Is issuance outpacing demand? The rolling 30-day percent change in total stablecoin supply, per coin and in aggregate.
The aggregate Stablecoin Supply Shock Index stands at +1.23% as of 8 September 2026, putting it in the Normal Expansion category and at the 44th percentile of the 488 readings in the published series.
The index measures the 30-day percent change in total stablecoin supply. It therefore shows how much supply has been issued or redeemed over the past month, not what that supply is being used for.
Among the 12 coins above this page’s $1 billion materiality threshold, RLUSD recorded the fastest expansion, at +52.97%, while USDD posted the fastest contraction, at -7.25%.
| Coin | Market cap | 30-day change | Band |
|---|---|---|---|
| USDT | $183.4B | +0.13% | Normal Expansion |
| USDC | $74.2B | +2.84% | Normal Expansion |
| USDS | $9.84B | -0.15% | Net Redemption |
| DAI | $4.60B | +0.37% | Normal Expansion |
| USDE | $4.41B | +12.56% | Supply Shock |
| USD1 | $4.26B | +6.17% | Supply Shock |
| USDG | $3.30B | -5.25% | Net Redemption |
| PYUSD | $2.89B | +3.28% | Elevated Issuance |
| RLUSD | $2.42B | +52.97% | Supply Shock |
| USDD | $1.46B | -7.25% | Net Redemption |
| USDF | $1.34B | -5.58% | Net Redemption |
| U | $1.29B | +6.78% | Supply Shock |
Supply expanded by more than 6% over the previous 30 days. Readings above this threshold account for 3.7% of days in the published series.
The supply data do not show what caused the increase. New stablecoins may be meeting demand for collateral, settlement or payments, or they may remain unused. A supply figure alone cannot distinguish among those outcomes.
Supply expanded by between 3% and 6% over the previous 30 days.
Readings in this range were followed by a reading above 6% within 30 days on 62% of occasions, compared with 0% for readings in the 0%–3% range.
Supply expanded by as much as 3% over the previous 30 days.
This range contains the largest share of observations in the published series, accounting for 45.7% of days.
Redemptions exceeded new issuance over the 30-day period. Supply has contracted on 27.9% of days in the published series.
The index cannot distinguish between stablecoins redeemed into fiat and balances shifted from one stablecoin to another. Where that distinction can be observed, it appears in the individual-coin readings above.
SSI = (Market Captoday − Market Cap30 days ago) ÷ Market Cap30 days ago × 100
Interpretation. The 30-day percent change allows readings to be compared across stablecoins of different sizes and across different periods. It measures issuance and redemption, and only issuance and redemption.
Bands. There is no external standard defining stablecoin supply-shock thresholds. The cutoffs used here are set by Stablecoin Beat. Each band indicates where a reading falls within those ranges; it does not imply that a particular level is safe, risky or otherwise desirable. The page therefore reports the share of the published series that falls within each band to provide historical context. The zero line is different. It is not a discretionary threshold: a positive reading means supply expanded over 30 days, while a negative reading means it contracted.
Coverage. The aggregate index is calculated on total stablecoin supply, taken from market data over the par universe. The per-coin readings, rankings and charts are drawn from the 20 largest stablecoins by market capitalization, of which 12 have a current market capitalization above $1 billion and at least 31 days of history as of 8 September 2026.
The threshold is intended to keep percentage changes in perspective. A given dollar redemption can be negligible for a $100 billion stablecoin but represent a large share of the float for a $100 million coin. At smaller market capitalizations, the percentage move can say more about the size of the base than about the broader pace of issuance or redemption. The $1 billion cutoff is Stablecoin Beat’s own. It is the same threshold used for the site’s market-wide peg-stability reading. There is no external standard for what constitutes a material stablecoin supply.
Updated daily at 15:40 UTC. See the methodology for data sources and coverage.
The SSI is the rolling 30-day percent change in total stablecoin supply. SSI = (market_cap[t] − market_cap[t−30]) ÷ market_cap[t−30] × 100. Above 6% signals a supply shock; 3–6% elevated issuance; 0–3% normal expansion; below 0 net redemption.
Stablecoin supply expanded by more than 6% over the last 30 days. Readings above that line occur on 3.7% of days in the published series.
Net redemptions exceed issuance, total stablecoin market cap declined over the 30-day window. A risk-off signal.
Percent change is self-normalizing and comparable across coins of any size and across time. Volume-based ratios are confounded by exchange wash trading and structural changes in trading venue mix, both of which can suppress the signal. Percent change of supply directly measures issuance pace relative to the existing market size.
No. Supply expansion driven by genuine demand, enterprise treasury adoption, new payment corridors, regulatory approvals, is healthy.
The same movement, per coin Net issuance and redemption per coin across 7-, 30- and 90-day windows, reported in dollars alongside percentage change, where this page reads the market total over a single window.
Together or apart Measures whether stablecoins tend to expand and contract together or move independently over comparable periods.
The level this index differences The supply base from which this index is calculated, including aggregate totals, individual-coin histories and the current market breakdown.
Turnover against supply Measures venue-reported trading turnover relative to the amount of stablecoin supply outstanding.
A separate compilation Base Supply, Represented Supply and Extended Claims: a separate compilation of the same base concept, taken from the issuance record rather than market data.
Definitions and formulas Definitions and formulas for ten of the site’s original indicators, including this one, alongside data sources and the coverage taxonomy.