Structure · Issuers

Two issuers hold 82.8% of the stablecoin supply behind Onchain Dollar Share.

Every dollar counted in Onchain Dollar Share was issued by someone. The latest frozen Daily Tape record shows who issued the supply, how concentrated it was, and which issuers contributed to the latest movement. The figures stay fixed with that record.

Read from the 12 August 2026 record

Most recent published record carrying an issuer breakdown.

Canonical record 12 August 2026 compared with 11 August 2026 254 issuers Canonical

Concentration

Measured across all 254 issuers in the record

  • Largest issuer 59.4% Tether’s share of tracked supply
  • Top two combined 82.8% The two largest issuers together
  • Issuer HHI 4,094 Sum of every issuer’s squared percentage share. Higher means more concentrated; 10,000 would be a single issuer.
  • Effective issuers 2.44 How many equally sized issuers would produce this concentration. Far below the raw count when a few issuers dominate.

At this record, USD stablecoin supply was 1.33% of US M2, or $1 of stablecoins for every $75 of US M2.

Contribution to the latest movement

Between 11 August 2026 and 12 August 2026

This compares each issuer’s supply in the two frozen records named above. The differences are observations, not events, and no significance is claimed. Both columns use the same scale, set by the largest change in either direction, so expansions and contractions can be compared directly.

  • Issuers expanded87of 255 compared
  • Issuers contracted135of 255 compared
  • Unchanged33no recorded difference
  • Net across issuers+$933.5Msum of every issuer’s change

1 issuer entered the record on this date. An entering issuer’s contribution is its entire supply, so no percentage change is shown for it.

1 issuer left the record and so holds no share in the composition below.

Largest expansions

  • Tether expanded by +$850.8M
  • Magic Internet Moneynew expanded by +$29.3M
  • PayPal expanded by +$23.4M
  • Ethena expanded by +$21.1M
  • rwaUSDi expanded by +$18.2M
  • Ripple expanded by +$15.5M
  • BlackRock USD expanded by +$15.5M
  • Sky expanded by +$13.2M

Largest contractions

  • Circle contracted by −$25.3M
  • MakerDAO contracted by −$22.2M
  • Defi.moneyexited contracted by −$14.0M
  • Ondo U.S. Dollar Token contracted by −$11.3M
  • YLDS contracted by −$8.9M
  • Ondo contracted by −$5.5M
  • StandX DUSD contracted by −$5.1M
  • AP USDA contracted by −$2.7M

Composition

Supply and share at 12 August 2026

The 12 largest issuers by supply, with the remainder stated explicitly. Shares are of $307.78B tracked supply.
#IssuerSupplyShareShare bar
1 Tether $182.82B 59.40%
2 Circle $72.16B 23.45%
3 Sky $6.67B 2.17%
4 MakerDAO $4.78B 1.55%
5 World Liberty Financial USD $4.03B 1.31%
6 Ethena $3.95B 1.28%
7 Global Dollar $3.42B 1.11%
8 Circle USYC $3.41B 1.11%
9 PayPal $2.78B 0.90%
10 BlackRock USD $2.72B 0.89%
11 Ondo $2.44B 0.79%
12 Ripple $1.57B 0.51%
Remaining 242 issuers $17.02B 5.53%
Complete issuer directory — all 254 issuers

Every issuer in the 12 August 2026 record, largest first. Shares are shown to three decimal places because most issuers hold well under a tenth of a percent.

