How much dollar liquidity is entering or leaving crypto, measured as stablecoin supply.
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Stablecoins are tokens designed to track a reference value, most commonly the US dollar. Every token in circulation was minted by an issuer and can be redeemed with it, so the total supply is a running record of how many dollar-denominated claims exist inside crypto at a given moment. When supply rises, minting outpaced redemption over the period; when it falls, redemption outpaced minting.
The net flow figure the tab shows is exactly that supply change, per stablecoin and in aggregate, over the window you pick — a day, a week, a month, a quarter or a year. The arithmetic runs on supply levels: the level at the end of the window minus the level at its start. Where the tokens moved after being minted does not enter the calculation at all.
That is why this page says net issuance rather than inflow: Net Issuance = Minting − Redemption. It is an accounting identity over supply, and it is the honest summary of what the underlying data can support. Inflow implies an observed transfer to a destination; a supply change is not that.
Minting happens when an issuer creates new tokens, conventionally against collateral it receives; redemption is the reverse, tokens returned and removed from supply. Both are on-chain events and both are unambiguous. What happens next is not recorded in the same way: a freshly minted token may sit in a treasury, move to a market maker, be deposited on an exchange, or serve as collateral in a lending market.
A transfer to an exchange is a separate, observable event — a deposit address receiving tokens. Exchange reserves are a third thing again: the balance an exchange holds at a point in time. Actual capital entering the crypto market is a fourth: a purchase, which only volume and executed trades can show. These four can move in opposite directions in the same week — supply can grow while exchange reserves shrink, because the new tokens went somewhere else entirely.
Hypothetical example, for illustration only: suppose 500 million units are minted on Monday and 400 million of them flow into a lending market instead of an exchange. Supply rose by 500 million; observed exchange reserves rose by 100 million; the amount actually spent on purchases is not visible in either number. All three statements are true at once, and none of them means anything was bought.
Rising supply means dollar-denominated claims inside crypto were created faster than they were destroyed — potential liquidity, in plain terms. It says nothing about intent. The holder of those tokens may be a market maker preparing to quote, a fund parking capital, a protocol seeding a lending pool, or an issuer servicing redemptions in another region. The supply chart cannot tell you which.
Falling supply means tokens left circulation through redemption faster than new ones were minted. That is often read as liquidity leaving the market, and the same caution applies: redeemed tokens are returned to the issuer against the underlying asset, which is a decision about the stablecoin itself as much as about crypto.
Neither direction is a forecast. Stablecoin supply has grown across some bear markets and contracted inside some rallies; its relationship to price is loose, delayed and regime-dependent. Read supply change as a background condition — how much potential purchasing power exists — never as a timing signal.
The chain people reach for runs: supply up, therefore money entered, therefore it will be spent, therefore price rises. Three of those four steps are assumptions. Supply growth does not show the tokens reached exchanges; a deposit does not show the token was sold; a sale may be too small against the order book to matter; and even a real purchase only moves price when resting liquidity does not absorb it.
The Stablecoin Supply Ratio (SSR) on the tab is one way to keep the reading honest: Bitcoin's market cap divided by the stablecoin market cap. A high SSR means stablecoin buying power is small next to Bitcoin; a low SSR means it is large. It is a ratio of capacities, not a measure of flow — a large float can sit still for weeks while the ratio drifts with price alone.
A disciplined reading pairs supply change with the instruments that actually observe behavior: exchange net flows, reserve changes and trading volume, which the app presents in their own tabs. If supply rises while reserves and volume stay flat, the honest conclusion is that new liquidity has not yet met a market — not that a rally is being loaded.
The same stablecoin usually exists on several networks, and its total supply is the sum of balances across all of them. Differences in network coverage, reorganizations near the chain tip and indexing delays mean the newest hours of the series can be revised. The tab shows what the current data supports and marks what is incomplete rather than filling gaps with zeros — an unavailable reading is never a zero.
Figures are the output of the latest completed aggregation, not a live ticker; treat the most recent interval as provisional. Where an issuer's own attestations and the on-chain count disagree, what is shown is the on-chain count — the part this measurement can actually verify.
A final framing: stablecoin flows are context about capacity. They answer a real question — how much dollar liquidity exists inside crypto and how it changed — and they deliberately refuse to answer a different one, what happens next, which no supply chart can answer honestly.
Open it in DeepGyre →It is net minting minus redemption — a supply change, not an observed transfer.
It means the stablecoin float is small next to Bitcoin — less dry powder, not more.
It is growth in dollar-denominated claims inside crypto — potential liquidity. Whether that liquidity reaches exchanges and is used to buy is observable only in exchange deposits, reserves and volume, not in supply itself.
Minting and redemption are on-chain events; the collateral side of each transaction happens off-chain and is not part of this measurement.
Because inflow implies an observed transfer to a destination. Net issuance is a change in supply — minting minus redemption — which is what the data measures directly.