Issuer Reserve Income Monitor
· Updated daily
As of August 16, 2026, the $299.5B USD par pegged float implied an estimated $11.17B in annualized reserve income at the 3.73% 3-month Treasury bill rate. Tether held 61.1% 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. At the current 3-month US Treasury bill rate of 3.73%, the $299.5B USD par-pegged float generates an estimated $11.17B in annualised reserve income across all issuers. 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.
Estimated Income Run-Rate Over Time
Daily estimate: USD par-pegged supply × 3-month T-bill rate, annualised. The series moves with both supply growth and the rate cycle — a rate cut compresses issuer economics even when supply keeps growing.
The Two Components
USD par-pegged float (left axis) and the 3-month Treasury bill rate (right axis). The income estimate above is the product of these two series.
Supply grouped by issuing company at the 3-month T-bill rate of 3.73%. 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 | $183.0B | $6.83B / yr |
| 2 | Circle | USDC | $71.8B | $2.68B / yr |
| 3 | Sky Protocol | DAI, USDS | $14.5B | $0.54B / yr |
| 4 | Paxos | PYUSD, USDG, USDP | $6.3B | $0.23B / yr |
| 5 | World Liberty Financial | USD1 | $4.0B | $0.15B / yr |
| 6 | Ethena | USDE | $4.0B | $0.15B / yr |
| 7 | Ripple | RLUSD | $1.7B | $0.06B / yr |
| 8 | TRON DAO | USDD | $1.6B | $0.06B / yr |
| 9 | Falcon Finance | USDB, USDF | $1.5B | $0.05B / yr |
| 10 | Aave | ASONUSDC, GHO | $0.7B | $0.03B / yr |
| 11 | Figure | YLDS | $0.7B | $0.03B / yr |
| 12 | Usual Protocol | USD0 | $0.6B | $0.02B / yr |
| 13 | Other issuers | — | $9.2B | $0.34B / yr |
The estimate: annualised reserve income ≈ USD par-pegged supply × the 3-month US Treasury bill rate. Supply is the USD par-pegged float on the same universe definition as the platform's headline figure (excluding yield-bearing wrappers, tokenized commodities and non-USD pegs), compiled from this page's own daily series, so it can differ from the headline total by a fraction of a percent; the rate is a monthly official series carried forward between releases.
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.
Cite as: Stablecoin Beat Research, “Stablecoin issuer reserve income monitor,” stablecoinbeat.com/charts/reserve-income/, retrieved August 16, 2026.