𝗦𝘂𝗽𝗽𝗹𝘆 𝗔𝗻𝗱 𝗧𝗩𝗟 𝗧𝗲𝗹𝗹 𝗧𝘄𝗼 𝗗𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁 𝗦𝘁𝗼𝗿𝗶𝗲𝘀.

Circulating supply measures how much of a token is in circulation. Total value locked measures assets deposited in specified protocols or applications.

They can move in different directions because they describe different forms of activity.

USDD's October report showed approximately $1.50 billion in circulating supply at month-end, while earlier in the month its supply exceeded $1.81 billion and reported TVL passed $2.51 billion.

Those figures belong to different dates and should not be presented as simultaneous month-end values.

This distinction matters when evaluating growth. A meaningful analysis separates issuance, circulation, protocol deposits, and reserve assets.

Good data interpretation begins with asking exactly what each number measures.

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