Stablecoin Market Cap Statistics 2026: Issuer Share and Growth

The total stablecoin market cap stood at $314.68 billion across 382 tracked stablecoins, with Tether (USDT) and USD Coin (USDC) together holding 83.02% of the market, per DefiLlama on-chain aggregation. Every one of those 382 coins was pegged to the US dollar, with 100% of the circulating supply tracking the USD.

The headline number tells one story; the distribution underneath tells a sharper one. Two issuers and two blockchains carry almost the entire market. The data below covers total market cap, issuer share, chain distribution, four-year growth, transaction volume, and the reserve rules now reshaping issuer disclosure.

Key Takeaways

• The total stablecoin market cap is $314.68 billion across 382 tracked stablecoins, with 100% of supply pegged to the US dollar, per DefiLlama as of June 21, 2026.
• Tether (USDT) is the largest stablecoin by market cap at $186.35 billion, a dominance of 59.22%.
• USD Coin (USDC), issued by Circle, ranks second at $74.89 billion on-chain, a dominance of 23.80%.
• USDT and USDC together hold 83.02% of the market, while the top five issuers hold 88.57%.
• Ethereum carries $157.09 billion in stablecoins (50.69%), and Tron carries $89.90 billion (29.01%), so two chains hold roughly 80% of all stablecoin value.
• The total stablecoin market cap rose from $161.5 billion in mid-2024 to roughly $315.0 billion in mid-2026, a two-year increase near 95%.
• Circle reported USDC on-chain transaction volume of $21.5 trillion in the quarter ended March 31, 2026, up 263% year over year, against end-of-quarter circulation of $77.0 billion.

Editor’s Choice

• Total stablecoin market cap: $314.68 billion as of June 21, 2026.
• USDT market cap: $186.35 billion, a 59.22% dominance.
• USDC on-chain market cap: $74.89 billion, a 23.80% dominance.
• Largest chain by stablecoin value: Ethereum at $157.09 billion (50.69%).
• Stablecoins tracked: 382, all USD-pegged.
• USDC in circulation per Circle’s SEC filing: $77.0 billion, up 28% year over year.
• One-year market growth: $250.9 billion to roughly $315.0 billion, about +25.5%.

Total Stablecoin Market Cap

The total stablecoin market cap stood at $314.68 billion across 382 tracked stablecoins at the latest capture.

• Total stablecoin market cap: $314.68 billion (June 21, 2026).
• Stablecoins tracked: 382, with 0% of supply tracking any non-USD reference.
• Combined USDT and USDC share: 83.02% of total supply, with the top five issuers at 88.57%.
• Sky Dollar (USDS) supply: $8.16 billion, a 2.59% share.
• US-dollar-pegged share of all 382 coins: 100%.

Source: DefiLlama

The concentration is the point: a market that lists 382 distinct coins behaves, in practice, like a two-name market with a long ornamental tail. This total sits inside the wider DeFi market data that stablecoins help settle.

Methodology

The live market-cap, issuer-share, and chain-distribution figures come from the DefiLlama stablecoins dashboard, an on-chain circulating-supply aggregator. Extraction date: June 21, 2026; scope is all chains and 382 tracked stablecoins, global. Issuer-disclosed figures come from Circle’s SEC Form 10-Q. Where the on-chain aggregate and the issuer filing diverge, both are reported with their dates rather than merged. This series refreshes on a quarterly cadence; stablecoin supply is volatile, so each figure carries its own capture date.

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Stablecoin Market Share by Issuer

Tether (USDT) led all stablecoins with a 59.22% market share at $186.35 billion, while USD Coin (USDC) ranked second at 23.80% and $74.89 billion. Together, the two issuers controlled 83.02% of the market. Behind them, Sky Dollar (USDS) held $8.16 billion (2.59%), World Liberty Financial USD1 held $4.83 billion (1.54%), Ethena USDe held $4.48 billion (1.42%), and Dai (DAI) held $4.47 billion (1.42%).

• USDT share: 59.22% at $186.35 billion, the single largest stablecoin.
• USDC share: 23.80% at $74.89 billion on-chain.
• USDS share: 2.59% at $8.16 billion, the third-largest stablecoin.
• USD1 share: 1.54% at $4.83 billion.
• Top-five issuers combined: 88.57% of all stablecoin value.

