How supply is measured, and why one wallet dominates it
Supply is mints minus burns, accumulated. It is the one figure on this site where the zero address is the subject rather than the exclusion: every other series removes mint and burn rows because issuance is not economic activity, and supply is nothing but issuance.
It is published in US dollars, converted at the official rate on each period's end date. That is a correctness requirement rather than a presentation choice. Supply is denominated in each token's own currency, so a chart stacking Colombian supply on Brazilian supply without converting would be adding pesos to reais and drawing the total.
Supply here means circulating supply. Tokens sitting in an issuer's own treasury or reserve wallets are issued but not circulating, and are subtracted: for BRZ that is R$144.4m of R$175.0m, so 82.5% of what a naive mints-minus-burns figure would report is reserve rather than supply, leaving R$30.6m.
BRLV is the number to know about. Two mints in October 2025 placed R$99.9m into a single address, which has barely moved since, making it 38.5% of Brazilian real circulating supply here — a share worth quoting only with its basis, since on a gross-issued basis it is 24.8%. It is a genuine 1:1 pegged stablecoin and a real position — the yield in that product accrues to a separate token, BRLY, which this data does not cover — so it is neither excluded nor written down. It is plotted as its own series, and Brazilian totals are published both with and without it.
Mexico does have a supply series, and it did not until August 2026. The rule excluding tokens whose declared and applied decimal exponents disagree was written for settled value and was being applied to supply, where it deleted whole chains instead of adjusting them — MXNB, MXNe and BRZ on BNB Chain among them. The applied exponent is correct in every disputed case except MXNB, which is corrected by hand. One token, MMXN, is excluded outright: its entire supply is a single unverified 2021 mint of MX$600,000,000, which was 93.8% of all Mexican supply.