USDY, issued by Ondo Finance, has grown 107% in thirty days to $1.4bn. Movements of that size in a single issuer are worth reading against the structure of the market rather than on their own, because this is a market where two names hold most of the supply and everything else competes for the remainder.
$1.4bn
USDY supply, 1 February 2026
+107%
Change over thirty days
11
Rank by circulating supply
0.46%
Share of all stablecoin supply, fiat-backed
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
USDY circulating supply
Daily, in dollars.
Source: DeFiLlama, daily series. Computed by Institutional Asset Journal.
Why supply is the number that matters
A stablecoin’s circulating supply is the size of a dollar deposit base that settles without a bank in the middle. It grows when somebody hands the issuer dollars and takes tokens, and it shrinks on redemption, so the series is a direct read of whether capital is arriving or leaving. Price is not: a stablecoin trading at a dollar tells you the peg held, not whether anyone wanted 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.
