How strong is the dollar against the currencies the US actually trades with?
As of Sep 2026 the Trade-Weighted US Dollar Index stood at 118.07 — Moderately Strong — -1.10% over 30 days and -2.23% over the past year. This page plots dollar strength alongside total stablecoin supply over the window both series cover.
The Trade-Weighted US Dollar Index measures the dollar against a basket of the currencies of major US trading partners, weighted by trade volume and normalized to January 2006 = 100. It stands at 118.07 — Moderately Strong — having moved -1.10% over the past 30 days and -2.23% over the past year. Broad dollar strength is one of the macro conditions most often discussed alongside stablecoin demand, and this page plots the two together across the window both series cover. Periods of strength and weakness are shown alongside supply, not as cause and effect. The IMF’s Understanding Stablecoins[1] discusses currency substitution and capital-flow volatility as macrofinancial channels relevant to offshore demand for dollar-denominated assets.
Three bands, placed by boundaries that are Stablecoin Beat’s own. Each carries the share of observations it holds, because the alternative is characterizing a distribution instead of counting it.
436 of 1670 days · 26% of the series. Associated with aggressive Fed tightening, as in 2022, and with global flight-to-quality episodes, as in March 2020. A strong dollar tightens conditions for dollar borrowers outside the United States.
957 of 1670 days · 57% of the series. The most common condition over this series. Worth separating major-currency moves from emerging-market ones before reading the index as a dollarization signal — the EM stress page carries that detail.
277 of 1670 days · 17% of the series. Associated with Fed easing expectations and risk-on conditions. Note that the series floor is 110.50, so this band is occupied from above rather than reaching far below its boundary.
There is no fixed threshold. Across the series plotted here, from Jan 2020 to Sep 2026, the index has run between 110.50 and 130.04, with a mean of 119.55 and a median of 120.08. The pandemic safe-haven surge took it to 126.13 in Mar 2020. The 2022 Fed hike cycle pushed it to 128.45 in Sep 2022. Its high of 130.04 in Jan 2025 is the highest level the index has recorded.
The series. US Federal Reserve series DTWEXBGS, the Trade-Weighted US Dollar Index Broad (Goods and Services): a daily index of the foreign-exchange value of the dollar against a basket of the currencies of major US trading partners, weighted by trade volumes and normalized to January 2006 = 100. Published once per business day.
Versus the ICE DXY. The index quoted in financial media uses six currencies fixed in 1973 and is about 58% euro, which does not reflect current US trade patterns. DTWEXBGS uses a wider basket rebalanced annually for trade flows. The two are correlated but not identical: DTWEXBGS is the policy standard, ICE DXY the trader convention.
How the changes are measured. Between the latest observation and the last observation on or before the calendar cutoff — 30 days back, 365 days back — and not by counting rows. The grid is business-day with steps of one to five days, so counting 31 rows reaches about 44 calendar days. That is how this page published a 30-day change of the wrong sign.
Level bands. Boundaries at 122 and 115 are Stablecoin Beat’s own; no external standard divides this index. They are reported with the share of observations each band holds, over the series from Jan 2020 to Sep 2026, rather than described.
The two spans. The index runs from Jan 2020; total stablecoin supply reaches back to Nov 2017. The comparison chart is drawn on the index’s grid and supply appears only across the overlap, sampled onto business days so that neither line is drawn through a day it does not observe. The full supply history is on the market-cap page.
What this page does not show. The index and stablecoin supply can move together without either moving the other, and both can respond to a third condition — risk-off episodes, emerging-market capital outflows, changes in real rates. Co-movement here is consistent with the dollarization-pressure hypothesis and is not evidence for it. Direct evidence would be wallet-level adoption data, which is not in this dataset.
Updated daily. See the methodology for data sources and coverage.
DXY here refers to the Trade-Weighted US Dollar Index Broad (Goods and Services), US Federal Reserve series DTWEXBGS. It measures the dollar against a basket of the currencies of major US trading partners, weighted by trade volume, and is normalized to January 2006 = 100. Higher values mean a stronger dollar relative to those partners. This is the broader version of the more familiar ICE DXY index, which contains six currencies and is heavily euro-weighted.
Dollar strength is one of the macro variables most often discussed alongside stablecoins. When the dollar strengthens against emerging-market currencies, residents of those countries face higher local-currency costs for dollar-denominated goods and assets. Broad dollar weakness more often accompanies Fed easing or risk-on conditions. The channel runs through capital flows, real rates and EM stress rather than directly, and this page plots the two series together without claiming one moves the other.
There is no fixed threshold. Across the series plotted here, from Jan 2020 to Sep 2026, the index has run between 110.50 and 130.04, with a mean of 119.55 and a median of 120.08. The pandemic safe-haven surge took it to 126.13 in Mar 2020. The 2022 Fed hike cycle pushed it to 128.45 in Sep 2022. Its high of 130.04 in Jan 2025 is the highest level the index has recorded.
Rather than describe the bands, the page counts them. above 122 on 436 of 1670 days (26%); 115 to 122 on 957 of 1670 days (57%); at or below 115 on 277 of 1670 days (17%). The most common condition over this series is the 115 to 122 band at 57% of days.
The Trade-Weighted Broad Index includes several emerging-market currencies, so when the dollar strengthens against them the index rises by construction. The EM Currency Stress Index on this site is a narrower view of the same phenomenon: the dollar index is the headline, and EM stress carries the corridor-specific detail. Neither is a measure of what anyone holds.
The ICE DXY quoted in financial media uses six currencies fixed in 1973 and is about 58% euro. It does not reflect current US trade patterns. The Trade-Weighted Broad Index uses a wider basket rebalanced annually for trade flows, which makes it the better measure of the dollar’s purchasing power across the global economy. The two are correlated but not identical: DTWEXBGS is the policy standard and ICE DXY is the trader convention.
No, and the chart is drawn on the shorter one. The dollar index runs from Jan 2020; total stablecoin supply reaches back to Nov 2017, more than two years earlier. Supply is shown here only across the comparison window, sampled onto the index’s own business-day grid so that neither line is drawn through a day it does not observe. The full supply history is on the market-cap page.