Stablecoin Market Cap Tracker: Live Supply Data by Issuer

Top Stablecoins by Market Cap

The total stablecoin market cap reached approximately $308 billion in August 2026, down roughly 4.5% from its all-time peak of $322.4 billion set in May 2026. Despite the pullback, the market has grown over 14% year-over-year and roughly 40x since March 2020, when total supply sat at just $6.8 billion.

The following table ranks the top stablecoins by circulating supply. Market caps shift daily as issuers mint and burn tokens in response to demand.

USDT and USDC together account for roughly 82% of total stablecoin supply. For a detailed feature-by-feature breakdown of these two dominant stablecoins, see the USDC vs USDT comparison.

Market Share Distribution

The stablecoin market is heavily concentrated. Tether alone controls roughly 59% of total supply, a position it has held for years despite repeated calls for diversification. Circle's USDC holds the second position at 23%, making the top two issuers responsible for more than four out of every five stablecoin dollars in existence.

The remaining 18% is split among a growing field of competitors. Sky (formerly MakerDAO) holds the largest share of the long tail through its combined USDS and DAI supply at roughly $13.6 billion. New entrants like USD1, USDG, and RLUSD have each crossed the $1 billion mark within the past year, showing that the market is still open to challengers with strong distribution channels.

The market is roughly 99.5% US dollar-denominated. Non-dollar stablecoins, led by Circle's EURC and other euro-pegged tokens, total approximately $2 billion and grew about 42% in 2026. For a broader comparison of stablecoin features and use cases, see the stablecoin comparison tool.

Historical Supply Growth

Stablecoin supply has followed the broader crypto market cycle but with a noticeably smoother trajectory. Supply continued growing through the 2022-2023 bear market (excluding the one-time collapse of UST) and accelerated sharply in 2024-2025 as institutional adoption increased. For a deeper analysis of the forces behind this growth, see our research on stablecoin supply growth trends.

A notable milestone: in February 2026, monthly stablecoin settlement volume hit $7.2 trillion, surpassing the ACH network's $6.8 trillion for the first time. Supply growth has flattened in mid-2026, but transaction volume and velocity continue setting records.

Chain Distribution

Stablecoin supply is not evenly distributed across blockchains. Ethereum and Tron together host roughly 80% of all stablecoin supply, with Solana, BNB Chain, and various L2s splitting most of the remainder.

Tron's dominance in stablecoin transfers is even more pronounced than its supply share suggests. The network processed $2.1 trillion in stablecoin transfers in Q2 2026 alone, driven by peer-to-peer remittances and emerging market adoption. Nearly 98.5% of all stablecoins on Tron are USDT, making it effectively a single-issuer chain for dollar transfers.

For Bitcoin-native stablecoin access, Spark enables USDB transfers with instant settlement and near-zero fees, without bridging to Ethereum or other chains.

Supply Changes: 30, 90, and 365-Day Growth

Tracking short-term supply changes reveals which stablecoins are gaining or losing demand. The mint and burn activity of fiat-backed stablecoins reflects real-time capital flows into and out of the crypto ecosystem.

As of mid-August 2026, the overall market contracted 1.04% over 30 days (a loss of roughly $3.2 billion) and 4.28% over 90 days (a loss of $13.8 billion), largely driven by the June drawdown, which saw the heaviest monthly outflow since the Terra collapse at $8 billion. On a 12-month basis, supply is still up 14.3%, representing roughly $38.6 billion in net new issuance.

Monthly net flows in 2026:

• January: -$2.2B
• February: +$3.0B
• March: +$5.8B
• April: +$4.2B
• May: +$0.3B
• June: -$8.0B (largest outflow of the year)
• July: -$4.1B
• August (partial): +$1.0B

Among individual stablecoins, USDG (Paxos) grew 17.2% over 30 days, the fastest expansion among top tokens. USDT and USDC each contracted slightly (0.7% and 1.2% respectively), while USD1 saw the sharpest decline at 9.0% from its peak. FDUSD has experienced a dramatic long-term decline, falling roughly 76% from its February 2026 peak of $1.45 billion following Binance trading pair delistings.

