DDD // Digital Dollar Dominance
Live · 0s ago
1/71

How much of the dollar system is already onchain.

DDD shows where those onchain dollars live: by currency, issuer, and chain.

Live benchmark

Stablecoin supply as a share of US M2.

Live · 0s ago
Stablecoin supply $319B
/
US M2 $22.7T
=
DDD 1.41%
1.41% of US money supply

Equivalent to 1 / 71 dollars already onchain.

Live ratio context
DDD 1.41% Stablecoins $319B US M2 $22.7T Ratio 1 in 71

Waiting for the latest benchmark update.

Supply

Observed onchain supply actions

$319B
Chart moveLoading
Issuer flow ยท 24HLoadingWaiting for observed issuer flow.
Issuer activity
Scanning issuer mint and burn rows
Recent issuer activity
Waiting for issuer activity summary.
Observed issuer-side mint and burn actions on monitored chains.
Why now
Stablecoins are already large enough to matter.

Stablecoins crossed 1% of US M2 in 2025. That means on-chain dollars already matter, and the question now is how quickly they keep growing.

Stablecoins crossed 1% of US M2 in early 2025. DDD reads 1.41% today.

1.41% today 2% next
How it's measured
Live benchmark, documented inputs.

DDD is stablecoin supply divided by US M2. The live ratio comes from DeFi Llama and FRED, and the boards below show where that supply sits by currency, issuer, and chain.

In what currency
01 / 03
Still a dollar market.

Almost all tracked stablecoin supply is still in USD. Growth is happening faster than the currency mix is diversifying.

USD dominates.

USD makes up 99.7% of tracked on-chain fiat supply.

Share by currency 20 tracked
US DOLLAR (USD) 99.7%
EURO (EUR) 0.2%
BRAZILIAN REAL (BRL) <0.1%
SWISS FRANC (CHF) <0.1%
Open board
Who issues them
02 / 03
Who issues the digital dollar.

Most supply still sits with a small group of issuers. When DDD rises, those balance sheets usually absorb the growth first.

Two issuers dominate.

Tether and Circle make up most tracked supply.

Supply by issuer 23 tracked
Tether (USDT) 56.0%
Circle (USDC) 28.0%
Ethena (USDe) 5.2%
Sky (USDS) 3.1%
PayPal (PYUSD) 1.8%
Other (18) 5.9%
Open board
Where the dollars move
03 / 03
A few chains carry most of the money.

Stablecoin supply does not move evenly across crypto. Most of it still sits on a short list of chains.

A few chains carry most supply.

Ethereum leads, with Tron and Solana next.

Supply by chain 18 tracked
Ethereum 52.3%
Tron 28.1%
Solana 8.4%
BSC 4.2%
Base 3.1%
Arbitrum 2.0%
Open board
Why DDD matters
DDD makes stablecoin concentration readable.

Every stablecoin stacks three risks: currency, issuer, and chain. DDD turns that stack into one live benchmark humans can read and agents can call before they route dollars, rebalance holdings, or monitor crowding.

Route with context

Choose the unit and rail with concentration in view.

Rebalance early

Cut weight before one issuer or chain dominates the basket.

Track concentration

See when too much stablecoin supply is sitting with one issuer or on one chain.

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