Estimated annualized reserve income of stablecoin issuers, with a per-issuer breakdown. The indicator is calculated only for qualifying fiat-reserve issuers.
As of October 01, 2026, the $273.6B held by qualifying fiat-reserve issuers implied an estimated $10.18B in annualized reserve income at the 3.72% 3-month Treasury bill rate. Tether held 67.2% of the float.
Stablecoin issuers hold customer float in short-dated reserves, so their revenue is, to a first approximation, the market's supply multiplied by the front-end Treasury rate. This is a stated-assumption estimate, not reported revenue: it assumes the full float earns the 3-month bill rate and ignores reserve composition, operating costs and yield passed through to holders.
Supply grouped by issuing company at the 3-month T-bill rate of 3.72%. Estimates share every assumption stated above; issuers differ materially in reserve mix, rate pass-through and cost base.
| # | Issuer | Coins | Float (USD) | Est. Income / Year |
|---|---|---|---|---|
| 1 | Tether | USDT | $183.8B | $6.84B / yr |
| 2 | Circle | USDC | $74.1B | $2.76B / yr |
| 3 | Paxos | PYUSD, USDG, USDP | $5.96B | $0.22B / yr |
| 4 | World Liberty Financial | USD1 | $4.42B | $0.16B / yr |
| 5 | Ripple | RLUSD | $2.39B | $0.09B / yr |
| 6 | United Stables | U | $1.50B | $0.06B / yr |
| 7 | Archblock / TrueUSD | TUSD | $0.494B | $0.02B / yr |
| 8 | First Digital Trust | FDUSD | $0.325B | $0.01B / yr |
| 9 | Agora | AUSD | $0.219B | $0.01B / yr |
| 10 | Anchorage Digital | USAT | $0.183B | $0.01B / yr |
| 11 | Bridge | CASH | $0.130B | $0.00B / yr |
| 12 | Gemini | GUSD | $0.038B | $0.00B / yr |
| 13 | Other issuers | — | $0.034B | $0.00B / yr |
The estimate: annualized reserve income ≈ supply of qualifying fiat-reserve issuers × the 3-month US Treasury bill rate. A qualifying issuer holds fiat reserves for a USD-pegged, non-yield-bearing stablecoin; crypto-collateralized and synthetic designs are excluded ($31.5B of USD par supply). The rate is a monthly official series carried forward between releases, currently from 1 August 2026.
What it deliberately ignores: reserve composition (issuers hold mixes of bills, overnight repo, money-market funds, bank deposits and, in some cases, other assets), duration positioning, operating costs, and yield shared with distribution partners or passed to holders. Reported issuer revenue can sit meaningfully above or below this proxy; the value of the series is its consistency over time, not its precision for any one issuer.
Issuer grouping follows the platform's companies directory: each par-pegged coin maps to its issuing company, and smaller or unmapped issuers fold into "Other issuers". Full definitions in the methodology.
At the current 3-month US Treasury bill rate of 3.72%, the $273.6B held by qualifying fiat-reserve issuers generates an estimated $10.18B per year in reserve income. This is a stated-assumption estimate, it assumes the entire float earns the 3-month bill rate, not reported revenue.
Most fiat-backed stablecoins do not pay interest to holders, while the reserves backing them are invested in short-dated instruments such as Treasury bills and overnight repo. The spread between the front-end rate and the zero yield paid to holders is the core issuer business model, which makes issuer economics directly sensitive to the central-bank rate cycle.
The estimate scales linearly with the front-end rate: a one-percentage-point decline in the 3-month bill rate removes roughly one percentage point of annualized yield on the entire float, holding supply constant. Supply growth can offset rate compression, which is why the monitor charts both components separately.
No. It is a consistent proxy computed from public data: supply multiplied by the 3-month Treasury bill rate. Actual results differ with reserve composition, duration, operating costs and revenue-sharing agreements. The series is designed for tracking the trend in issuer economics, not for estimating any single company's financials.
The supply side of reserve income The float component of the estimate. When interest rates fall, supply growth becomes the principal lever issuers can influence to offset pressure on reserve income.
How concentrated reserve income is Reserve income largely follows the distribution of stablecoin supply. The issuer table above therefore describes the same market structure captured by the HHI.
Where claims and reserves sit A map of the claim hierarchy: which instruments form the base layer, where the reserves backing them are held, and which products are wrappers built on top.
How much yield reaches holders The other side of the spread: the portion of underlying returns that issuers and wrapper products pass through to holders rather than retain.
Stablecoin yields in context The same front-end interest-rate environment viewed from the saver’s perspective, comparing bank deposit rates with DeFi lending yields.
Methodology and reconciliation Definitions of the relevant universe, the hierarchy of source authority and the reconciliation checks underpinning the float and reserve-income series.