#IssuerSupplyShare
1 Tether $182.82B 59.399%
2 Circle $72.16B 23.446%
3 Sky $6.67B 2.166%
4 MakerDAO $4.78B 1.552%
5 World Liberty Financial USD $4.03B 1.311%
6 Ethena $3.95B 1.282%
7 Global Dollar $3.42B 1.112%
8 Circle USYC $3.41B 1.107%
9 PayPal $2.78B 0.903%
10 BlackRock USD $2.72B 0.885%
11 Ondo $2.44B 0.793%
12 Ripple $1.57B 0.511%
13 Tron DAO $1.51B 0.489%
14 United Stables $1.22B 0.397%
15 Falcon USD $1.17B 0.380%
16 USDGO $1.16B 0.377%
17 Aave $696.7M 0.226%
18 YLDS $656.9M 0.213%
19 Usual USD $550.0M 0.179%
20 Solstice USX $505.8M 0.164%
21 TrustToken $480.8M 0.156%
22 Polymarket USD $459.7M 0.149%
23 Neutrino USD $408.9M 0.133%
24 Ethena USDtb $400.6M 0.130%
25 rwaUSDi $368.8M 0.120%
26 First Digital $349.7M 0.114%
27 Gate USD $318.7M 0.104%
28 SoFiUSD $311.1M 0.101%
29 apxUSD $289.2M 0.094%
30 M by M0 $282.4M 0.092%
31 Binance Peg BUSD $232.4M 0.076%
32 Agora Dollar $231.8M 0.075%
33 Curve $230.0M 0.075%
34 Re Protocol reUSD $193.3M 0.063%
35 HUSD $192.3M 0.062%
36 USAT $184.8M 0.060%
37 USD.AI $173.2M 0.056%
38 flexUSD $166.2M 0.054%
39 River Stablecoin $157.8M 0.051%
40 Frax $155.8M 0.051%
41 Mustang Finance $154.3M 0.050%
42 Avalon USDa $147.9M 0.048%
43 Avant USD $125.7M 0.041%
44 CASH $122.3M 0.040%
45 Valtorum USD $114.0M 0.037%
46 Astherus $113.0M 0.037%
47 CFX MoveUSD $113.0M 0.037%
48 Frax USD $105.8M 0.034%
49 Dola $100.3M 0.033%
50 Unity USD $99.8M 0.032%
51 US Permissionless Dollar $98.9M 0.032%
52 Saturn Dollar $95.4M 0.031%
53 Cap cUSD $93.1M 0.030%
54 AP USDA $81.2M 0.026%
55 Cygnus Finance Global USD $75.5M 0.025%
56 Lista $74.8M 0.024%
57 Sui Dollar $73.2M 0.024%
58 MNEE USD $72.8M 0.024%
59 sUSD $69.8M 0.023%
60 Ondo U.S. Dollar Token $66.5M 0.022%
61 USP Stablecoin $65.4M 0.021%
62 fxUSD $64.1M 0.021%
63 Tori trUSD $62.5M 0.020%
64 StandX DUSD $60.6M 0.020%
65 Neutrl USD $53.5M 0.017%
66 Mountain Protocol $53.0M 0.017%
67 Unitas $52.9M 0.017%
68 Yuzu USD $50.4M 0.016%
69 USDKG $50.0M 0.016%
70 JupUSD $49.4M 0.016%
71 Fidelity Digital Dollar $49.0M 0.016%
72 infiniFi USD $47.9M 0.016%
73 StraitsX XUSD $45.1M 0.015%
74 Gemini Dollar $39.8M 0.013%
75 pmUSD $39.7M 0.013%
76 Resupply USD $39.5M 0.013%
77 Paxos $36.5M 0.012%
78 Aegis YUSD $35.7M 0.012%
79 PathUSD $35.4M 0.012%
80 Noon USN $34.9M 0.011%
81 Binance USD $34.3M 0.011%
82 Bean $33.4M 0.011%
83 USDX Money $31.8M 0.010%
84 Mezo USD $30.7M 0.010%
85 Universal USD $30.7M 0.010%
