Stablecoin market capitalization is the market value of a stablecoin's measured circulating supply, generally calculated as the relevant supply measure multiplied by the token's market price.
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 measures the market value of the selected token supply. Reserve value, redemption capacity, trading volume, liquidity, and represented claims are separate measures.
Market capitalization is widely used to compare stablecoin size and market share, but methodological differences in supply measurement can affect those comparisons.
A stablecoin with 10 billion units of measured circulating supply trading at $0.999 has a market capitalization of approximately $9.99 billion under the standard price-times-supply calculation.