How It's Calculated — DDD Stablecoin-to-M2 Ratio

The benchmark

TL;DR

Live

DDD = USD stablecoin supply ÷ U.S. M2

DDD is the USD stablecoin-to-M2 benchmark for on-chain dollar penetration. It measures circulating USD stablecoin supply relative to U.S. M2 broad money.

Supply sourceDeFi Llama

M2 sourceFRED M2SL

Cache cadence~5 min

M2 release lagMonthly

DDD is not a CBDC metric, not a measure of geopolitical dollar dominance, and not a measure of USD share within the stablecoin market.

Formula

USD stablecoin supply ÷ U.S. M2

Digital Dollar Dominance equals circulating USD stablecoin supply divided by U.S. M2 broad money.

The site also presents the same result as a 1 in X framing: for every $X of U.S. broad money, there is about $1 of USD stablecoin supply on-chain.

DDD is displayed as a rounded percentage, and the "1 in X" figure is derived from that same rounded display value — not recalculated separately from raw inputs — so the two readings always stay consistent with each other.

M2 updates only when the Federal Reserve publishes a new monthly observation. Between releases, DDD continues to update against the latest available M2 value.

Companion metrics may use other denominators, but they are labelled separately on the Metrics page and do not replace the headline DDD benchmark.

Explore companion metrics →

The data

Data sources

DeFi Llama

Tracked USD stablecoin supply used as the benchmark numerator.

Near real-time upstream · low-latency onchain aggregation

FRED M2SL

U.S. M2 broad money, seasonally adjusted.

Monthly · published with a release lag

The site also exposes currency, issuer, and chain structure through repo-backed endpoints: /api/currencies-supply, /api/issuers, and /api/chains.

The DDD reading is also available through a Solana mainnet oracle; the program and account addresses are listed for verification.

The benchmark is positioned as USD stablecoin supply relative to U.S. M2. Any non-USD-pegged supply in upstream data is monitored as a small classification caveat.

The Tape

Live / bootstrapping

net movement = expanded supply - contracted supply

The Tape compares issuer, chain, currency, and stablecoin supply between DDD-owned snapshots. Supply deltas show observed net changes between snapshots, not raw mint/burn noise or exact transaction timing.

Snapshots are retained for history, 7D/30D comparisons, and resilience. The 12:00 UTC snapshot is the official daily cutoff for the daily Tape used in reports.

Public-facing daily figures are labelled "24h" for readability. Because the cutoff is a fixed snapshot rather than a rolling 24h clock, the actual observed gap between consecutive daily snapshots is sometimes a few minutes to an hour off 24h (commonly around 23.5h) depending on snapshot timing.

2026-06-17 to 2026-06-19 are preserved bootstrap captures from Stable Tape initialization, kept visible in the archive for audit purposes and clearly tagged Bootstrap, but excluded from the canonical series, official archive highlights, streaks, and default citations. 2026-06-20 is the first canonical daily record; the official citable Daily Tape series begins there.

If the noon snapshot pair is unavailable, that date is left as a gap rather than backfilled. Gaps are archive events, not Daily Tape records.

The data-selected headline. Every canonical Daily Tape record carries one headline, chosen from the record’s own frozen numbers by a fixed rule hierarchy, not written by hand. The rules are written by humans; the selection is mechanical. Status comes first, so bootstrap, stale, and gap days are never presented as official movement readings. Published headlines are never silently rewritten.

Supply deltas are Tape inputs, not DDD Flow inputs. Verified on-chain events are labelled separately when available.

How the Daily Tape headline is selected

The headline is selected after the frozen Daily Tape record is created. It is generated by a deterministic classifier using the frozen Daily Tape record only — the same inputs always produce the same headline.

It prioritises, in order:

Material changes in the DDD benchmark
Meaningful net expansion or contraction in USD stablecoin supply
High two-sided movement when the net result is broadly flat
A quiet/flat reading if no stronger signal clears the threshold

The classifier does not use price, sentiment, transaction volume, settlement flow, sponsor input, or manual editorial preference.

Signal thresholds are versioned and may be refined as the record set grows. Material methodology changes will be documented.

Market structure

Issuer dominance

issuer share = issuer tracked supply ÷ total tracked issuer supply

Chain distribution

chain share = chain tracked stablecoin supply ÷ total tracked chain-level supply

TCD & HHI

TCD = Tether share + Circle share
HHI = sum(issuer share %²)

Interpretation

Limitations

DDD is a benchmark and market-context layer. It is not financial advice.
DDD is not a risk rating, solvency rating, backing audit, or endorsement of any issuer, chain, token, or product.
DDD does not provide a complete view of payment utility, transaction quality, or real-world usage by itself.
DDD does not claim stablecoins are part of U.S. M2. It compares USD stablecoin supply against U.S. M2 to show relative scale.
The numerator and denominator update on different cadences.
The stablecoin numerator depends on third-party upstream data and classifications.
The numerator is derived from DeFi Llama's pegged-asset dataset, so a small amount of non-USD-pegged supply can enter the tracked total.
Changes in DDD can come from USD stablecoin supply growth, changes in U.S. M2, or both.

DDD provides market context. Are You Stable turns that context into user-level decisions for people and businesses considering stablecoins.

Independence & citation

Transparency

DDD is an independent public benchmark. It is not affiliated with any issuer, platform, or company, and sponsors do not influence the methodology, inputs, or headline number.

Both underlying data sources are freely accessible, so anyone can verify the inputs to the ratio independently.

Digital Dollar Dominance. DDD Benchmark Methodology. DDD Research, 2026. digitaldollardominance.com/methodology

Definitions

Stablecoin: A cryptocurrency designed to maintain a stable value, usually by being pegged one-to-one to a fiat currency such as the US dollar.
Pegged asset: Any digital token whose value is tied to an external reference, such as a national currency, commodity, or basket of assets.
Market cap: The total value of all units of an asset in circulation, calculated as supply multiplied by the current price per unit.
M2: A broad measure of money that includes cash, checking deposits, savings deposits, and small time deposits, published monthly by the Federal Reserve.
M1: A narrower money measure than M2. M1 is sometimes described as transactional money, but since the May 2020 redefinition official M1 also includes savings deposits and other broader liquid balances — so it is no longer a clean measure of instantly spendable money. For this reason DDD does not use official M1 as a transactional denominator; the DDD Active companion metric instead reconstructs a transactional base from currency in circulation plus demand deposits. See the Metrics page.
Mint: The creation of new stablecoin units, increasing the total supply in circulation.
Burn: The permanent removal of stablecoin units from circulation, reducing the total supply.
On-chain: Activity recorded directly on a public blockchain, where it can be independently verified by anyone.