The total stablecoin market cap has surpasses the $321 billion marl, marking a new all-time high for the sector.
Dollar-backed tokens now represent over $320 billion in circulating supply, with USDT▼$0.9989 alone accounting for 58.29% of total supply, per data from DeFiLlama. Together, stablecoin issuers Tether and Circle control a bit more than four-fifths of the whole stablecoin market.
Tether (USDT) continues to dominate the market with roughly $188 billion in market cap. Meanwhile, Circle’s USD Coin (USDC▼$0.9998) holds the second position with around $78 billion.
Other players, including DAI▲$0.9998 and newer entrants, collectively account for less than a quarter of total supply, the data shows.
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Stablecoin Market Cap on Different Blockchains
The market has expanded by tens of billions of dollars since early 2026, based on aggregated on-chain data. But stablecoin liquidity is heavily concentrated across a few chains, led by Ethereum:
- Ethereum holds about $170 billion in stablecoins, accounting for roughly 60% of global supply, according to DefiLlama and Token Terminal data.
- TRON ranks second, with about $87 billion in total stablecoin supply, according to DefiLlama. Roughly $85 billion of that is USDT, meaning over 97% of TRON’s stablecoin liquidity is concentrated in USDT alone
Other networks are smaller but still show clear concentration patterns. BNB▼$576.76 Chain holds about $14 billion in stablecoins, with USDT dominating at roughly two-thirds of supply.
Solana has around $16 billion, where USDC leads with just over 50% share, meaning it anchors activity but doesn’t fully dominate. On Base, Coinbase’s Layer-2 chain, total supply is closer to $5 billion, and is also heavily concentrated in USDC, which accounts for about 90% of stablecoins on the network.
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