Supply Velocity and Transaction Volume

Supply velocity measures how frequently each stablecoin dollar changes hands. This metric has emerged as arguably more important than raw market cap for gauging real-world adoption.

Current stablecoin turnover runs at roughly 6x per month, double the rate from two years ago. Visa's economists measured quarterly stablecoin velocity at 13.56, compared to 1.65 for US M1 money supply. Put differently, a stablecoin dollar works roughly 8x harder than a dollar sitting in a bank account.

In June 2026, adjusted stablecoin settlement volume hit $1.79 trillion, an all-time record. USDC accounted for roughly 70% of that volume ($1.21 trillion), while USDT contributed about 25% ($576 billion). On an annualized basis, USDC transacts approximately 90 times per dollar of supply, making it the highest-velocity major stablecoin. For detailed velocity metrics, see our research on stablecoin velocity and on-chain usage.

Note: Raw stablecoin transfer volume ($28-62 trillion in 2025) vastly overstates economic activity. Only about 7% of total movement represents genuine economic transactions according to BCG analysis. Adjusted figures strip out bot activity, MEV, and wash trading.

Stablecoin Supply as a Market Health Indicator

Rising stablecoin balances on exchanges have traditionally been interpreted as "dry powder": capital sitting on the sidelines, ready to deploy into Bitcoin and other crypto assets. The Stablecoin Supply Ratio (SSR), calculated as Bitcoin's market cap divided by total stablecoin supply, is one proxy for this dynamic. A lower SSR implies more potential buying power relative to Bitcoin's current valuation.

As of August 2026, the SSR sits at approximately 4.16 ($1,282 billion Bitcoin market cap / $308 billion stablecoin supply). However, the signal has grown noisier as stablecoin usage diversifies beyond crypto trading. A growing share of supply growth in 2025-2026 came from payments, remittances, corporate treasury, and payroll applications rather than exchange deposits.

This diversification matters: in mid-2026, Bitcoin traded flat to lower even as stablecoin supply hovered near all-time highs. The traditional "more stablecoins equals bullish for crypto" thesis is weakening as stablecoins find use cases that have nothing to do with speculative trading.

Issuer Profitability and Reserve Economics

Stablecoin issuers earn revenue by investing reserves in yield-bearing assets, primarily US Treasury bills. At current interest rates, this model generates significant profit at scale.

Tether reported $1.04 billion in operating profit for Q1 2026 and roughly $1.5 billion for Q2 2026, driven by interest on approximately $141 billion in Treasury exposure. Total assets stood at $187.75 billion against $183.64 billion in liabilities, leaving $4.11 billion in excess reserves. Circle, which filed for an IPO, does not disclose quarterly profits at the same granularity but earns a comparable yield on its ~$74 billion in reserves.

The economics are straightforward: at a 4-5% Treasury yield, a $184 billion reserve base generates roughly $7-9 billion annually before operating costs. This revenue model depends entirely on interest rates. A return to near-zero rates would eliminate the primary profit engine for fiat-backed stablecoin issuers.

Regulatory Landscape

The GENIUS Act, signed into law on July 18, 2025, established the first comprehensive federal regulatory framework for stablecoins in the United States. The law requires issuers to maintain 1:1 reserves in permitted assets (US currency, insured bank deposits, short-dated Treasury bills, repos backed by T-bills, and government money market funds). Custodians are prohibited from commingling customer assets with stablecoin reserves.

Critically, the GENIUS Act classifies payment stablecoins as neither securities nor commodities, resolving a long-standing jurisdictional question. Issuers must comply with the Bank Secrecy Act and AML requirements. Foreign issuers must meet AML and sanctions compliance to serve US holders. For a full breakdown, see our research on the GENIUS Act and stablecoin regulation.