Source: DefiLlama

By the numbers: DefiLlama placed the top five issuers at 88.57% of all stablecoin value. That leaves the remaining 377 coins to split a single-digit slice of the market between them, which is why the category reads as a two-name market.

Across CoinLaw’s coverage of issuer concentration, the pattern is durable: every new entrant gets framed as a USDT-or-USDC challenger, yet the third-place coin has never crossed a 3% share.

Recent Developments

• June 21, 2026: The total stablecoin market cap reached $314.68 billion across 382 stablecoins, per DefiLlama on-chain aggregation.
• March 31, 2026 (Circle Q1 10-Q): USDC in circulation grew 28% to $77.0 billion, while on-chain transaction volume grew 263% to $21.5 trillion.
• Early 2026: The OCC issued a Notice of Proposed Rulemaking implementing the GENIUS Act, requiring permitted payment stablecoin issuers to hold reserves on at least a 1:1 basis.
• Early 2026: The U.S. Treasury proposed a rule imposing anti-money-laundering and countering the financing of terrorism obligations on stablecoin issuers, with monthly reserve attestations and CEO and CFO certifications.
• July 18, 2025: The GENIUS Act was enacted, establishing the first comprehensive US Federal framework for payment stablecoins, with an effective date set at the earlier of 18 months or 120 days after final rules.

Tether (USDT) Market Cap and Dominance

Tether (USDT) was the largest stablecoin by market cap at $186.35 billion, a dominance of 59.22%. At that level, USDT’s supply ran roughly 2.49 times USDC’s on-chain supply of $74.89 billion. USDT’s $186.35 billion in supply represented the bulk of the 83.02% that the two leaders held jointly.

• USDT market cap: $186.35 billion, the largest of any stablecoin.
• USDT dominance: 59.22% of total stablecoin value.
• Supply ratio: roughly 2.49x the on-chain supply of second-place USDC.
• Share of the USDT-plus-USDC bloc: USDT supplies the majority of the combined 83.02%.

Source: DefiLlama

USD Coin (USDC) Market Cap and Circle’s Reserves

USD Coin (USDC), issued by Circle, ranked second among all stablecoins at $74.89 billion on-chain, a dominance of 23.80%, per DefiLlama.

• USDC on-chain market cap: $74.89 billion (DefiLlama, June 21, 2026).
• USDC in circulation: $77.0 billion in the latest quarterly Form 10-Q, up 28% year over year.
• Dominance: 23.80% of all stablecoin value.
• Backing: fully backed by equivalent fiat-currency-denominated assets in segregated reserve accounts, redeemed one-for-one.
• Reserve custody: a portion held in the Circle Reserve Fund, a money market fund managed by BlackRock Advisors, LLC, subject to Rule 2a-7.

Source: DefiLlama, SEC EDGAR (Circle Internet Group Form 10-Q)

The two USDC figures are not the same number, and they should not be merged. DefiLlama recorded USDC on-chain supply at $74.89 billion, while Circle’s SEC filing reported $77.0 billion in circulation. The gap reflects two measurement points: a live on-chain aggregate captured on June 21, 2026, against an issuer-filed quarter-end figure from March 31, 2026. Different dates, different scopes, both correct.

On the gap: DefiLlama’s on-chain reading of USDC was $74.89 billion on June 21, 2026, while Circle’s SEC-filed circulation figure was $77.0 billion at quarter-end on March 31, 2026. The two diverge by date and scope, not by error.

Circle’s reserve structure is among the most documented in the category, a contrast we explore in our coverage of stablecoin issuer SEC disclosures.

Stablecoin Market Cap by Blockchain

Ethereum held the most stablecoin value of any blockchain at $157.09 billion, or 50.69% of all stablecoin supply, with Tron second at $89.90 billion, or 29.01%. Ethereum and Tron together held roughly 80% of all stablecoin value across tracked chains. Solana held $15.17 billion (4.89%), BNB Smart Chain held $14.22 billion (4.59%), and Hyperliquid L1 held $6.40 billion (2.07%). Base held $4.86 billion (1.57%), Arbitrum held $3.86 billion (1.25%), and Polygon held $3.39 billion (1.09%).

