Digital Dollar Dominance

DDD metric family

One canonical benchmark, one live supply Tape, and two companion metrics in development for active liquidity and transfer volume.

Three-layer model
Data type Product Measures Status Question answered
Circulating supply snapshot DDD Stock Live How much of broad dollar money is represented by stablecoins?
Supply delta The Tape Supply movement Live / bootstrapping What stablecoin supply expanded or contracted over the latest window?
Transfer volume DDD Flow Value moved Research How much value is actually moving through stablecoins?
Address-level activity DDD Active Active float Planned How much working stablecoin liquidity exists compared with spendable dollar balances?
Mints, burns, and supply deltas belong to The Tape — not DDD Flow.
Products

DDD

Live
circulating stablecoin supply ÷ US M2

The canonical benchmark. Measures the on-chain dollar's share of broad dollar money — one number that answers how far stablecoin adoption has gone.

1 in N dollars —
DDD % of US M2 —
Stablecoin supply —
US M2 —

The Tape

Live / bootstrapping
supply snapshot deltas + observed expansion/contraction events

The daily market readout for stablecoin supply movement. Shows what expanded, what contracted, and the net supply change per scan window.

The Tape measures changes in supply — not transfer volume. Supply deltas, mints, and burns are Tape inputs, not DDD Flow inputs.
Open the Tape →

DDD Active

Planned
active stablecoin float ÷ transactional dollar stock

Designed to measure how much working stablecoin liquidity exists compared with spendable dollar balances — only counting coins that have moved within a defined window.

Numerator — Active stablecoin float
Active stablecoin float: awaiting address-level activity data.
Status: unavailable
Required data
  • Address-level stablecoin balances, by chain
  • Last outbound movement per address
  • 30 / 90 / 180-day active balance windows
  • Stablecoin token contracts (all supported chains)
  • Issuer treasury / bridge / burn address labels
  • Entity labels where available
Denominator — Transactional dollar stock
currency in circulation + demand deposits

DDD Active uses a reconstructed transactional-dollar denominator rather than official M1, because modern M1 includes savings-like balances. The denominator uses only currency in circulation (MBCURRCIR) and demand deposits (DEMDEPSL).

Transactional dollar stock: source not yet wired to live endpoint.
Currency in circulation (MBCURRCIR) — not configured
Demand deposits (DEMDEPSL) — not configured
Total transactional dollar stock — not available
Source: FRED MBCURRCIR + DEMDEPSL · monthly
Commercial bank deposits (DPSACBW027SBOG) are shown as a context lens, not as the DDD Active denominator.
DDD Active ratio will not be shown until both numerator and denominator are available.

DDD Flow

Research
adjusted stablecoin transfer volume ÷ traditional payment / settlement rail volume

Intended to measure stablecoins as payment and settlement rails — how much value is actually flowing through the network versus how much is issued. Not yet live. Requires a credible peer-to-peer transfer-volume source with noise removal (same-entity transfers, bridge hops, DEX routing, and MEV excluded).

Numerator — Transfer volume
Transfer volume source: not configured.
Adjusted volume requires an external provider.
Potential providers
Allium / Visa Onchain Analytics
Artemis
Coin Metrics (TxTfrValAdjUSD)
Dune Analytics (raw, research only)
Flipside Crypto (raw, research only)
The Block
Denominator — Traditional rail volume
Rail volume: static reference only.
ACH, Fedwire, CHIPS — no live API. Quarterly cadence.
DDD Flow must not use supply deltas, mints, burns, issuance data, or The Tape as inputs. These measure supply creation, not settlement usage.
Context lenses

Supplementary comparisons that put stablecoin supply in context. Not canonical DDD metrics — no branded benchmarks, no live ratios until data is wired.

Context
Stablecoins vs physical cash
supply ÷ MBCURRCIR
Source: FRED MBCURRCIR · monthly
Context
Stablecoins vs commercial bank deposits
supply ÷ DPSACBW027SBOG
Source: FRED DPSACBW027SBOG · weekly
Context
Stablecoins vs monetary base
supply ÷ BOGMBASE
Source: FRED BOGMBASE · weekly
Useful context, not canonical DDD metrics.
Methodology guardrail

Companion metrics do not replace DDD. The canonical DDD benchmark remains circulating stablecoin supply divided by US M2. Any companion metric will be labelled separately with its own methodology and status. No companion metric will be published as live unless the required data pipeline exists and has been validated.