Where does Stablecoin Beat get its data?

Stablecoin Beat operates a multi-source data pipeline. Market capitalisation, price, and volume data are sourced directly or via third-party providers. Cross-chain supply distribution is anchored to on-chain indexers across the major blockchain networks. Both layers are collected daily via automated pipelines and cross-validated against issuer disclosures and audited attestations where available.

How is stablecoin market capitalisation calculated?

Market capitalisation is calculated as circulating supply multiplied by current price. We use reported figures from our price feed, which aggregates data from major exchanges and on-chain sources with outlier filtering.

How many stablecoins does Stablecoin Beat track?

The tracker covers the major fiat-pegged stablecoins by market capitalisation, alongside a separate view of yield-bearing and commodity-backed tokens. Coverage expands as new issuers reach material scale; see the live tracker for the current set.

How is cross-chain supply tracked?

Cross-chain stablecoin supply is sourced from on-chain indexers across the major blockchain networks. We apply a $1,000,000 minimum threshold per chain to filter dust balances.

How far back does Stablecoin Beat's historical data go?

Our daily snapshot archive begins on 11 December 2025. Historical data for all tracked coins was backfilled from third-party historical market-chart APIs.

Is Stablecoin Beat editorially independent?

Yes. Stablecoin Beat is an independent publication. We do not accept sponsored content, paid placements, or affiliate arrangements that could influence our data or editorial coverage.

About & Methodology, Stablecoin Beat

Stablecoin Beat is an independent research and data platform covering stablecoins as monetary infrastructure, not as speculative assets. We publish daily market intelligence, analytical articles, and long-form research on the structural development of digital dollar systems.

We do not accept funding from stablecoin issuers, protocols, or exchanges, and we do not provide paid placement or preferential coverage. Coverage is determined by the data, not by commercial relationships.

Stablecoins Tracked 300+ across all major categories

Networks Covered 160+ chains with measurable supply

Primary Sources 9 on-chain + market + macro + regulator

Collection Daily refreshed each afternoon UTC

Macro Archive 5+ yr back to 2020 for core series

Analytical Framework

The Stablecoin Beat framework treats stablecoins as settlement assets across fragmented blockchain systems and links them to the macro environment they operate within. Coverage is organised around five dimensions:

Market Structure

Supply, market capitalisation, and issuer concentration across fiat-backed, crypto-backed, RWA-backed, yield-bearing, and algorithmic designs.

Liquidity & Stability

Peg behaviour, secondary-market liquidity proxies, depeg detection, and stress conditions.

Cross-Chain Distribution

Supply fragmentation and migration across networks. Concentration risk and the evolution of multi-chain infrastructure.

Flows & Velocity

Transfer activity and usage intensity as a proxy for economic function. Turnover, net issuance, and rolling capital flows.

Macro Transmission

How interest-rate cycles, dollar liquidity, and policy regimes relate to stablecoin supply and demand.

Data Sources

Stablecoin Beat operates a multi-source pipeline spanning on-chain queries, market-data aggregators, central-bank statistics, and regulator filings. Each source is authoritative for a specific domain; coverage overlaps are reconciled rather than blended.

Source	Domain	Cadence
On-chain queries	Direct reads against major-network block explorers and node RPC endpoints for issuer reserve verification, supply attestation cross-checks, and large-flow detection.	Continuous
CoinGecko	Market capitalisation, price, 24h/7d change, trading volume, and circulating supply across the tracked universe. Primary source for headline rankings.	Daily
DefiLlama Stablecoin API	Per-coin cross-chain supply distribution. Powers /networks/ and product-page chain breakdowns.	Daily
DefiLlama Yields API	Pool-level base APY for institutional DeFi lending (Aave V3, Compound V3) and yield-bearing stablecoin instruments (sUSDS, sUSDe, USDY, BUIDL, syrupUSDC).	Daily
FRED	US macro series: SOFR, Fed funds, 2Y/10Y Treasuries, 3M T-bill, IORB, M2, CPI, VIX, S&P 500, DXY, and EM FX. Feeds the macro and DeFi charts.	Daily
ECB / Frankfurter	EUR/USD and other reference rates for EUR-pegged stablecoin analysis.	Daily
FDIC National Rates	US bank deposit national averages (savings, checking, money market, CDs). Feeds the deposit-vs-DeFi and yield-landscape pages.	Monthly
FDIC BankFind	Quarterly Call Report aggregates for all 4,600+ FDIC-insured banks. Source for the system-wide implied cost of funds on /charts/deposit-vs-defi/.	Quarterly
Yahoo Finance	Spot prices for gold and other commodity references used in dollarization context.	Daily
Regulator filings & institutional research	Issuer reserve disclosures, BIS, IMF, ECB, Federal Reserve, and FATF publications. Cited inline on the chart pages where they support specific claims (see the per-page footnote sections).	As published

Reconciliation rules. Market capitalisation and ranking tables anchor to CoinGecko. Per-chain supply distribution anchors to DefiLlama. Where the two report the same coin, agreement is within ~0.03%; the small difference reflects coverage methodology rather than data error. US Treasury yields and Fed-policy rates anchor to FRED. US bank deposit data anchors to FDIC. On-chain reads serve as a cross-check on aggregator figures, not a blended primary feed.

Original Indicators

Beyond market data, Stablecoin Beat publishes ten original quantitative indicators as daily time series at /charts/. Methodologies are drawn from central-bank research, academic finance, and antitrust analysis, and applied consistently to the stablecoin universe.

