Total stablecoin par value outstanding, tracked daily alongside per-coin market caps for the top 12 stablecoins.
As of September 13, 2026, the total stablecoin market stood at $303.0B, having contracted 1.9% over the past 90 days. USDT accounted for $183.5B and USDC $74.2B.
Total stablecoin market capitalization is the combined value of all par-pegged stablecoins in circulation.
The measure covers stablecoins designed to maintain parity with a reference currency and values them at market prices. It excludes yield-bearing wrappers, tokenized commodities and claims on securities.
Unlike a conventional price index, changes in stablecoin market capitalization primarily reflect flows. Supply expands when users mint coins against new deposits and contracts when they redeem them. The total can therefore be read as a measure of demand for on-chain money: it moves principally with issuance and redemption rather than with asset-price appreciation.
Total stablecoin market cap is calculated by adding up the outstanding par value of every fiat-pegged stablecoin in the dataset. The series is compiled once per day using on-chain issuance records.
A stablecoin qualifies as par-pegged when its median market price remains within 2.5% of the fiat currency it is designed to track. US dollar stablecoins are measured against $1. Stablecoins pegged to other fiat currencies are valued against their respective pegs, then converted into US dollars using official ECB exchange rates.
The charted supply series is based on par value rather than market price. The headline stablecoin market cap shown on this page is calculated separately using market prices. The two figures are reconciled daily and normally differ by only a fraction of a percent.
As of 13 September 2026, total stablecoin market cap stood at $303.0B.
The dataset includes fiat-pegged stablecoins that maintain their peg, regardless of the fiat currency they track. Stablecoins pegged to currencies other than the US dollar are converted into dollars using official exchange rates.
The total excludes tokenized commodities such as gold-backed tokens, cryptocurrencies or tokens pegged to assets other than fiat currencies, and yield-bearing tokens whose unit value is designed to rise over time rather than remain at par.
Bridged and wrapped versions of stablecoins are also excluded when the underlying stablecoin is already counted. This prevents the same economic supply from being counted twice.
Eligibility is determined using the price test described above. Once a stablecoin's classification has been established for a historical period, it is frozen. A later change in status cannot retroactively alter figures that have already been published.
Stablecoin market cap can differ between trackers because providers use different definitions, historical methods, and valuation rules.
The first difference is what gets counted. This dataset excludes yield-bearing tokens and tokenized commodities, while some other stablecoin trackers include them. That difference alone can account for billions of dollars.
The second is how historical stablecoin supply is constructed. Coins that later shut down or disappear remain in the historical data for the periods in which they existed. The series is not rebuilt using only the stablecoins that survive today. This avoids making older market totals look artificially larger or cleaner in hindsight.
The third difference is valuation and timing. The charted series measures outstanding stablecoin supply at par using issuance records and is compiled once per day. Other trackers may instead show a live or rolling market-cap figure based on current exchange prices.
Differences of a fraction of a percent are normal. A much larger gap usually means the trackers are using different rules for which assets qualify as stablecoins.
Total stablecoin supply rises and falls mainly because of issuance and redemptions.
When issuers mint new stablecoins against fiat currency received, the amount of stablecoin value outstanding increases. When holders redeem stablecoins and those tokens are removed from circulation, the total falls.
That makes the charted series a measure of net stablecoin issuance rather than trading activity.
Market price movements do not directly change the charted supply. If a stablecoin trades slightly above or below its peg, the market-priced headline figure may move marginally, but its recorded par-value supply does not.
Over the last 90 days, total stablecoin market cap changed by -1.9%, equivalent to -$6.0B in dollar terms.
No. Stablecoin market cap and stablecoin trading volume measure different things.
Market cap measures the total stock of stablecoin value currently outstanding. Trading volume measures how much stablecoin changed hands over a given period, usually 24 hours.
A stablecoin can have a relatively small market cap but very high trading volume if its tokens are traded frequently. Another can have a large amount in circulation but relatively little daily turnover.
Both metrics are shown on this page. The stablecoin market-cap charts show the stock of value outstanding, while the volume charts show the flow of trading activity.
USDT is the largest stablecoin by market cap, at $183.5B as of 13 September 2026.
USDC is the second-largest stablecoin, at $74.2B.
The ranking chart on this page shows the current top 10 stablecoins by market cap. The historical charts show how the gap between USDT and USDC has changed over time.
How total stablecoin supply is divided How total stablecoin supply is divided among individual coins, and how those market shares have changed over time.
The same distribution as a concentration score The same distribution expressed as concentration measures, calculated at both coin and issuer level.
The claim layers above base supply The additional claim layers built on top of base stablecoin supply. These series are compiled from a different source class and cover a narrower universe than the headline market total, so their levels differ by construction.
What the float could earn An estimate of what stablecoin float could earn at the front end of the US Treasury curve, based on stated assumptions rather than reported issuer revenue.
Where the supply sits across chains Where stablecoin supply sits across different settlement environments, and how evenly that supply is distributed among them.
Definitions and reconciliation Definitions of the underlying universes, the hierarchy of source authority and the reconciliation checks applied to the supply series.