How it is built
Ethereum. Our own archive node replays every stablecoin contract's supply since each token was created and adds every finalized block as it comes. A token counts at face value, one coin as one dollar. Changes compare the latest hour with the same hour 7 and 30 days before.
Every network. Circle publishes the amount of USDC and EURC on each network it issues them on, through a public endpoint. We read it every ten minutes from 7 November 2026 and keep every reading, so the history begins then; nothing earlier is reconstructed. Circle's figure for each network is its own; only the Ethereum one can be checked on our node.
The dollar rate. Every hour, once its last block is final on our node, we take each covered market's supply and borrow rate for USDC, USDT, DAI and USDS (the main Ethereum markets of Aave v3 and v2, Spark, Compound v3 and every Morpho Blue market that lends them) and weight each by the dollars supplied to it or borrowed from it. Markets with bad debt are left out; so is Maker's stability fee, the cost of minting DAI and USDS rather than a lender's rate. Kept from 19 October 2026, when every market's size began to be stored.
Against bills. Treasury quotes its 3-month bill yield as a simple annual rate. The lending rates compound, so we put the bill on the same footing: the yield rolled every 91 days for a year, which adds a few hundredths of a point. Each hour takes the bill of its own date; weekends and holidays keep the last trading day. Perpetual funding is the open-interest-weighted 8-hour rate of the venues we collect, times three a day for a year; the futures basis is the annualised premium of a constant three-month contract over the index. Both are simple annual rates, as the venues quote them.
Transfers. From 16 October 2026 we read every Transfer event of the tracked stablecoins in each hour's blocks. A transfer counts when it moves tokens between two different addresses, neither of them the zero address, so mints and burns are left out; transfers under $1 are kept apart as dust, because address-poisoning scams send them by the thousand. Lending flows are the change in the dollars supplied to each lending market less the interest they earned that hour.
Reserves. Each issuer's latest reserve report, taken from the document it publishes, figure by figure, with the link kept beside it. Each report states the reserves at one moment, usually the last day of a month (Tether's, the last day of a quarter), and is examined by an accounting firm under a published standard; it says nothing about any other day. The bar groups each report's own lines into kinds of asset; the issuers' net timing and settlement amounts count with cash, as their reports describe them. Once a day we read each issuer's list of reports, so a newer report is noted here until it is added.
Pegs. Every hour we read each stablecoin's own US-dollar market on Kraken and Coinbase from their public market data. A market's hour counts when at least $25,000 traded in it, and the coin's price for the hour is the volume-weighted average of its counted markets (Kraken's own volume-weighted price; for Coinbase the mean of the hour's open, high, low and close). Kraken's data reaches back 30 days and Coinbase's to each listing, so USDT goes back to May 2021 and most others to October 2026. Exchange prices, not on-chain pools.
The check. In our readings, Circle's Ethereum figure has been the USDC contract's total supply less what Circle reports as burned on the secondary market, and EURC's has matched its contract exactly. The rest of any gap is coins minted or redeemed between Circle's update and the block our node had reached, which can be a few minutes behind.
The figures are free to reuse under CC BY 4.0, crediting CryptoKeyhole with a link to this page.
Questions
How much stablecoin supply is on Ethereum?
The first figure on this page: the total supply of every major US-dollar stablecoin issued on Ethereum, read from each token contract on our own node and updated every hour, with its change over 7 and 30 days.
Why does stablecoin supply matter?
Stablecoins are the dollars waiting on chain to buy crypto, pay or settle. Supply growing means issuers are minting for new money coming in; supply shrinking means holders are redeeming and money is leaving.
Where is USDC issued?
On dozens of networks. Circle publishes its own figure for each one, which we read every ten minutes; the bar on this page shows each network's share. Ethereum still holds most of it.
Is this the total stablecoin market cap?
No. It counts Ethereum's stablecoins and USDC and EURC on every network. USDT on Tron and Tether's other networks is not counted, because Tether publishes those figures only through a site that does not allow automated reading.
What backs USDT, USDC and the other stablecoins?
Each issuer's own reserve report, shown above coin by coin: Treasury bills, repo against Treasuries, government money funds and cash at banks for most of them. Tether also holds gold, bitcoin, secured loans, listed shares and other investments. Where a report counts the coins on Ethereum, our own node's count at the same moment is set beside it.
Is USDT or USDC losing its peg?
The table on this page answers it hour by hour: each coin's own US-dollar price on Kraken and Coinbase, how far it is from $1, how many hours it spent more than 0.5% away in the last 30 days, and its last depeg on record. Hours in which less than $25,000 traded are not counted, so a thin market cannot raise a false alarm.
Can I trust the issuers' figures?
The Ethereum part can be checked. Every ten minutes we read the USDC and EURC contracts on our own node in the same run as Circle's figures and show both side by side; EURC matches to the last decimal.
What do stablecoins earn on Ethereum?
The DeFi dollar rate on this page: what lending USDC, USDT, DAI and USDS earns across Ethereum's main lending markets (Aave, Spark, Compound and Morpho), each market weighted by the dollars in it, and what borrowing them costs. It counts the protocols' own interest only, not reward tokens, and is worked out hour by hour on our own node.
Does lending stablecoins pay more than Treasury bills?
Not always. The block above sets the DeFi dollar rate beside the 3-month Treasury bill on the same compounded footing. When lending on chain pays less than bills, the extra risk of smart contracts, collateral and the stablecoin itself goes unpaid, and money tends to move to tokenised Treasury funds. The spread to bills is charted hour by hour.
Is it cheaper to borrow on chain or to use perpetuals?
It changes. The table above compares, for the same hour, the rate for borrowing dollars against crypto in Ethereum's lending markets, BTC and ETH perpetual funding and the three-month futures basis, each against bills. Funding swings most and can turn negative; the basis locks a price for three months.
How many stablecoin payments are small, everyday ones?
The block on how the dollars are used counts every stablecoin transfer on Ethereum of $1 to $250, the size of an everyday payment, beside every transfer of $1 or more. Transfers under $1 are kept apart, because scammers send them by the thousand to poison address books.