Implementation is ongoing: the OCC issued proposed rulemaking for payment stablecoin issuance in March 2026, and Treasury's FinCEN and OFAC issued a joint proposed rule for AML/sanctions compliance in April 2026. The EU's MiCA regulation has been in effect since 2024 with its own set of requirements for stablecoin issuers operating in Europe.

Frequently Asked Questions

What is the total stablecoin market cap?

As of August 2026, total stablecoin market cap is approximately $308 billion. The all-time high of $322.4 billion was set in May 2026. The market grew roughly 50% in 2025 and is up over 14% year-over-year. USDT ($184B) and USDC ($74B) together account for about 82% of total supply. Track live figures on aggregators like DefiLlama or CoinGecko.

Why does stablecoin supply matter for crypto markets?

Stablecoin supply has historically served as a leading indicator for crypto market activity. Rising supply suggests capital flowing into the ecosystem, while declining supply can signal outflows. However, this correlation has weakened in 2025-2026 as stablecoins are increasingly used for payments, payroll, and treasury management rather than trading. The Stablecoin Supply Ratio (Bitcoin market cap / stablecoin supply) provides a rough measure of potential buying power, but should be interpreted cautiously given the diversifying use cases.

Which stablecoin is growing fastest?

Among established stablecoins, USDG (issued by Paxos) grew 17.2% in the 30 days to mid-August 2026, the fastest expansion in the top 20. RLUSD (Ripple) and USD1 (World Liberty Financial) both saw rapid growth from launch to multi-billion dollar market caps within months. On the other end, FDUSD declined roughly 76% from its February 2026 peak, and BUSD has been effectively wound down since 2023.

What is stablecoin velocity and why does it matter?

Stablecoin velocity measures how many times each dollar of supply changes hands in a given period. Current velocity is roughly 6x per month, double the rate from two years ago. Visa's research shows stablecoin velocity at 13.56 per quarter compared to 1.65 for US M1, meaning each stablecoin dollar is used about 8x more frequently than a traditional bank dollar. High velocity indicates active use in payments and commerce rather than passive holding.

Which blockchain has the most stablecoin supply?

Ethereum hosts the most stablecoin supply at roughly $164 billion (49% of total), followed by Tron at approximately $90 billion (31%). Solana ($15B), BNB Chain ($13B), and various Ethereum L2s split most of the remainder. Notably, Tron's stablecoin supply is almost entirely USDT (98.5%), while Ethereum has a more diverse mix of issuers. For Bitcoin-native stablecoin transfers, Spark supports USDB with instant settlement.

How do stablecoin issuers make money?

Fiat-backed stablecoin issuers invest their reserves in short-term, yield-bearing assets like US Treasury bills. At current interest rates, Tether generates roughly $1-1.5 billion per quarter in operating profit from its ~$184 billion reserve base. The business model is highly sensitive to interest rates: a return to near-zero rates would eliminate most issuer revenue. Some issuers like Ethena (USDe) use delta-neutral strategies involving perpetual futures funding rates instead of Treasury yields.

How is stablecoin regulation changing?

The US passed the GENIUS Act in July 2025, establishing 1:1 reserve requirements, banning commingling of reserves, and classifying payment stablecoins as neither securities nor commodities. Implementation rules from the OCC, FinCEN, and OFAC are being finalized through 2026. In Europe, the MiCA framework has been in effect since 2024. These frameworks are accelerating institutional adoption by providing regulatory clarity that was previously lacking.

This tool is for informational purposes only and does not constitute financial advice. Market cap data is approximate and based on publicly available information from sources including DefiLlama, CoinGecko, and issuer attestation reports. Stablecoin market caps, supply figures, and growth rates change continuously. Always verify current data on the issuer's transparency page or a data aggregator before making financial decisions.