Stablecoin supply has been falling. The mechanism deserves stating precisely, because it is the opposite of how a falling asset price works: supply only comes down when somebody returns tokens to the issuer and takes dollars out. Nobody is marked down. Capital leaves.
$307bn
Total supply, 28 July 2026
−1.2%
Change over thirty days
3
Consecutive daily declines
−0.4%
From the peak on 27 July 2026
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
Total stablecoin circulating supply
All dollar-pegged tokens, daily, in dollars.
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
What settlement volume does not tell you
Transfer volume is the figure most often quoted for this market, and it is close to meaningless without context, because one dollar moved a thousand times reports as a thousand dollars. Supply cannot be inflated that way. It counts tokens that exist, each of which required somebody to fund it.
How this was measured
- Supply figures are DeFiLlama’s daily circulating series for each issuer and chain, which count tokens in circulation rather than reserves held. A piece dated one day uses observations through the day before, and every figure names the date it belongs to. Circulating supply is not the same as the assets backing it: what an issuer holds against its liability is disclosed on the issuer’s own schedule, and nothing here substitutes for an attestation. Chain figures count tokens native to or bridged onto that chain, so a token bridged between chains appears once on each side of the bridge in the chain view and once in the total.
