How much dollar liquidity is actually in the system, and does stablecoin supply move with it?
Fed net liquidity is the central bank’s balance sheet less the two largest drains on it, the Treasury’s account and overnight reverse repo, and this page plots it against stablecoin supply on one time axis. It stands at $5.89T as of Sep 2026, against total assets of $6.74T and stablecoin supply of $303.1B.
Net liquidity is held as the constant macro signal on this page; the stablecoin indicator it is compared against is selectable from six choices. The Fed’s balance sheet is only half the picture: the Treasury’s account at the Fed and overnight reverse repo both absorb dollars without appearing as a change in total assets, so net liquidity subtracts them. Reverse repo peaked at $2.55T in Dec 2022 and stands at $0.01T today; each dollar leaving it returned to the financial system while the balance sheet was still shrinking. ECB Working Paper 3199 (Altavilla et al.)[1] discusses how stablecoin issuance interacts with monetary policy transmission; net liquidity is one of several macro lenses through which that transmission can be read.
The four periods below describe how stablecoin supply moved through each Fed policy regime; supply and its 30-day change are the two comparisons that reach back far enough to show them. Switching to velocity, dominance or issuer concentration narrows the chart to Apr 2025 onward, and these descriptions no longer match what is drawn.
The Fed roughly doubled its balance sheet. Total stablecoin supply expanded from about $6B to about $180B over the same period.
The Fed began letting assets roll off the balance sheet, at a cap of $95B a month. Total stablecoin supply contracted from about $180B to about $125B over the same window.
Quantitative tightening continued while reverse repo drained, and each dollar leaving it returned to the financial system: a liquidity injection with no change in the balance sheet. Net liquidity therefore held up better than total assets alone would suggest.
Net liquidity has fallen since this regime opened, from $5.96T to $5.89T. With reverse repo at $0.01T, that channel is largely exhausted and net liquidity now moves with the balance sheet and the Treasury account alone. Stablecoin supply stands at $303.1B. Whether the two are related is not something this page establishes.
The series. Net liquidity = WALCL, the Federal Reserve’s total assets, less WDTGAL, the Treasury General Account, less RRPONTSYD, overnight reverse repo. WALCL and WDTGAL are weekly and are carried forward to a daily grid; RRPONTSYD is daily. All are published by the US Federal Reserve and shown here in trillions of dollars.
What net liquidity is and is not. It is an approximation of the dollars available to the financial system after the two largest offsetting drains are removed. It is not a published Federal Reserve series, and there is no official definition of it.
The regime labels. The reading beside total assets is placed by boundaries at $4.5T and $3.5T of net liquidity. Those boundaries are Stablecoin Beat’s own: no external standard divides dollar liquidity this way. A label states where the current reading falls in a range we have divided, not whether the level is desirable.
The 30-day change. Measured over 30 calendar days, not 30 observations. These are business-day grids, so stepping a fixed number of readings would reach roughly six weeks back under a label saying thirty days.
Comparison series and their spans. Each comparison is computed over its own full history before any window is applied.
Which compilation each figure comes from. Supply and its 30-day change are drawn on the chart from a daily supply series compiled on the same universe definition as the platform’s headline figure, so it can differ from the headline total by a fraction of a percent — two compilations of the same base concept, reconciled daily. Every current-day figure shown as text on this page is the headline figure, not the chart series’ last value.
What this page does not prove. Co-movement between liquidity and any comparison series is not causation. Liquidity sets a backdrop; stablecoin supply responds to demand for dollar settlement and to yield. Use the page to test the liquidity-transmission hypothesis under each lens, not to attribute single causes.
Updated daily. See the methodology for data sources and coverage.
Net liquidity is the Fed balance sheet (WALCL) less the Treasury General Account (WDTGAL) and overnight reverse repo (RRPONTSYD). It approximates the dollar liquidity available to the financial system after the two largest offsetting drains are removed.
When the Treasury draws down its account at the Fed to spend, cash moves into the banking system without any change in the balance sheet. When it rebuilds the account, the same mechanism runs in reverse. The TGA is therefore a liquidity swing that headline balance-sheet figures do not show.
High RRP usage means cash is parked at the Fed overnight rather than deployed. As RRP falls, that money returns to the financial system, which is a liquidity injection the balance sheet does not show. On this page’s series RRP peaked at $2.55T (Dec 2022) and now stands at $0.01T.
Supply and its 30-day change are compiled from a daily series beginning Nov 2017, so they cover every policy regime this page describes. Velocity, USDT and USDC dominance and the Issuer Theil Index begin Apr 2025, because each needs per-coin volume, per-coin share or an issuer mapping that the deep supply compilation does not carry.
Selecting one of those four narrows the chart to the current policy period. The regime descriptions further down are written about supply for that reason.
Not mechanically. Stablecoin supply responds to demand for dollar settlement and to yield, and liquidity sets a backdrop rather than driving issuance. The comparison selector exists to separate supply growth from usage growth under the same liquidity conditions.
They are Stablecoin Beat’s own boundaries, set at $4.5T and $3.5T of net liquidity. No external standard divides dollar liquidity this way. A label states where the current reading falls in a range we have divided; it does not say whether the level is desirable.