Aggregate stablecoin supply has grown steadily this year, a figure frequently cited as evidence of new capital entering digital assets. The velocity data complicates that reading.
Splitting supply by holder type shows a rising share sitting in wallets associated with exchange market makers, where balances turn over rarely and act as standing inventory.
Transfer counts adjusted for internal exchange movements have grown far more slowly than supply, meaning each additional token is doing less work.
Payment-linked flows, identified through known merchant processors, remain a small fraction of the total and grew roughly in line with the previous year.
None of this means growth is illusory, but supply alone is a poor proxy for demand. Velocity and holder composition give a far better picture of what the issuance is actually funding.