Market Concentration (HHI)

Herfindahl-Hirschman Index across tracked stablecoins. The DOJ/FTC 2023 Merger Guidelines define an HHI above 1,800 as highly concentrated; the stablecoin market sits well above that threshold.

HHI = Σ (market_share_i)² × 10,000

Issuer Concentration

HHI and Theil entropy at the issuer level, grouping all products from Tether, Circle, Sky/MakerDAO, and others. The right metric for systemic single-entity-failure questions.

Theil T = Σ s_i × ln(s_i × N)

Monetary Velocity

Volume-to-market-cap turnover, following the quantity-theory framing (MV = PQ). High velocity is consistent with active settlement; low velocity with collateral locking or passive holding.

V = Volume_24h / Market_Cap

Liquidity Depth Score

Size-normalised liquidity proxy following Amihud (2002), adapted for stablecoin markets. Volume relative to square-root market cap as a depth-at-scale proxy.

L = Volume_24h / √Market_Cap

Peg Stability Score

Rolling 30-day composite (0–100) per coin combining mean absolute deviation from $1.00 with depeg event count. Depeg threshold: |price − 1| > 0.5%. Uses OHLC intraday extremes where available. Yield-bearing wrappers filtered out by a $0.02 median band.

Score = max(0, 100 − mean_abs_dev × 2000 − n_depegs × 2)

Supply Shock Index

Rolling 30-day percent change in total stablecoin market cap. A directional proxy for issuance velocity, read against DeFi rates, peg behaviour, and redemption flows.

SSI = (mcap[t] − mcap[t−30]) ÷ mcap[t−30] × 100

Redemption Pressure

Per-coin market cap flow across 7-, 30-, and 90-day windows. Reveals sustained minting or redemption pressure and surfaces divergences between short and long windows.

Δmcap_Nd = (mcap[t] − mcap[t−N]) ÷ mcap[t−N] × 100

Rolling Correlation

30-day Pearson correlation of daily market-cap percentage changes across major coins. Identifies broad market-driven episodes versus issuer-specific flows.

r = Cov(X,Y) / (σ_X × σ_Y)

Market Beta

Rolling OLS regression of each coin's daily market-cap change on the total stablecoin market. β > 1 amplifies market moves; β < 0 gains or loses share counter-cyclically.

β = Cov(ΔCoin, ΔMarket) / Var(ΔMarket)

Granger Causality

Rolling F-test (Granger 1969) for predictive content between coin pairs, computed via the Frisch-Waugh-Lovell decomposition. Predictive content within the sample, not economic causality.

F = ((RSS_r − RSS_u) / 1) / (RSS_u / (n−3))

Coverage & Taxonomy

Every tracked coin is classified along three independent dimensions, so a single coin can be fiat-backed, USD-pegged, and yield-bearing at the same time.

Backing Mechanism

Fiat-backed: reserves at a bank or custodian (USDT, USDC, FDUSD).

Crypto-backed: overcollateralised by on-chain crypto (DAI, GHO, crvUSD).

RWA-backed: tokenised real-world assets, yield flows to holder (USDY, BUIDL, USD0).

Commodity-backed: physical commodities (XAUT).

Algorithmic: stability via supply elasticity, minimal collateral.

Peg Currency

Target reference: USD, EUR, GBP, CHF, JPY, CNH, MXN, XAU (gold), XAG (silver), or BASKET. USD dominates at over 95% of total market cap; EUR is the second-largest category by coin count and the focus of post-MiCA growth.

Yield-Bearing

Boolean flag for whether the token itself accrues yield. Many coins come in base/yield pairs (USDe/sUSDe, USDS/sUSDS, USD0/USD0++); both versions are tracked with explicit cross-links.

Editorial Process

Stablecoin Beat maintains a separation between data, editorial, and research functions. Market signals are reviewed against observable data before publication; analytical pieces are anchored to primary data and cited literature.

Data is collected, validated, and reconciled against on-chain reads where applicable.
Where uncertainty exists in an interpretation, it is reflected explicitly in the framing.
Model outputs and inferred figures are never presented as primary data.
Causal claims that go beyond observed co-movement require a cited source. The chart pages carry per-page footnote sections linking to the specific BIS, IMF, ECB, FDIC, FATF, and other institutional sources that support their stated claims.

Editorial Standards

Stablecoin Beat is an independent publication. We do not accept sponsored content, paid placements, affiliate arrangements, or any compensation from stablecoin issuers, protocols, or financial institutions. Coverage is determined by data, not by commercial relationships.

When we make an error in data or commentary we correct it and note the correction in the affected piece. We do not silently edit published content.

Who Uses Stablecoin Beat

Payment companies, fintech operators, and digital-asset platforms
Treasury, risk, and compliance teams at institutional allocators
Researchers and central-bank, IMF, BIS, and academic counterparts
Market analysts and infrastructure providers

Corrections & Contact

Methodological queries and corrections can be sent via X / Twitter @Stablecoin_beat. We review all queries and respond publicly where the answer is relevant to other readers.

Data lag. Tracker and charts reflect the most recent end-of-day snapshot, refreshed each afternoon UTC. Intraday price movements are not captured; events between daily snapshots are reflected at the next collection window. Monthly sources (FDIC) refresh after each publication; quarterly sources (FDIC BankFind) update after each Call Report filing window.