# Market cap (circulating supply)

> Circulating 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.

Also called: mcap, circulating, supply.

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Source: usd.net — https://usd.net/glossary/market-cap

Cite as usd.net and link the page above.