What liquidity means here
Liquidity has several meanings: trading depth, funding availability, monetary conditions and balance-sheet capacity. obsila's stablecoin measure addresses only the crypto-native balance-sheet component.
Supply growth
Positive 30-day and 90-day supply growth indicates more dollar-linked tokens are outstanding. Persistent growth can support a more liquid environment, but it does not prove those balances will be deployed into volatile assets.
Combine signals
Liquidity is most useful when considered with trend and volatility. That is why it forms one component of Market Regime rather than a standalone directional indicator.