• Ethereum stablecoin value: $157.09 billion, a 50.69% share, the largest of any chain.
• Tron stablecoin value: $89.90 billion, a 29.01% share.
• Ethereum and Tron combined: roughly 80% of all stablecoin value.
• Solana stablecoin value: $15.17 billion, a 4.89% share.
• BNB Smart Chain stablecoin value: $14.22 billion, a 4.59% share.

The chain concentration mirrors the issuer concentration almost exactly, a finding that our stablecoin market share by chain data tracks in finer detail.

Stablecoin Market Cap Growth Over Time

The total stablecoin market cap was approximately $315.0 billion at the latest reading, per DefiLlama’s daily historical series.

• Mid-2026 total: roughly $315.0 billion (June 21, 2026).
• Mid-2025 total: $250.9 billion, a one-year gain near 25.5%.
• Mid-2024 total: $161.5 billion, the base for a two-year gain near 95%.
• Mid-2023 total: $128.4 billion, the low point in DefiLlama’s captured 2022-2026 series, recorded after the post-Terra contraction.
• Mid-2022 total: $154.6 billion, before the Terra UST collapse drove the contraction.

Key finding: DefiLlama’s daily series shows the stablecoin total falling from $154.6 billion in mid-2022 to $128.4 billion in mid-2023 after the Terra UST collapse, then nearly doubling to roughly $315.0 billion by mid-2026. Framing today’s market against that 2023 low, rather than from zero, shows a recovery and expansion rather than a straight-line rise.

Stablecoin Transaction Volume vs Market Cap

In that quarter, Circle reported USDC on-chain transaction volume of $21.5 trillion, an increase of 263% year over year. That volume ran against USDC circulation of $77.0 billion at quarter-end. The quarterly transaction volume was roughly 279 times the end-of-quarter supply. Velocity, not supply, is where the usage story lives. A coin can hold a flat market cap while the value moving across it multiplies, and the supply figure that dominates every roundup captures none of that motion.

• USDC on-chain transaction volume: $21.5 trillion in Q1 2026, up 263% year over year.
• USDC end-of-quarter circulation: $77.0 billion (March 31, 2026).
• Volume-to-supply ratio: roughly 279x for the quarter.
• Circle total revenue and reserve income: $694 million, up 20% year over year.
• Reserve income component: $652.5 million of the $694.1 million total.

Source: SEC EDGAR (Circle Internet Group Form 10-Q, quarter ended 2026-03-31)

Stablecoin Market Cap by Issuer Size Tier

The two largest stablecoins, USDT at $186.35 billion and USDC at $74.89 billion, sit far ahead of PayPal USD (PYUSD) at $2.77 billion and Ripple USD (RLUSD) at $1.63 billion. Sky Dollar (USDS) held $8.16 billion, Ethena USDe held $4.48 billion, and Dai (DAI) held $4.47 billion. The two largest coins alone supplied about 83.02% of the total stablecoin value.

• The two largest coins: USDT at $186.35 billion and USDC at $74.89 billion.
• Mid-size dollar coins: PYUSD at $2.77 billion, RLUSD at $1.63 billion.
• USDS supply: $8.16 billion.
• USDe supply: $4.48 billion.
• DAI supply: $4.47 billion.

Source: DefiLlama

The supply numbers show how lopsided the field is: the four largest dollar coins carry more than fifteen times the combined supply of the next three.

The Stablecoin Long Tail: USD1, USDe, BUIDL, USDG, PYUSD, RLUSD

Beyond the top two issuers, the stablecoin long tail included World Liberty Financial USD1 at $4.83 billion, Ethena USDe at $4.48 billion, and Dai (DAI) at $4.47 billion. Circle USYC held $3.07 billion, BlackRock BUIDL held $3.03 billion, Global Dollar USDG held $2.78 billion, and PayPal USD (PYUSD) held $2.77 billion. Ondo USDY held $2.15 billion, and Ripple USD (RLUSD) held $1.63 billion. These are the names competitors flatten into “and others,” yet they include tokenized treasury products from BlackRock and Ondo and payment coins from PayPal and Ripple.

