Stablecoin supply is crypto’s deployable cash. With a total stablecoin market cap of around $307.92 billion and down -1.13% in the past 30 days, the pool has stopped growing month over month.

When supply stalls, price moves get sharper, and Bitcoin feels it first in thin depth and bigger wicks.

Stablecoins sit in a strange middle ground in the crypto market. They behave like cash, yet they arrive there through private issuers, reserve portfolios, and redemption rails that look more like a money-market complex than a payment app.

For trading, though, they play one role so consistently that it earns a macro comparison: stablecoins function as crypto’s closest proxy for deployable dollars.

When the pool of available stablecoins expands, it…