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About Stablecoins
The Stablecoin Dashboard tracks the aggregate supply of fiat-pegged stablecoins sitting natively on-chain. Stablecoins (USDT, USDC, DAI, BUSD, and the long tail of smaller pegs) represent the most direct proxy for *capital positioned to deploy into crypto* or the **dry powder** sitting on exchanges and in wallets ready to rotate into BTC, ETH, or altcoins at any moment. When stablecoin supply expands, fresh capital is entering the crypto ecosystem; when supply contracts, capital is being withdrawn back to fiat banking rails. Either regime has outsized implications for asset prices. The dashboard provides six analytical lenses. **Total Market Cap** shows the aggregate stablecoin supply with a green gradient intensity, against BTC price on a log-scale secondary axis. **Flow Momentum** is a custom oscillator: (current 30D net flow) minus (90D net flow ÷ 3). It isolates whether inflows are *accelerating* or *decelerating* relative to the recent trend, rendered as a bar chart with green for acceleration and red for deceleration. **Buying Power Ratio** = stablecoin market cap ÷ Bitcoin market cap, expressed as a percentage. This is the definitive 'how much dry powder is sitting versus BTC's market cap?' gauge. **Structural Growth (YoY)** reports year-over-year percentage change in stablecoin supply, capturing macro structural expansion or contraction rather than short-term noise. **30-Day Net Change** and **60-Day Net Change** report the recent velocity of supply change with a 21-stop red-to-green gradient palette (red at -5%, white at zero, deep green at +30%). Every card expands into a modal with full statistics, historical comparisons, and regime labels. The hover interaction dims non-focused cards to draw the eye to the one under inspection.
Signal Zones
Trading Signals by Regime
How It Is Calculated
Frequently asked questions
Why is stablecoin supply such a closely-watched crypto indicator?
Stablecoins are the clearest measurable proxy for capital *positioned to deploy* into crypto. When USDT or USDC supply expands, it means capital has been bridged from the banking system onto on-chain rails. Capital that is overwhelmingly destined to eventually rotate into BTC, ETH, or altcoins. When supply contracts, capital is exiting back to fiat, either because traders are de-risking or because stablecoin issuers are redeeming reserves. Every other on-chain metric measures capital that's already in the market; stablecoin supply measures capital that's about to be.
What does Flow Momentum tell me that total supply doesn't?
Total supply tells you the *absolute level* of stablecoins; **Flow Momentum** tells you whether recent additions are *accelerating or decelerating*. A $300B total supply that just added $5B in 30 days is very different from one that just added $15B, even though the absolute level is the same. Momentum strips out the level and isolates the second derivative: supply growth can be rising, flat, accelerating, or decelerating. Historically, Momentum turning positive from an extended negative regime has been one of the most reliable 1-3 month leading indicators for crypto price inflections.
How should I use the Buying Power Ratio?
The **Buying Power Ratio** (stablecoin market cap ÷ Bitcoin market cap) contextualises stablecoin supply against the size of the asset it's most likely to rotate into. A $200B stablecoin supply alongside a $500B BTC market cap (40% ratio) signals massive dry powder relative to BTC's size; the same $200B stablecoin supply alongside a $2T BTC market cap (10% ratio) signals modest dry powder. The historical median ratio tends to sit around 6-10%; sustained readings above 15% have typically preceded strong BTC rallies as capital deploys; readings below 3-4% have typically marked late-cycle regimes where dry powder has already been spent.
Does growth in stablecoin supply always translate to crypto price appreciation?
Not immediately or one-to-one. Stablecoin supply is necessary fuel for rallies but not sufficient. Capital can enter stablecoins and sit idle if traders are waiting for lower prices or better setups. The strongest bullish signal is stablecoin supply growth coinciding with *positive flow momentum* and *rising Buying Power Ratio*. All three indicate capital is not just entering but actively rotating and building pressure. Pure supply growth without momentum acceleration is a caution signal, not a trigger.
Why use a 30D/90D formula for the Momentum oscillator?
The **Momentum** formula (30D flow minus 90D/3) compares the most recent month's flow against the average monthly pace over the trailing quarter. If the current 30-day flow equals the average 30-day flow over the last 90 days, Momentum = 0. If the current 30-day flow exceeds the trailing pace, Momentum > 0 (accelerating). If it lags the trailing pace, Momentum < 0 (decelerating). This construction is sensitive enough to detect 1-2 month regime changes but smooth enough to filter daily noise that would plague a raw 30D delta indicator.
What causes stablecoin supply to contract?
Contractions are historically driven by three factors: (1) bear-market capital exit where traders cash out to fiat, (2) regulatory stress events where issuers wind down specific stablecoins (BUSD in 2023, various smaller pegs), and (3) yield-seeking rotation where capital leaves stablecoins for short-duration Treasury funds when TradFi rates rise above DeFi yields. The 2022-2023 bear market saw stablecoin supply contract by roughly 15% from ATH before recovering. The Terra/UST implosion caused a $20B+ vaporisation in a single week.
How fresh is the data?
The dashboard pulls fresh stablecoin data on each page load with a 1-hour client-side cache. Coinglass's stablecoin API updates daily. BTC price data comes from Chart Inspect with daily closing prices. There is no intraday refresh since stablecoin supply changes are inherently slow-moving (issuance/redemption happens at the daily level, not tick-by-tick).
Why do some stablecoins aren't individually tracked?
The dashboard shows the *aggregate* stablecoin supply because that's the trading-signal-relevant metric - total capital on-chain positioned to deploy. Individual stablecoin dominance (USDT vs USDC market share) matters for regulatory and reserves analysis but doesn't materially change the aggregate dry-powder story. Per-stablecoin breakdowns are better served by dedicated tools like DefiLlama's stablecoin tracker or Coinglass's own per-issuer drilldown views.