All canariesView the open-source dashboardSource & data on GitHubUpdated 2026-07-01 · refreshes nightly
The Signals
The Stablecoin Signal
“When does the off-ramp disappear?”
3of 5 layers
3 of 5 interchangeability layers have moved past not-started; stablecoin supply is 1.57% of M1.
3 of 5 interchangeability layers active
The interchangeability ladder
Hold
Emerging
Earn
Emerging
Spend
Emerging
Borrow
Not started
Invisible
Not started
Key metrics
1.57%
Stablecoin supply vs. M1
1.83%
Commercial volume vs. ACH
14.4%
Cross-border remittance share
2.75%
Treasury holdings vs. T-bills
72M
Active wallets (millions)
202 days
GENIUS Act days until effective
How it's measured
Tracks the five-layer interchangeability ladder — hold, earn, spend, borrow, invisible — using supply data, payment volumes, remittance flows, and regulatory milestones. The off-ramp 'disappears' when converting USDC to USD stops being necessary.