How USDT, USDC, and the top 10 stablecoins have shifted their share of the total market.
As of September 13, 2026, Tether (USDT) held 60.6% of the stablecoin market and USDC 24.5%, a combined 85.1%; the remaining stablecoins made up 14.9%. USDT's share rose 0.2pp over the past 90 days.
Dominance is calculated as each coin's market cap as a percentage of total stablecoin market cap.
Stablecoin dominance measures how much of the total stablecoin market is represented by a single coin. It is calculated by dividing a stablecoin's market capitalization by the total market capitalization of all tracked stablecoins, then expressing the result as a percentage.
As of 13 September 2026, USDT dominance was 60.6%, while USDC dominance was 24.5%.
The denominator is important. This dataset counts the par-pegged stablecoin market and excludes yield-bearing tokens and tokenized commodities. Dominance therefore measures a coin's share of the stablecoin market itself, rather than its share of every token denominated in dollars.
Other stablecoin trackers may report lower USDT or USDC dominance if they include a broader range of dollar-linked assets. A larger denominator naturally reduces the market share attributed to the largest stablecoins.
USDT dominance shows how much of the stablecoin market is concentrated in a single issuer.
At 60.6% of total stablecoin supply, developments affecting USDT can affect a significant share of the market's available liquidity and settlement capacity.
Dominance is also useful for tracking competition between stablecoins. Looking only at supply can be misleading because the entire stablecoin market may be growing at the same time. A stablecoin can add billions of dollars in supply and still lose market share if its competitors are growing faster.
Market share removes that effect and shows whether a stablecoin is gaining or losing ground relative to the rest of the market.
Dominance is a measure of size, not quality or safety. A large market share does not tell you about reserve composition, redemption terms, liquidity, or peg stability. Those factors need to be measured separately.
Over the past 90 days, USDT's share of the stablecoin market changed by +0.2pp, while USDC's share changed by +0.2pp.
The USDT versus USDC dominance chart on this page shows the full historical relationship between the two stablecoins. That longer view matters because stablecoin market share often moves in cycles rather than following a straight trend.
Their combined market share is currently 85.1%.
The distinction between individual and combined dominance is useful. Market share moving from USDT to USDC changes which of the two largest issuers leads the market. Market share moving from both USDT and USDC toward smaller stablecoins changes the concentration of the market itself.
Other stablecoins currently account for 14.9% of total market share.
Combined USDT and USDC dominance shows how much of the stablecoin market is controlled by its two largest issuers.
Together, USDT and USDC currently represent 85.1% of the market, leaving 14.9% across all remaining stablecoins.
That makes the combined figure useful for understanding market structure. A shift in market share between USDT and USDC is primarily a competitive change. The same market remains concentrated in its two largest issuers, only the balance between them has moved.
A change in their combined share tells a different story. If the combined figure falls, smaller stablecoins are taking a larger share of the market. If it rises, stablecoin supply is becoming more concentrated in the two dominant issuers.
For that reason, the combined USDT and USDC share is often a better measure of long-term stablecoin market concentration than either coin's dominance on its own.
These shares as concentration measures The market shares shown here translated into concentration measures: HHI at both coin and issuer level, with the Theil index providing a broader measure of inequality across the distribution.
The aggregate these shares divide The aggregate supply that these shares divide. A given market share can represent very different absolute exposures as the overall market expands or contracts.
What sits beneath the shares What, precisely, sits beneath those shares: which instruments constitute base supply and which are representations, receipts or wrappers layered above it.
The revenue implications The revenue implications of the same market structure, viewed at issuer rather than coin level.
A second dimension of distribution A second dimension of distribution: not which stablecoin accounts for the supply, but the settlement environments across which that supply is held.
Definitions and coverage Definitions of the universe, the hierarchy of source authority and the coverage and reconciliation rules behind the dominance series.