Supply Changes Monitoring
Track changes in stablecoin circulating supply using CoinGecko’s API as part of the Stress Test framework.
The text below explains how we monitor changes in the circulating supply of stablecoins as part of the Stress Test system.
Large shifts in supply — either through minting (expansion) or burning (contraction) — can serve as early indicators of stress events, liquidity shifts, or issuer-driven interventions.
We use CoinGecko’s API to retrieve daily stablecoin supply data.
Purpose
Monitoring circulating supply changes can highlight:
- Growing demand (supply expansion)
- Loss of trust or redemption pressure (supply contraction)
- Anomalous minting or burning patterns that may precede depegs or liquidity crises. The supply-changes metric complements price-based and liquidity-based stress indicators.
API Endpoint
Endpoint:
Authentication:
- None required
Example Query (cURL)
Example Response (truncated)
Important Fields
Field Purpose
- **market_data.circulating_supply **Number of tokens currently circulating
- **market_data.total_supply ** Total tokens issued (including reserved or non-circulating tokens)
Supply Change Evaluation Criteria
We monitor the daily percentage change in circulating supply:
- Stable (Low Risk): Daily change between -0.5% and +0.5%
- Moderate Risk: Daily change between -1.0% and -0.5%, or between +0.5% and +1.0%
- High Risk: Daily change exceeding ±1.0%
- Sudden sharp contractions (burns) are weighted more heavily than expansions.
Rate Limits and Notes
- CoinGecko’s public API allows 5–15 calls per minute.
- We update daily to align with other Stress Test metrics.
- No authentication key is needed for standard usage.
Last Word
- Tracking changes in stablecoin supply provides another valuable layer of visibility into market trust dynamics.
- While supply expansion is typically healthy, sudden contractions may reflect redemption surges or liquidity withdrawal events requiring close attention.