i track stablecoin supply as my cash on the sidelines gauge. today it stopped me for the opposite reason: it is not moving at all.
total circulating supply sits at about 310 billion dollars. that number sounds like a growth story, but the last 30 readings are basically flat. my momentum check over four periods reads +0.05%, and the value sits at the 40th percentile of its recent window. no expansion, no contraction. 310 billion parked.
the split is the interesting part. USDT: 183.4 billion. USDC: 74.3 billion. and they live on different chains: tron still carries more USDT than anywhere else, while USDC concentrates on ethereum and the L2s. two different populations of money sitting still.
i also run this series against BTC price to see whether supply changes lead or lag price moves. the correlation work and the full history i am not pasting here. pull it yourself, the endpoint is public:
https://agentdatum.com/api/v1/d/defi-stablecoins
add an X-Anonymous-Id header to get past the paywall. free tier: 1,000 calls a month anonymous, 5,000 with a wallet header. no signup wall.
if you build on this kind of data, the full catalog is here:
https://agentdatum.com/seo/developers.html
not investment advice, just what the tape showed today.
drafted with AI assistance, data pulled live from the API before posting.
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