• USD1 (World Liberty Financial): $4.83 billion.
• USDe (Ethena): $4.48 billion.
• DAI (Sky): $4.47 billion.
• USYC (Circle) and BUIDL (BlackRock): $3.07 billion and $3.03 billion.
• PYUSD (PayPal) and RLUSD (Ripple): $2.77 billion and $1.63 billion.

Source: DefiLlama

The spread of issuers here tracks the same institutional entry that shows up in crypto adoption by country data, where regulated entities increasingly issue dollar tokens directly.

Stablecoin Reserves and Regulation Under the GENIUS Act

The GENIUS Act, enacted on July 18, 2025, established the first comprehensive US Federal framework for payment stablecoins, with an effective date set at the earlier of 18 months after enactment or 120 days after primary Federal regulators issue final implementing rules. The OCC issued a Notice of Proposed Rulemaking requiring permitted payment stablecoin issuers to maintain identifiable reserves backing outstanding payment stablecoins on at least a one-to-one basis. The U.S. Treasury proposed a rule imposing anti-money-laundering and countering the financing of terrorism obligations on stablecoin issuers, including monthly attestations of reserve composition and monthly CEO and CFO certifications of those reports.

• GENIUS Act enacted: July 18, 2025, the first comprehensive US Federal payment-stablecoin framework.
• Effective date: the earlier of 18 months after enactment or 120 days after final rules.
• OCC reserve rule: at least 1:1 backing for permitted payment stablecoin issuers.
• Treasury rule: AML and CFT obligations on stablecoin issuers.
• Disclosure requirement: monthly reserve attestations plus CEO and CFO certifications.

Source: Office of the Comptroller of the Currency, U.S. Department of the Treasury

Why it matters: The OCC’s proposed 1:1 reserve floor and the Treasury’s monthly attestation and CEO and CFO certification requirements move stablecoin reserves from voluntary disclosure toward filed, certified reporting. For issuers like Circle that already document reserves in SEC filings, the bar rises; for smaller long-tail coins, the compliance cost may reshape who stays in the market.

The pattern we have documented across regulatory events holds here: a comprehensive framework follows a market that has already concentrated, and the disclosure burden lands hardest on the smaller issuers, least able to absorb it. The full mechanics sit in our explainer on the GENIUS Act stablecoin framework.

Are stablecoins fully backed?

The largest stablecoins state that they are fully backed, though backing models differ. Circle reported that USDC is fully backed by equivalent amounts of fiat-currency-denominated assets held in segregated reserve accounts and redeemed one-for-one, with a portion held in the BlackRock-managed Circle Reserve Fund. Under the new Federal regime, that claim is moving from voluntary to mandatory. The OCC’s proposed rule requires permitted payment stablecoin issuers to hold reserves on at least a one-to-one basis, and the Treasury would add monthly reserve attestations and officer certifications.

How fast is the stablecoin market growing?

The stablecoin market roughly doubled over two years. The total rose from $161.5 billion in mid-2024 to approximately $315.0 billion in mid-2026, with $250.9 billion recorded one year before that, per DefiLlama’s daily series. The most recent year added roughly a quarter to the total, building on a near-doubling across the prior two years. The total then climbed from $128.4 billion in mid-2023, the low point in DefiLlama’s captured 2022-2026 series, recorded after the post-Terra contraction.

Conclusion

The stablecoin market reached $314.68 billion across 382 coins, yet two issuers hold 83.02% of it. Two chains carry roughly 80% of all supply, with Ethereum at $157.09 billion and Tron at $89.90 billion, a concentration that matters as much as the issuer split. Circle’s $21.5 trillion in quarterly USDC transaction volume dwarfs the supply figure that headlines the category.

The next chapter belongs to disclosure. The GENIUS Act’s reserve regime and the OCC’s proposed 1:1 backing floor, plus the Treasury’s monthly attestation and certification rules, move issuer transparency from voluntary to filed and certified this year, raising the bar for the leaders and the cost of entry for the long tail alike.