86 Liquity BOLD $30.2M 0.010%
87 Magic Internet Money $29.3M 0.010%
88 SoulPeg USD $28.0M 0.009%
89 Liquity $27.9M 0.009%
90 Zoth ZeUSD $27.6M 0.009%
91 Gyroscope GYD $26.5M 0.009%
92 OpenDollar USDO $25.9M 0.008%
93 Metamask USD $25.9M 0.008%
94 Bucket Protocol BUCK Stablecoin $25.9M 0.008%
95 Electronic USD $22.7M 0.007%
96 YU $22.5M 0.007%
97 XSY UTY $21.0M 0.007%
98 dForce USD $20.8M 0.007%
99 GAIB AID $20.2M 0.007%
100 Metronome Synth USD $19.6M 0.006%
101 Fantom USD $18.9M 0.006%
102 TOR $17.1M 0.006%
103 Mu Digital AZND $16.3M 0.005%
104 Hylo HYUSD $13.4M 0.004%
105 eSui Dollar $13.1M 0.004%
106 Stable Mint USD $12.4M 0.004%
107 USD CoinVertible $12.4M 0.004%
108 Blast $12.2M 0.004%
109 YUSD Stablecoin $11.7M 0.004%
110 Hydrated Dollar $11.4M 0.004%
111 Felix feUSD $11.3M 0.004%
112 R $10.7M 0.003%
113 Pinto $10.6M 0.003%
114 Saga Dollar $10.4M 0.003%
115 Western Union USDPT $10.1M 0.003%
116 Telcoin eUSD $10.1M 0.003%
117 USDH Stablecoin $9.8M 0.003%
118 Real USD $9.3M 0.003%
119 Alchemix USD $9.2M 0.003%
120 USP $9.1M 0.003%
121 Lift Dollar $9.0M 0.003%
122 Royal Dollar $9.0M 0.003%
123 Quantoz USDQ $8.1M 0.003%
124 Honey $7.8M 0.003%
125 Main Street USD $7.7M 0.003%
126 NXUSD $7.7M 0.003%
127 Anzen USDz $7.7M 0.002%
128 USBD $7.5M 0.002%
129 Citrea USD $6.8M 0.002%
130 Origin Dollar $6.2M 0.002%
131 Cod3x USD $6.1M 0.002%
132 HomeCoin $6.1M 0.002%
133 Bitcoin USD $5.6M 0.002%
134 Youves uUSD $5.4M 0.002%
135 USDST $4.9M 0.002%
136 XAI $4.9M 0.002%
137 Startale USD $4.8M 0.002%
138 Plume USD $4.7M 0.002%
139 Anzens USDA $4.4M 0.001%
140 Stable Coin $4.4M 0.001%
141 Flying Tulip USD $4.4M 0.001%
142 Parrot USD $4.2M 0.001%
143 Fei USD $3.9M 0.001%
144 Palm USD $3.5M 0.001%
145 mStable USD $3.2M 0.001%
146 Web 3 Dollar $3.0M 0.001%
147 DigitalDollar $3.0M 0.001%
148 Noble Dollar $2.9M 0.001%
149 Dollar on Chain $2.9M 0.001%
150 aUSD Seed $2.7M 0.001%
151 Initia iUSD $2.3M 0.001%
152 RIF US Dollar $2.3M 0.001%
153 Nexus USD $2.2M 0.001%
154 Nerona USD $2.2M 0.001%
155 Synnax Stablecoin $2.2M 0.001%
156 Djed StableCoin $2.1M 0.001%
157 US Sonic Dollar $2.1M 0.001%
158 Hermetica USDh $2.0M 0.001%
159 XUSD $1.9M 0.001%
160 Hyperbeat USD $1.8M 0.001%
161 Vai $1.8M 0.001%
162 Sovryn Dollar $1.7M 0.001%
163 Streamflow USD+ $1.6M 0.001%
164 Interest Protocol $1.5M 0.000%
165 iUSD $1.5M 0.000%
166 Solomon USDv $1.5M 0.000%
167 The Fedz FUSD $1.4M 0.000%
