Methodology
- Refresh. A script pulls every source once a week and rewrites the CSVs. Each row records its source URL and the UTC time it was fetched. If a source fails, the last good file stays and the failure is logged; nothing is estimated or filled in.
- Stablecoin supply is DefiLlama's circulating supply of USD-pegged stablecoins (its
peggedUSDfield). "Other" is the total minus USDT and USDC. "Other chains" is the all-chain total minus the six named chains. Weekly figures are the last daily value in each week (Sunday close, UTC); the in-progress day is dropped. - Stablecoin transfers are Coin Metrics'
TxTfrCntfor itsusdtandusdcassets, summed and averaged per day over each complete quarter. They count on-chain token transfers on the chains Coin Metrics covers, including exchange, smart-contract and automated activity. They are not a count of payments, and they are not comparable one-for-one with bank payments. - Fed rails are published averages per business day: FedNow settled payments, Fedwire Funds transfers originated, and commercial ACH items processed by the Federal Reserve (FedACH). FedACH is one of two ACH operators, so it is not the whole ACH network; for network-wide Same Day ACH, see Nacha.
- Same Day ACH is Nacha's annual network-wide figure (debits plus credits), as published in Nacha's own charts. Nacha rounds these figures.
- RTP is The Clearing House's annual settled-payment total. Partial years are left out of the chart.
- Fedwire time. Stablecoin supply (a stock) divided by Fedwire's average daily value (a flow) gives a share of one Fedwire day; it is multiplied by 22, Fedwire Funds' operating hours (9:00 p.m. to 7:00 p.m. ET). It is a sense of scale, not a claim that stablecoins and Fedwire do the same job.
- Not compared here: card networks, because Visa and Mastercard publish volumes only in earnings documents, not as free refreshable data.
Commentary and data only. Nothing here is investment advice or an offer of anything.