immersible

Telemetry methodology

Every figure here is either read directly off-chain by the desk or taken from a public-domain government series. Nothing on this panel is a licensed third-party dataset, and nothing is an index of our own construction. The arithmetic is stated below so you can reproduce it.

Stablecoin Float · Ethereum

The sum of totalSupply() on the USDT, USDC, and DAI contracts, read from Ethereum mainnet. This is Ethereum only. It is deliberately not a "global stablecoin supply" figure, because supply on other chains and in bridged form is not counted here.

USDT · Ethereum  /  USDC · Ethereum

The two largest components of the float above, shown separately because the split between them is usually more informative than the total. Same measurement, same chain.

BUIDL · Tokenized Treasury

Supply of BlackRock's USD Institutional Digital Liquidity Fund on Ethereum, read from the token contract. BUIDL holds a fixed $1.00 NAV per share, so supply reads directly as dollars. Ondo's OUSG and USDY are deliberately excluded: OUSG trades near $110 a share and USDY accrues yield above $1, so their supply is not a dollar figure, and we will not apply a guessed price to make the number larger.

Fed Net Liquidity

The one macro anchor on the panel, computed by the desk as Fed balance sheet − overnight reverse repo − Treasury General Account (FRED series WALCL, RRPONTSYD, WTREGEN). Reserves parked at the RRP facility and cash in the Treasury's account are drained from the system, so subtracting both approximates the liquidity available to markets. A widely used construction, not a proprietary one, and an approximation rather than a measured quantity.

Tokenized Treasuries · Ethereum

Supply of BlackRock's BUIDL and Mountain's USDM on Ethereum, summed from the token contracts. Both hold a fixed $1.00 NAV per share, so supply reads directly as dollars. Ondo's OUSG and USDY are deliberately excluded: OUSG trades near $110 a share and USDY accrues above $1, so their supply is not a dollar figure, and we will not apply a guessed price to make the number larger. This is a measured subset of the tokenized-treasury market, not the market total.

Thirty-day changes

Every on-chain change is a real measurement, not an average: the same call is made against the block roughly thirty days back and the two are compared. The exact blocks and the true span in days are recorded in the payload behind this panel, and the span is measured from block timestamps rather than assumed from block time.

immersible calculations

Growth figures and the momentum score are immersible's own arithmetic on the on-chain values above, measured against archive state at the stated windows. Momentum is a composite of 7-day and 90-day tokenized-treasury and stablecoin growth, scaled so 50 is flat; it is a construction of ours rather than anyone's published index, and it is labelled as such on the panel.

Sources and refresh

On-chain values are read from Ethereum mainnet, which is public state. The macro series come from FRED and originate with the Federal Reserve and US Treasury, whose publications are US government works in the public domain. The panel re-syncs every six hours; the underlying series update on their own publication schedules, so a figure can be older than its sync time. Values are never interpolated, extrapolated, or animated between syncs.

Known limitations: on-chain supply counts one chain per token, so these are lower bounds on the market rather than complete totals. The Fed and Treasury series are weekly or daily and are revised, so a printed figure may change after publication. Net liquidity is a proxy, and reasonable analysts define it differently. Where the desk's own research disagrees with a figure here, the disagreement is stated in the research rather than corrected silently on this panel.