Market cap (circulating supply)
Liquidity & market depthCirculating token supply multiplied by price, summed across every indexed chain. For stablecoins this is effectively the outstanding liability of the issuer.
For a fiat-backed stablecoin, market cap is the size of the issuer's obligation: every token outstanding is a claim on the reserve. Growth means net minting; contraction means net redemption.
Sustained contraction is informative — it usually means large holders are rotating out, ahead of any public signal.
Coverage caveat: chains our upstream does not index are excluded, so totals can read slightly low for assets with long tails of small deployments.
Why it matters
Size is a crude but real proxy for network effect, venue support and redemption infrastructure.
See it in action
Related terms
The number of chains where a token has meaningful circulating supply. Broad coverage helps distribution but fragments liquidity.
The size you can trade before moving the price. On USD.NET this is indexed on-chain DEX pool depth containing the asset; centralised order books are not included.
What the issuer actually holds against outstanding tokens: T-bills, overnight repo, bank deposits, commercial paper, crypto collateral, or a mix.