What is Stablecoin Beat?

Stablecoin Beat is a market intelligence publication covering the stablecoin ecosystem. It publishes daily market cap data, on-chain flow signals, depeg alerts, and editorial analysis of stablecoin markets, policy, and infrastructure.

Which stablecoins does Stablecoin Beat track?

Stablecoin Beat tracks over 300 stablecoins by market capitalisation, including USDT (Tether), USDC (Circle), DAI, USDe (Ethena), FDUSD, PYUSD, RLUSD, and all other USD-pegged and algorithmic stablecoins with meaningful market cap.

How often is stablecoin data updated?

Market cap and price data are updated daily at 15:00 UTC from CoinGecko and on-chain sources. The signals feed is refreshed five times daily. Weekly editorial recaps are published every Monday.

What is stablecoin market dominance?

Stablecoin market dominance measures the percentage of total stablecoin market capitalisation held by a single issuer. USDT dominance above 60% indicates Tether controls the majority of stablecoin supply. Shifts in dominance signal capital flows between issuers, often tied to regulatory developments, yield differentials, or chain-level adoption trends.

What is a stablecoin depeg?

A stablecoin depeg occurs when a dollar-pegged stablecoin trades materially above or below $1.00. Stablecoin Beat monitors all major USD-pegged stablecoins and flags any instance where price moves outside a ±1.5% band as a depeg event, which may signal reserve stress, liquidity pressure, or loss of market confidence.

What is the difference between USDT and USDC?

USDT (Tether) and USDC (Circle) are the two largest dollar-backed stablecoins. USDT holds approximately 62% of total stablecoin market cap and dominates trading volume on centralised exchanges, particularly in emerging markets. USDC is more widely used in DeFi protocols and institutional settlement. USDC publishes monthly reserve attestations; Tether publishes quarterly reports.

Abstract visualization of autonomous AI agents transacting across machine-native digital markets via stablecoin rails and pay-per-use API access

Insights

AI Agents, Micropayments, and Stablecoin Rails

Éléonore Picard· May 17, 2026 ·24 min read

Agentic commerce compresses several payment markets into one label. For assisted retail shopping, card networks already provide consumer protections that stablecoin settlement does not replicate. The stronger case for stablecoins is narrower: autonomous digital procurement, where bounded agents buy small units of API access, data, or compute from suppliers discovered at runtime. In that machine-native market, x402-style handshakes, AP2 mandates, and stablecoin rails address different layers of the same problem.

Institutional Stablecoin Market Intelligence

The global stablecoin market totals $327.4B as of 2026-05-28, led by USDT (Tether) at 57.8% dominance and USDC (Circle) at 23.3%. Stablecoin Beat tracks 267+ stablecoins — including USDT, USDC, DAI, USDe, FDUSD, PYUSD, and RLUSD — publishing structural indicators: market concentration (Herfindahl–Hirschman Index), peg stability scores, velocity index, redemption pressure, DeFi yield spread vs T-bill, and cross-chain fragmentation. Sources: on-chain blockchain data; Federal Reserve, ECB, Bank of Japan, Bank of England; CoinGecko, DefiLlama, Yahoo Finance, among others. Signals updated continuously.

Market Indicators

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Market Concentration (HHI) 3907 Highly Concentrated Avg Peg Stability Score 98/100 Stable Market Velocity Index 0.273× Payment / Settlement Supply Shock Index 0.001 Demand Absorbing 30-Day Net Flow +1.8B Net Inflow Liquidity Depth Score 13504.12 Leader: USDT USDT↔USDC Correlation -0.06 Diverging USDC Market Beta 0.46 Defensive PCA — PC1 Variance — Systematic factor Granger Causality No Signal USDT vs USDC

Recent Analysis

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Abstract visualization of BIS monetary architecture debate showing stablecoin market concentration and regulatory fragmentation across global financial systems

Insights

BIS vs Stablecoins: The Fragmentation Debate Is Back

Apr 29, 2026 ·25 min

BIS General Manager Pablo Hernández de Cos called global stablecoin cooperation critically important in April 2026. The data tells a more specific story. At $325.4 billion and an HHI of 3,995, the stablecoin market is dominated by two issuers, not dispersed across hundreds. The fragmentation that matters is legal and operational: inconsistent reserve standards, uneven redemption rights, and jurisdiction shopping across frameworks that do not yet talk to each other.

Abstract visualization of DeFi lending stress with liquidity pools at maximum utilization and cross-chain collateral failure cascading through stablecoin markets

Insights

Aave Bad Debt Crisis: How the Kelp DAO Exploit Hit Stablecoin Liquidity

Apr 28, 2026 ·22 min

On April 18, 2026, attackers exploited a bridge misconfiguration in Kelp DAO's rsETH and deposited unbacked tokens into Aave as collateral. They borrowed roughly $190 million in real assets. Aave's stablecoin pools hit 100% utilization. The protocol modeled up to $230 million in bad debt. Aave's contracts worked as designed. The loss came from collateral carrying bridge risk the system had no mechanism to detect.

Weekly Recap

May 18–25, 2026

USDC experienced a $0.537 billion outflow.

The total stablecoin market cap began the week at $328.72 billion and ended at $328.55 billion, a slight decrease of $0.18 billion or 0.05%. During the same week, the EU opened a consultation on MiCA

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Market Data

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Total Market Cap — 30-day trend View tracker → USDT Dominance — Share of total stablecoin supply View tracker → Live Tracker 300+ Stablecoins ranked by market cap Open tracker →

About Stablecoin Beat

What is Stablecoin Beat?: Stablecoin Beat is a market intelligence platform tracking the stablecoin ecosystem. It publishes daily data on 267+ stablecoins totalling $327.4B in market cap, plus on-chain flow signals, peg stability scores, and editorial analysis of stablecoin markets, policy, and infrastructure.
What is the total stablecoin market cap?: The total stablecoin market cap is $327.4B as of 2026-05-28. Tether (USDT) holds 57.8% dominance. Data is updated daily from CoinGecko.
Which stablecoins does Stablecoin Beat track?: Stablecoin Beat tracks 267+ stablecoins by market capitalisation, including USDT (Tether), USDC (Circle), DAI, USDe (Ethena), FDUSD, PYUSD, RLUSD, and all other USD-pegged and algorithmic stablecoins with meaningful market cap. Data sourced from CoinGecko and DefiLlama, updated daily at 15:00 UTC.
How often is stablecoin data updated?: Market cap and price data are updated daily at 15:00 UTC from CoinGecko. The signals feed is refreshed five times daily. Weekly editorial recaps are published every Monday.
What is stablecoin market dominance?: Stablecoin market dominance measures the percentage of total stablecoin market cap held by a single issuer. USDT currently holds 57.8% dominance. Shifts in dominance signal capital flows between issuers, often tied to regulatory developments, yield differentials, or chain-level adoption trends.
What is a stablecoin depeg?: A stablecoin depeg occurs when a dollar-pegged stablecoin trades materially above or below $1.00. Stablecoin Beat monitors all major USD-pegged stablecoins and flags any instance where price moves outside a ±0.5% band as a depeg event, which may signal reserve stress, liquidity pressure, or loss of market confidence.