168 USDW $1.4M 0.000%
169 USD Somnia $1.4M 0.000%
170 USN $1.4M 0.000%
171 dTRINITY USD $1.4M 0.000%
172 Liquid Loans USDL $1.3M 0.000%
173 Note $1.2M 0.000%
174 StablR USD $1.2M 0.000%
175 zkUSD Dollar $1.2M 0.000%
176 USDH $1.1M 0.000%
177 Glo Dollar $1.1M 0.000%
178 USK $1.1M 0.000%
179 FinChain Dollar $939K 0.000%
180 Solayer USD $927K 0.000%
181 Czodiac USD $919K 0.000%
182 Meme Dollar $913K 0.000%
183 Balanced Dollars $912K 0.000%
184 Alto DUSD $910K 0.000%
185 Angle USDA $853K 0.000%
186 Pareto USP $763K 0.000%
187 ZUSD $710K 0.000%
188 Elara USD $658K 0.000%
189 Rings scUSD $657K 0.000%
190 Pleasing USD $644K 0.000%
191 SMARDEX USDN $629K 0.000%
192 Worldwide USD $610K 0.000%
193 eUSD (V2) $603K 0.000%
194 Overnight USD+ $558K 0.000%
195 Threshold USD $540K 0.000%
196 PXDC Stablecoin $535K 0.000%
197 Level USD $511K 0.000%
198 Good Game US Dollar $495K 0.000%
199 Lets Get HAI $488K 0.000%
200 Kolibri USD $479K 0.000%
201 Fathom Dollar $478K 0.000%
202 USDK $468K 0.000%
203 WEUSD $465K 0.000%
204 mantraUSD $434K 0.000%
205 3USD $432K 0.000%
206 Stable Jack aUSD $426K 0.000%
207 Sigma Money bnbUSD $412K 0.000%
208 Bread $409K 0.000%
209 Verified USD $387K 0.000%
210 Reservoir Stablecoin $349K 0.000%
211 Nectar $341K 0.000%
212 GRAI $306K 0.000%
213 Zunami USD $303K 0.000%
214 UXD Stablecoin $298K 0.000%
215 Opus CASH $290K 0.000%
216 Asymmetry USDaf V2 $280K 0.000%
217 rUSD $259K 0.000%
218 bitSmiley USD $253K 0.000%
219 mkUSD $246K 0.000%
220 USDT+ $239K 0.000%
221 BAI Stablecoin $229K 0.000%
222 USDCB $225K 0.000%
223 Delpho USDV $216K 0.000%
224 Inter Stable Token $211K 0.000%
225 Legacy BOLD $206K 0.000%
226 Reserve $201K 0.000%
227 STBL $200K 0.000%
228 SigmaUSD $188K 0.000%
229 iAUSD $186K 0.000%
230 USDLemma $175K 0.000%
231 Savvy USD $174K 0.000%
232 USDFC $152K 0.000%
233 Quill USD $132K 0.000%
234 USE $131K 0.000%
235 USDtez $116K 0.000%
236 Davos Protocol $116K 0.000%
237 Last USD $115K 0.000%
238 High Yield USD $112K 0.000%
239 invUSD Stablecoin $99K 0.000%
240 peg-eUSD $95K 0.000%
241 Orby USC $94K 0.000%
242 eUSD $93K 0.000%
243 Magma Wen $83K 0.000%
244 Phoenix USD $83K 0.000%
245 arUSD $78K 0.000%
246 Vesta Stable $75K 0.000%
247 HYDT $75K 0.000%
248 Stabl.fi Cash $70K 0.000%
249 Mynth MyUSD $69K 0.000%
250 Resolv USD $65K 0.000%
251 USDU Finance $58K 0.000%
252 HEX Dollar Coin $56K 0.000%
253 Coinshift $55K 0.000%
254 Ethos Reserve Note $51K 0.000%

