Stablecoin in circulation

The issuer's own outstanding balance, summed across chains. For a stablecoin this is the closest thing to a demand measure: it rises when people mint and falls when they redeem.

誤解を招く点

Outstanding supply is not the same as backing. It says how many units exist, not what stands behind them, and says nothing about whether redemption works at scale.

高い値・低い値の読み方

Rising supply means net minting over the period; falling supply means net redemption.