Stablecoin supply is a crucial metric for evaluating the growth and development of a blockchain's use-cases. Stablecoins are a popular choice for use in DeFi applications such as lending, borrowing, and trading as well as payments. Since stablecoins are usually 1:1 backed by real-world assets, this metric is harder to inflate than Total Value Secured which includes all types of tokens.

At deltapools, we aggregate the total supply of all stablecoins that are issued on or bridged to the chain. We consider a stablecoin to be any cryptocurrency that is pegged to a fiat currency or other stable asset. We exclude stablecoins that are accruing interest (i.e. interest bearing stablecoins) to ensure that our stablecoin supply metric accurately reflects the amount of stable value held on the chain. You can find the full list of stablecoins we track in our DNA GitHub repository. This onchain metric is also often called 'Stablecoin Market Cap' or 'Total Stablecoin Supply'.

Stablecoin supply is generally a very reliable metric, since stablecoins are typically backed by real-world assets (either cash or treasuries). This makes it more difficult to artificially inflate this metric compared to other value-based metrics (like Total Value Secured).

A rising stablecoin supply generally indicates growing user interest and trust in the blockchain, while a declining supply may signal waning confidence. However, it's important to consider stablecoin supply in context with other metrics, as high stablecoin holdings don't always equate to a healthy or valuable network.