Digital Dollar Dominance
Stablecoin share of US M2
1/71
of the US money supply now exists as dollars on a public blockchain. Up from 1/92 twelve months ago.
The backdrop is the benchmark in motion. Teal marks on-chain dollars, grey marks the rest of US M2. Today that works out to roughly 1 in 71.
Teal dots = stablecoin dollars
Grey dots = all other US dollars
DDD Ratio
1.41%
▲ +0.35 pts YoY
Why it matters
The benchmark for on-chain dollars.
Stablecoins are no longer a side market. They are becoming a parallel dollar system, and DDD gives that system one public benchmark.
Current Read
Current benchmark read.
Open the current read across issuer and chain choices. Missing inputs are marked directly.
Or go straight to benchmark history, issuer structure, or developer surface.
Market structure now
Who issues on-chain dollars, and where they settle.
The benchmark is only the first layer. Underneath it, supply is still concentrated across a small set of issuers and settlement networks, and that concentration shapes how on-chain dollars actually move.
Issuers
Issuance is concentrated.
Tether and Circle account for most tracked supply.
Tether (USDT)
56.0%
Circle (USDC)
28.0%
Ethena (USDe)
5.2%
Sky (USDS)
3.1%
PayPal (PYUSD)
1.8%
Other (18)
5.9%
View issuers →
Chains
Settlement is concentrated.
Ethereum leads, with Tron and Solana making up much of the rest.
Ethereum
52.3%
Tron
28.1%
Solana
8.4%
BSC
4.2%
Base
3.1%
Arbitrum
2.0%
View chains →
How far we've come
Rising steadily since 2019.
In motion
What the benchmark looks like in use.
Below is a live scenario layer showing the kinds of dollar flows this market structure is enabling across public chains and stablecoin rails.
● WATCHING THE NETWORK
Live scenario
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Stablecoin payment
Traditional rails
Stay stable
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