Metrics — DDD Benchmark History, Crossings, and Research Metrics

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?

Snapshot deltas and observed supply movements belong to The Tape — not DDD Flow. Event-level mint/burn data is only used when transaction evidence exists.

Products

DDD

Live

USD stablecoin supply ÷ U.S. M2

The primary DDD benchmark. Measures USD stablecoin supply as a share of U.S. M2 broad money, giving one neutral read on on-chain dollar penetration.

1 in N broad-money dollars —

Stablecoin share of U.S. M2 —

USD stablecoin supply —

U.S. 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. Snapshot deltas and verified event-level supply evidence 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 snapshot deltas, issuance data, or The Tape as inputs. These measure supply movement, not settlement usage.

Benchmark history

The historical DDD chart now lives with the rest of the metric family. It compares USD stablecoin supply with U.S. M2 over time, so readers can see whether on-chain dollar supply is gaining share relative to broad money.

Historical DDD read

Context

The previous History page used DeFiLlama stablecoin history, FRED M2 history, and the live DDD fallback to show benchmark movement from 2017 to today. This section is the maintained home for that historical read after consolidation.

Sources: DeFiLlama stablecoin supply history, FRED M2SL, and DDD fallback/live benchmark data. Historical views are context for the benchmark, not a separate product.

Milestone Crossings

Stablecoin supply can also be compared with national M1 money supplies. This storytelling layer is preserved here as a milestone view, not as a separate product surface.

Milestone

Tracked stablecoin supply has surpassed many national M1 money supplies.

Source: DDD milestone dataset and live benchmark supply.

Used to explain scale, not to imply adoption certainty.

Boundary

Crossings compare stock measures. They do not measure usage, payment volume, or national replacement.

The headline DDD benchmark remains USD stablecoin supply divided by U.S. M2.

Context lenses

Supplementary comparisons that put stablecoin supply in context. Not the headline DDD benchmark — 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 the headline DDD benchmark.

Methodology guardrail

Companion metrics do not replace DDD. The headline DDD benchmark remains circulating USD stablecoin supply divided by U.S. 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.

Read the full methodology →

DDD

The Tape

DDD Active

DDD Flow

Historical DDD read

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