Aggregate stablecoin supply has now expanded for eight consecutive weeks. Nobody posts about it because it is not a candle, but this is the metric that told you the 2020 rally was real and the 2022 bounce was not.
Dry powder with a lag
New stablecoins are minted when money wants into the ecosystem but has not picked an asset yet. Historically the lag between supply expansion and price follow-through is four to ten weeks. It is not a timing tool, it is a tailwind gauge, and right now the wind is at our backs.