Structure · Stablecoins
USDT holds 58.9% of the stablecoin supply behind Onchain Dollar Share.
Every dollar counted in Onchain Dollar Share was reported in some stablecoin. This page is read from a single frozen Daily Tape record, dated below: it shows which tokens the supply was reported in on that date, and how much of it Stable Tape does not certify a token-level valuation basis for. The figures stay fixed with that record. They are not a current token list and they are not updated between records.
Read from the 11 October 2026 record
Most recent published record carrying a token breakdown. Open dated record.
Canonical record 11 October 2026 169 tokens Canonical
Distribution
Measured across the 169 tokens the record names individually
- Largest token 58.9% USDT’s share of tracked supply
- Top two combined 82.3% The two largest tokens together
- Token HHI 4,031 Sum of every named token’s squared percentage share. Higher means more concentrated; 10,000 would be a single token.
- Effective tokens 2.48 How many equally sized tokens would produce this concentration. Far below the raw count when a few tokens dominate.
At this record, USD stablecoin supply was 1.34% of US M2, or $1 of stablecoins for every $75 of US M2.
Reported token composition
Supply and share at 11 October 2026
| # | Token | Supply | Share | Share bar |
|---|---|---|---|---|
| 1 | USDT | $184.06B | 58.88% | |
| 2 | USDC | $73.08B | 23.38% | |
| 3 | USDS | $7.10B | 2.27% | |
| 4 | USDe | $4.76B | 1.52% | |
| 5 | DAI | $4.74B | 1.52% | |
| 6 | USD1 | $4.27B | 1.37% | |
| 7 | USDG | $3.04B | 0.97% | |
| 8 | PYUSD | $2.89B | 0.92% | |
| 9 | RLUSD | $2.45B | 0.78% | |
| 10 | USYC | $2.38B | 0.76% | |
| 11 | USDY | $2.32B | 0.74% | |
| 12 | BUIDL | $2.20B | 0.70% | |
| Remaining 157 tokens | $15.59B | 4.99% | ||
| —not ranked | Source identity unresolvednot an entity | $794.1M | 0.25% | |
| —not ranked | Source valuation unresolvednot an entity | $2.92B | 0.93% |
Source-reported amount included in the benchmark total, but the fixing-bound Token identity authority was insufficient to publish an ordinary governed Token row.
Source-reported amount included in the benchmark total. Stable Tape is not certifying token-level economic valuation for these source assets.
Published stablecoin pages
Generated from the governed entity registry
Canonical pages currently authorized for publication, listed alphabetically. Alphabetical order is not a ranking. Current ranking is published in the breakdown above.
| Entity | Canonical identity | Governed issuer |
|---|---|---|
| FDUSD | stablecoin:first-digital-fdusd |
FD121 BVI Limited |
| PYUSD | stablecoin:paypal-pyusd |
Paxos Trust Company N.A. |
| RLUSD | stablecoin:ripple-rlusd |
Standard Custody Trust Company LLC |
| USDC | stablecoin:usdc |
Circle |
| USDP | stablecoin:pax-dollar-usdp |
Paxos Trust Company N.A. |
| USDT | stablecoin:tether-usdt |
Tether International S.A. de C.V. |
| USDX | stablecoin:hex-trust-usdx |
HTMI Limited |
| USDY | stablecoin:ondo-usdy |
Ondo Global Markets BVI Limited |