Stablecoin market cap by issuer
Aggregate supply by issuer, USD billions, 2024 → 2026.
About this data
Total stablecoin supply reached a record ~$320B+ by 2026, led by Tether (USDT) with Circle (USDC) a distant second and a long tail of smaller issuers. The stacked area shows issuer concentration alongside the overall growth of the asset class.
Aggregate stablecoin supply by issuer, USD billions.
View data & sources →Data table
| usdc | usdt | others | series | quarter | source_ref | value_basis |
|---|---|---|---|---|---|---|
| 44 | 140 | 16 | market_cap | 2024-Q4 | defillama-stables | Total ~$200B end-2024 (DefiLlama/CoinGecko); USDT ~$140B, USDC ~$44B, others by deduction |
| 73 | 175 | 36 | market_cap | 2025-Q3 | coingecko-stables | Total ~$284B Sep 2025 (record); USDT ~$175B, USDC ~$73B, others by deduction |
| 78 | 188 | 57 | market_cap | 2026-Q2 | defillama-stables | Topics_Content/07_New_Trending_Topics_2026.md §1.5 — total ~$323B May 2026; USDT ~$188B, USDC ~$78B, others by deduction |
Methodology & sources
Last updated: Jul 17, 2026Methodology
Source-backed values are seeded for all five charts: stablecoin market cap by issuer (2024 → 2026), issuer share over time, annual transfer volume vs card networks, the GENIUS Act compliance timeline, and reserve composition by issuer. Every numeric point carries a sources[].ref and a value_basis. Totals are from DefiLlama and CoinGecko; per-issuer figures from issuer data, with the "others" bucket by deduction (labeled). Reserve splits are from Tether’s BDO attestation and Circle’s reserve disclosures. CAVEAT: 2024 transfer volume (~$27.6T) exceeds Visa+Mastercard, but ~70% of stablecoin volume is bot/exchange activity rather than organic payments — noted on the chart’s value_basis. The GENIUS timeline is shown as days from 2026-06-16; each milestone’s absolute date is in its value_basis. Re-verified 2026-06-15.
Sources
- DefiLlama — Stablecoins ↗ Open access
- CoinGecko — State of Stablecoins ↗ Public report
Comparisons are informative, not definitive. See each source for definitions and limits.