Money supply & policy rates
U.S. M2 vs Stablecoin Supply
Seasonally adjusted U.S. M2 (Fed H.6 via FRED M2SL) and aggregate stablecoin market cap (RWA.xyz), with Fed funds policy/effective rates for comparing supply trends against the rate cycle. Monthly since 2017.
U.S. M2 (SA)
$23,052,300,000,000
FRED M2SL as-of 2026-05-01
Stablecoin market cap
$305,296,487,070
RWA.xyz as-of 2026-09-21
Stablecoins as % of M2
1.3244%
Month-end 2026-09-30
Fed funds (monthly)
3.63%
Target range 3.50–3.75%
Early scaling window:
Stablecoin supply vs Fed funds
Each series is min–max scaled to 0–100 over the full sample so shapes share one axis. Hover shows the original units (stablecoin USD and FEDFUNDS %).
Recent months
| Month-end | U.S. M2 | Stablecoin mcap | % of M2 | FEDFUNDS | Target range |
|---|---|---|---|---|---|
| 2026-09-30 | $23,052,300,000,000 | $305,296,487,070 | 1.3244% | 3.63% | 3.50–3.75% |
| 2026-08-31 | $23,052,300,000,000 | $302,695,818,907 | 1.3131% | 3.63% | 3.50–3.75% |
| 2026-07-31 | $23,052,300,000,000 | $295,428,524,862 | 1.2816% | 3.63% | 3.50–3.75% |
| 2026-06-30 | $23,052,300,000,000 | $295,469,221,399 | 1.2817% | 3.63% | 3.50–3.75% |
| 2026-05-31 | $23,052,300,000,000 | $302,243,283,311 | 1.3111% | 3.63% | 3.50–3.75% |
| 2026-04-30 | $22,804,500,000,000 | $302,053,404,994 | 1.3245% | 3.64% | 3.50–3.75% |
| 2026-03-31 | $22,686,200,000,000 | $301,393,477,679 | 1.3285% | 3.64% | 3.50–3.75% |
| 2026-02-28 | $22,626,900,000,000 | $296,154,041,148 | 1.3089% | 3.64% | 3.50–3.75% |
| 2026-01-31 | $22,429,300,000,000 | $293,847,466,473 | 1.3101% | 3.64% | 3.50–3.75% |
| 2025-12-31 | $22,353,400,000,000 | $299,316,700,093 | 1.3390% | 3.72% | 3.50–3.75% |
| 2025-11-30 | $22,277,300,000,000 | $299,462,620,888 | 1.3442% | 3.88% | 3.75–4.00% |
| 2025-10-31 | $22,245,100,000,000 | $298,217,296,339 | 1.3406% | 4.09% | 3.75–4.00% |
| 2025-09-30 | $22,170,400,000,000 | $290,932,373,537 | 1.3123% | 4.22% | 4.00–4.25% |
| 2025-08-31 | $22,087,100,000,000 | $275,991,372,857 | 1.2496% | 4.33% | 4.25–4.50% |
| 2025-07-31 | $22,020,400,000,000 | $257,065,737,707 | 1.1674% | 4.33% | 4.25–4.50% |
| 2025-06-30 | $21,938,700,000,000 | $244,295,477,226 | 1.1135% | 4.33% | 4.25–4.50% |
| 2025-05-31 | $21,833,900,000,000 | $237,510,928,778 | 1.0878% | 4.33% | 4.25–4.50% |
| 2025-04-30 | $21,775,800,000,000 | $232,479,404,876 | 1.0676% | 4.33% | 4.25–4.50% |
| 2025-03-31 | $21,693,600,000,000 | $224,515,739,596 | 1.0349% | 4.33% | 4.25–4.50% |
| 2025-02-28 | $21,613,400,000,000 | $219,599,770,441 | 1.0160% | 4.33% | 4.25–4.50% |
| 2025-01-31 | $21,548,100,000,000 | $211,104,372,674 | 0.9797% | 4.33% | 4.25–4.50% |
| 2024-12-31 | $21,485,800,000,000 | $198,735,656,139 | 0.9250% | 4.48% | 4.25–4.50% |
| 2024-11-30 | $21,452,200,000,000 | $188,930,130,247 | 0.8807% | 4.64% | 4.50–4.75% |
| 2024-10-31 | $21,331,900,000,000 | $168,110,445,950 | 0.7881% | 4.83% | 4.75–5.00% |
| 2024-09-30 | $21,269,500,000,000 | $167,898,745,909 | 0.7894% | 5.13% | 4.75–5.00% |
| 2024-08-31 | $21,186,700,000,000 | $165,723,599,112 | 0.7822% | 5.33% | 5.25–5.50% |
| 2024-07-31 | $21,095,300,000,000 | $159,497,209,193 | 0.7561% | 5.33% | 5.25–5.50% |
| 2024-06-30 | $21,068,400,000,000 | $157,019,324,566 | 0.7453% | 5.33% | 5.25–5.50% |
| 2024-05-31 | $21,020,600,000,000 | $157,123,094,423 | 0.7475% | 5.33% | 5.25–5.50% |
| 2024-04-30 | $20,959,600,000,000 | $157,013,850,143 | 0.7491% | 5.33% | 5.25–5.50% |
| 2024-03-31 | $20,973,400,000,000 | $148,058,070,139 | 0.7059% | 5.33% | 5.25–5.50% |
| 2024-02-29 | $20,926,700,000,000 | $139,785,229,980 | 0.6680% | 5.33% | 5.25–5.50% |
| 2024-01-31 | $20,843,700,000,000 | $134,585,883,544 | 0.6457% | 5.33% | 5.25–5.50% |
| 2023-12-31 | $20,777,900,000,000 | $128,649,542,971 | 0.6192% | 5.33% | 5.25–5.50% |
| 2023-11-30 | $20,746,600,000,000 | $126,923,634,574 | 0.6118% | 5.33% | 5.25–5.50% |
| 2023-10-31 | $20,733,100,000,000 | $123,007,829,616 | 0.5933% | 5.33% | 5.25–5.50% |