vs Yesterday
+$0.5B
Steady net inflows — capital entering crypto.
USDT + USDC · Crypto's USD Liquidity
Stablecoin Supply
$
168.0
B
+$0.5B
vs. yesterday
Past 12 months$138B – $168.5B
vs Last Year+$28.5B
YoY Growth+20.4%
All-Time High$168.5B
Combined USDT + USDC supply at $168.0B — just below the all-time high set two days ago. Up 20% YoY, structurally bullish: capital is flowing INTO crypto-native dollars, ready to deploy.
Historical trend
Daily combined supply in billions USD.
Source: CoinGecko · Tether + Circle attestations
The long view: since 2020
From $2.4B at the start of COVID to $168B today — 70× growth.
ATH $168.5B · May 12, 2026
2023 trough $100B · Jun 2023
Today $168.0B
How today stacks up
vs Last Year
+$28.5B
+20.4% YoY — structurally bullish.
5-Year Average
$130.5B
Today is $37.5B above the 5-yr mean.
From ATH
−0.3%
Hovering at the May 12 record high.
Use this number
Tools for crypto allocation.
About Stablecoin Supply (USDT + USDC)
Stablecoin supply tracks the combined circulating supply of the two largest USD-pegged stablecoins: Tether (USDT, ~$140B) and USD Coin (USDC, ~$28B). Each token is supposed to be backed 1:1 by cash + Treasury bills, so total supply represents capital that has been parked in crypto-native dollars. Today's $168.0B is roughly equal to a mid-size U.S. money market fund's total assets.
Why supply matters more than price
Stablecoin prices barely move (USDT/USDC stay within $0.001 of $1 in normal conditions). What matters is the quantity in circulation. Rising supply means new capital is entering crypto (people buying stablecoins with USD); falling supply means capital is leaving (redemptions for actual USD). Crypto bull markets correlate with rising stablecoin supply, and bear markets correlate with falling supply.
Reading today's number
Supply has steadily grown from $2.4B in early 2020 to today's $168.0B — a 70× increase. Brief contractions happened during the 2022 Terra/LUNA collapse and the 2023 Silicon Valley Bank scare (USDC briefly de-pegged when its reserves at SVB were temporarily inaccessible). The recovery since 2023 has been steady and is now hitting fresh all-time highs — a structurally bullish indicator for crypto.
Related trackers
Other live numbers that move with — or against — this one.
Frequently asked
What this number means, and what it doesn't.
They're the two dominant USD stablecoins, together representing ~85% of total stablecoin supply. Including DAI, FRAX, and others would add ~$15B but not change the trend. USDT (Tether) and USDC (Circle) have different reserve compositions and audit transparency, but both target a 1:1 USD peg.
USDC publishes monthly attestations confirming reserves match circulating supply, mostly in short-duration Treasury bills. Tether publishes quarterly reports — its reserves include T-bills, cash, secured loans, and a small Bitcoin allocation. Both have weathered redemption stress tests in 2022 and 2023 without breaking peg.
New capital flowing INTO crypto. Investors buy USDT/USDC with U.S. dollars, then deploy those stablecoins into Bitcoin, Ethereum, or DeFi protocols. Rising supply = bullish for crypto risk assets. Stagnant supply = lateral market. Falling supply = capital exiting.
Briefly, yes. When Silicon Valley Bank collapsed in March 2023, Circle had $3.3B of USDC reserves stuck at SVB. USDC briefly traded as low as $0.87 over a weekend before the FDIC backstopped SVB depositors and the peg restored. The episode prompted Circle to diversify away from regional banks.
Methodology
Source
Pulled from CoinGecko · Tether + Circle and cached on the EvvyTools server.
Update schedule
Refreshed automatically by our cron whenever the upstream source publishes a new value. Historical values are not revised after publication.
How we compute
Display value is the raw published number, unrounded. Comparison stats use the closest available reference date. We never edit the underlying data.