Stablecoins / Tokenized Cash / Collateral

Tracks whether stablecoins and tokenized cash are becoming durable financial infrastructure, with focus on reserves, redemption, custody, and collateral.

October 10 update: held and reconciled. After 93 days with no new evidence on settlement adoption, the weekly review checked the size legs: stablecoin supply stands at $312.0 billion and tokenized funds at $35.1 billion, so the row stays on the map rather than being retired. Next check: fresh settlement or collateral adoption evidence; continued silence alongside flat supply would put the row back up for retirement. September 12 update: the rails grew again and the new evidence was mechanical rather than commercial. Total stablecoin supply reached $312.3 billion with USDT at $183.5 billion and issuer fee income still climbing, while the concrete change in the window was governance work on collateral vaults, including a penalty adjustment on an RLUSD vault adapter with execution planned for September 14, parameters being tuned on existing collateral, not settlement volume being won, and no issuer terms, custody, redemption, or named-counterparty evidence moved. Next check: growth sourced from real settlement volume rather than from crypto funding rates, with exchange or collateral acceptance broadening and tokenized money-market use in visible size the promotion path; supply contraction remains the flip. September 5 update: the rails grew again and the quality of the growth got easier to see. Total stablecoin supply reached $311.5 billion with USDT at $183.4 billion and USDC at $74.7 billion, Tether generated $16.10 million and Circle $6.58 million of 24-hour fees, and governance buyback votes spread, Ethena's fee switch passed on 100% of 17.8 million votes to route protocol revenue into programmatic buybacks that scale with USDe supply. The caveat is the source: that revenue is funding-rate dependent, so the buyback stream is a claim on crypto carry, not evidence of settlement usage, and no issuer terms, custody, redemption, or named-counterparty evidence moved. Next check: exchange or collateral acceptance broadening, or tokenized money-market use in visible size; supply contraction remains the flip. August 22 update: the rails grew with the crypto move rather than independently of it. Total stablecoin supply reached $309.5 billion with USDT at $183.2 billion and USDC at $73.7 billion, Tether generated $15.90 million and Circle $6.37 million of 24-hour fees, and DEX volume ran at roughly 1.8x its seven-day average alongside bitcoin's 22.70% week. Growing supply into a rally is the ordinary direction, so this is a modest raise on issuer economics being visible and measurable rather than on new settlement proof, no issuer terms, custody, redemption, or named-counterparty evidence moved. Next check: whether supply holds if spot gives the week back, and whether activity survives netting out incentives; supply contraction is the flip. July 10 update: tokenized rails gained a bank-connector proof point but stayed below macro-driver status. Crypto is Macro Now says SWIFT's 17-bank deposit-token platform runs on a permissioned EVM chain, while Coinbase and Sky added stablecoin usage and issuer-side data. The proof path remains real settlement volume, named counterparties, issuer terms, custody, redemption, reserves, and activity net of incentives.