |
| BUSD | $0.284B | 0.44 | Counter-cyclical |
| GHO | $0.698B | 0.17 | Counter-cyclical |
| USDG | $3.13B | 0.15 | Counter-cyclical |
| USD0 | $0.542B | 0.05 | Counter-cyclical |
| TUSD | $0.494B | 0.04 | Counter-cyclical |
| USDT | $184.1B | 0.03 | Counter-cyclical |
| FRAX | $0.218B | 0.02 | Counter-cyclical |
| FDUSD | $0.324B | -0.06 | Counter-cyclical |
| USDTB | $0.470B | -0.15 | Counter-cyclical |
| EURC | $0.494B | -0.84 | Counter-cyclical |
Supply grows faster than the total market during expansions, and contracts more sharply when the market does. The coin is gaining share while the market grows.
Supply grows roughly in line with the total market, so the coin’s share of the ecosystem is broadly stable over the window.
Supply grows more slowly than the total market. The coin is losing relative share during expansions, without contracting outright.
Supply changes are largely independent of the market, or move against it. Neither reading identifies a cause.
A rolling beta is only as stable as the returns in its calculation window. If that window includes a coin’s launch period or a single day of unusually large issuance or redemption, those observations can dominate the calculation. The resulting beta may spike or fall to an extreme level that reflects the event rather than a lasting relationship with the broader market.
Those readings typically normalize once the event rolls out of the window. Betas for recently launched coins, as well as sudden jumps or drops in a coin’s beta, should therefore be read alongside its issuance history before being treated as evidence of a change in market behavior.
What is measured. Daily market capitalization percent changes per coin, not price. A dollar-pegged coin’s price barely moves, and for such coins a change in market capitalization is equivalent to a change in circulating supply through minting and redemption. This beta measures how each coin’s supply co-moves with total stablecoin supply.
βi = Cov(ΔMcapi%, ΔMarket%) ÷ Var(ΔMarket%)
Window and coverage. Rolling ordinary-least-squares regression over the selected window. A day enters only when both the coin and the market have that day and the prior day, and at least 15 paired observations are required, so a coin with too little history is absent rather than shown with a figure computed from a handful of days.
Composition. USDT is about 62% of total stablecoin market capitalization, so it partially defines the series it is measured against and its beta blends genuine sensitivity with that composition effect. The more directly interpretable readings come from the other tracked coins.
Updated daily at 15:40 UTC. See the methodology for data sources and coverage.
No, this is not price beta. Since stablecoins are pegged to $1.00, price barely moves and price beta would be meaningless. Beta here measures daily market cap percent changes: how much does a coin’s circulating supply change relative to total stablecoin supply?
β = 1.0 means the coin maintains its market share. β above 1.0 means it gains share faster than average during expansions. β below 1.0 or negative means it grows slower than the market or actively loses share. It is computed using rolling OLS regression of daily market cap percent changes over a selected window (30, 60 or 90 days).
USDT represents about 62% of total stablecoin market capitalization. Because it dominates the market denominator, its measured beta blends genuine sensitivity with a statistical composition effect: it partially defines what it is being measured against.
The most directly informative signals come from the other tracked coins, whose betas reflect issuer-specific dynamics rather than market composition.
A beta above 1.2 means the coin’s market capitalization, and so its circulating supply, grows faster than the total stablecoin market when the ecosystem expands. It also means the coin contracts more sharply than the market if conditions reverse.
Negative beta means the coin’s market capitalization has tended to grow when the total market shrinks, and near-zero beta means its supply changes have moved largely independently of the market. Neither reading identifies a cause.
A shorter window reacts faster to a change in a coin’s issuance pattern; a longer one is less sensitive to any single day. A beta that appears at 30 days and not at 90 has held for less than the longer window covers.