DDD // Digital Dollar Dominance
Live · 0s ago

How much of the dollar system is already onchain.

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DDD shows where those onchain dollars live: by currency, issuer, and chain.

Stablecoin Supply $319B
÷
US M2 $22.7T
=
DDD 1.41%
In practice

What 1.41% looks like onchain.

Live

This background is the DDD benchmark in live view. Bright dots are the dollars already onchain as stablecoins. Grey dots are the rest of the US money supply. The moving route switches colour by settlement chain.

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Onchain dollars Rest of US money supply
01
Route Waiting for next route Path
02
Stablecoin Awaiting token Issuer / token
03
Rail Awaiting rail Settlement layer
Illustrative route Motion study
Waiting for next corridor
A representative dollar flow will appear here.
·
Why now
Stablecoins are already large enough to matter.

Stablecoins crossed 1% of US M2 in 2025. That means on-chain dollars already matter, and the question now is how quickly they keep growing.

Stablecoins crossed 1% of US M2 in early 2025. DDD reads 1.41% today.

1.41% today 2% next
Market structure
Every stablecoin stacks three layers.

Currency, issuer, and chain determine the exposure you are taking.

Currencies
01 / 03
This is overwhelmingly a dollar market.

Almost all tracked stablecoin supply is in USD. The market is growing faster than its currency mix is diversifying.

USD dominates.

USD makes up 99.7% of tracked on-chain fiat supply.

Share by currency 20 tracked
US DOLLAR (USD) 99.7%
EURO (EUR) 0.2%
BRAZILIAN REAL (BRL) <0.1%
SWISS FRANC (CHF) <0.1%
Open board
Issuers
02 / 03
A few issuers control most of the supply.

Most stablecoins come from a small group of issuers. When DDD rises, those balance sheets usually absorb the growth first.

Two issuers dominate.

Tether and Circle make up most tracked supply.

Supply by issuer 23 tracked
Tether (USDT) 56.0%
Circle (USDC) 28.0%
Ethena (USDe) 5.2%
Sky (USDS) 3.1%
PayPal (PYUSD) 1.8%
Other (18) 5.9%
Open board
Chains
03 / 03
A few chains carry most of the money.

These dollars do not move evenly across crypto. Most supply sits on a short list of chains.

A few chains carry most supply.

Ethereum leads, with Tron and Solana next.

Supply by chain 18 tracked
Ethereum 52.3%
Tron 28.1%
Solana 8.4%
BSC 4.2%
Base 3.1%
Arbitrum 2.0%
Open board
Why DDD matters
DDD makes stablecoin concentration readable.

Every stablecoin stacks three risks: currency, issuer, and chain. DDD turns that stack into one live benchmark humans can read and agents can call before they route dollars, rebalance holdings, or monitor crowding.

Route with context

Choose the unit and rail with concentration in view.

Rebalance early

Cut weight before one issuer or chain dominates the basket.

Track concentration

See when too much stablecoin supply is sitting with one issuer or on one chain.

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DDD benchmark Live
1 in 71 1.40% of US money supply