Concentration over time

20 June 2026 to 12 August 2026 · 52 canonical records

Across all canonical records with an issuer breakdown, the combined share of the two largest issuers has fallen from 83.0% to 82.8%.

81.8%82.8%83.9%
Focus or hover a point to read its record.
Concentration by record — all 52 values
RecordTop twoHHIEffective issuers
20 June 2026 83.03% 4,091 2.44
23 June 2026 82.87% 4,082 2.45
24 June 2026 82.84% 4,085 2.45
25 June 2026 82.89% 4,095 2.44
26 June 2026 82.83% 4,083 2.45
27 June 2026 82.66% 4,063 2.46
28 June 2026 82.65% 4,063 2.46
29 June 2026 82.67% 4,067 2.46
30 June 2026 82.75% 4,073 2.46
1 July 2026 82.81% 4,081 2.45
2 July 2026 82.92% 4,095 2.44
3 July 2026 82.86% 4,087 2.45
4 July 2026 82.82% 4,087 2.45
5 July 2026 82.83% 4,089 2.45
6 July 2026 82.77% 4,084 2.45
7 July 2026 82.63% 4,066 2.46
8 July 2026 82.42% 4,036 2.48
9 July 2026 82.67% 4,061 2.46
10 July 2026 82.80% 4,079 2.45
11 July 2026 82.64% 4,063 2.46
12 July 2026 82.67% 4,065 2.46
13 July 2026 82.67% 4,067 2.46
14 July 2026 83.21% 4,124 2.42
15 July 2026 83.15% 4,117 2.43
16 July 2026 83.06% 4,103 2.44
17 July 2026 83.04% 4,102 2.44
18 July 2026 83.23% 4,119 2.43
19 July 2026 83.19% 4,115 2.43
20 July 2026 83.01% 4,101 2.44
21 July 2026 83.29% 4,127 2.42
22 July 2026 83.14% 4,113 2.43
23 July 2026 83.12% 4,094 2.44
24 July 2026 83.11% 4,101 2.44
25 July 2026 83.10% 4,103 2.44
26 July 2026 83.10% 4,105 2.44
27 July 2026 83.09% 4,104 2.44
28 July 2026 83.07% 4,117 2.43
29 July 2026 83.07% 4,120 2.43
30 July 2026 83.07% 4,122 2.43
31 July 2026 83.03% 4,118 2.43
1 August 2026 83.03% 4,117 2.43
2 August 2026 83.03% 4,116 2.43
3 August 2026 83.04% 4,118 2.43
4 August 2026 83.01% 4,110 2.43
5 August 2026 82.97% 4,110 2.43
6 August 2026 82.78% 4,097 2.44
7 August 2026 82.79% 4,094 2.44
8 August 2026 82.95% 4,105 2.44
9 August 2026 83.05% 4,114 2.43
10 August 2026 82.94% 4,104 2.44
11 August 2026 82.83% 4,087 2.45
12 August 2026 82.85% 4,094 2.44

Source ledger and provenance

Read from the frozen record. Never recomputed from live data.

Issuer supply DeFiLlama $307.78B

Circulating supply per issuer at the record’s official cutoff, across 254 issuers in the benchmark-usd universe.

Benchmark denominator FRED M2SL 1.33% of U.S. M2

Issuer supply above composes the Onchain Dollar Share numerator. US M2 as of 2026-06-01 is its denominator, giving $1 of stablecoins for every $75 of US M2.

Issuer supply summed$307.78B
Record total supply$307.78B
Residual−$3.7M (-0.119 bps)
Tolerance$9.2M
ReconciliationWithin tolerance

The residual is the difference between the summed issuer breakdown and the record’s own total supply. A small residual is expected: issuer attribution and the headline total are captured from the same snapshot but reconciled independently. Tolerance is the threshold below which that difference is treated as immaterial.

Previous snapshotsnapshot-20260811T1116Z.json
Current snapshotsnapshot-20260812T1116Z.json
Official cutoff12:00Z
Record hash (SHA-256)d5ba2565fd4c7c1201b101f8171e9d4a88911e43514851a7a2ab4873923567fb

See Methodology for definitions, the formula, and its caveats. Read the source figures in the Daily Tape record for 12 August 2026.

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