Stablecoin Liquidity Bridge
Dollar liquidity inside crypto: how big it is, whether it is growing, and whether it tracks Fed net liquidity.
decoupled. This page answers three questions about the dollar float inside crypto: how much sits there ($303.7B), whether it is growing, and whether it moves with the dollar liquidity the Federal Reserve itself controls. Over the last 28 days that float is -0.5%. Its one-year correlation with net liquidity is 0.16. As of 2026-10-20.
Net issuance
Times the two came apart
Where the supply is held
Source cross-check
What this measures
The dollars held in stablecoins such as USDT and USDC, which are backed by cash and Treasury bills outside the banking system. The page tracks whether that float is expanding or contracting, and how closely it follows Fed net liquidity: the Fed's total assets minus the Treasury General Account and overnight reverse repo.
How to read it
The bridge chart standardises both series, so the axis is standard deviations from each one's own mean. Moving together means crypto's dollars ride the same liquidity tide as everything else; a persistent gap is the state worth noticing. A high rolling correlation with bitcoin means supply is expanding alongside rising prices.
How this reading was validated
Sources and cross-check
Each issuer's total supply is checked against a second independent feed, and any disagreement beyond the published tolerance is shown on the row.
What it cannot say
Where newly minted coins went. Per-exchange attribution needs labelled wallet clusters that no keyless source publishes, so net issuance is a float-wide total.