Stablecoin Market Capitalization

For a stablecoin trading close to one unit of its reference currency, market capitalization is usually close to the nominal value of the measured circulating supply. It diverges when the token trades away from par. Reported market capitalization also inherits the measurement choices used for supply. StablecoinBeat therefore applies its own supply and representation rules where its published statistics distinguish native liabilities from bridges and wrappers.

Market capitalization is widely used to compare stablecoin size and market share, but methodological differences in supply measurement can affect those comparisons.