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Stablecoin Statistics 2026

Axis Intelligence Research · snapshot September 2, 2026 · Full dataset and methodology
28 ISSUERS · 136 CHAINS · 142 DATA ROWS
$303.82B
Total stablecoin supply, September 2, 2026
4,249
SSCI issuer concentration reading
84.65%
Held by the two largest issuers
82.77%
Of USDT and USDC settling on Ethereum or Tron
2.24%
Tether loss-absorption ratio, June 30, 2026
SSCI · Stablecoin Structural Concentration Index
Issuer 4,249  ·  Settlement 3,535
Issuer concentration — 28 issuers, $303.82B base
4,249
02,5005,0007,50010,000
1.70× the threshold at which US antitrust authorities classify a market as highly concentrated.
Settlement-layer concentration — 136 chains, $257.19B base
3,535
02,5005,0007,50010,000
1.41× the same threshold, measured across every chain carrying USDT or USDC.
Formula. SSCI = Σ(s²) where s is each unit's percentage share of the relevant base. Issuer reading squares the shares of the 28 issuers above $250 million against the $303.82 billion total; settlement reading squares the shares of 136 blockchains against the $257.19 billion combined USDT and USDC base. No component is weighted, estimated or adjusted — every input is a supply figure from a single public registry pulled on September 2, 2026.
Reading it. Both figures are floors. Excluded sub-$250 million tokens each add under 0.01 index points, and smaller issuers are more chain-concentrated than USDT and USDC, not less. Arithmetic was run twice — floating-point and exact rational — returning 4,249.00 and 3,534.91 under both methods. These are the baseline readings; subsequent readings will be dated snapshots rather than revisions of this one.
Issuer dominance · who actually holds the float
Two names, 84.65% of supply
Tether USDT 60.34% · $183.33B Circle USDC 24.31% · $73.85B All other issuers 15.35% · $46.64B
84.65%
Top two issuers (CR2)
89.80%
Top five issuers (CR5)
94.93%
Top ten issuers (CR10)
What the tail looks like. Positions eight through twelve are PayPal, BlackRock, Ripple and Ondo — firms with distribution most issuers would trade their float for, collectively holding about 3.3% of supply. Circulation follows liquidity, and liquidity pooled somewhere else first.
Circulating supply by issuer · top 12, USD billions
Source: DeFiLlama Stablecoins API, peggedAssets registry, retrieved September 2, 2026.
USDT and USDC supply by blockchain · USD billions
Source: Axis Intelligence Research, summing per-chain circulating supply for USDT and USDC. Chain sums reconcile exactly to both reported issuer totals.
Two rails, opposite compositions
Ethereum and Tron carry 82.77% of the settlement base
Ethereum
$121.11B
47.09% of the USDT and USDC settlement base
USDT 60.85%USDC 39.15%
A genuinely two-token chain. This is where institutional collateral, tokenised funds and DeFi lending sit, which is why USDC holds nearly two fifths of it.
Tron
$91.77B
35.68% of the USDT and USDC settlement base
USDT 99.97%USDC 0.03%
A single-token chain. Under $28 million of USDC circulates here against $91.74 billion of USDT — retail dollar access in economies where a dollar bank account is the harder product to obtain.
Why the split matters. The token you hold and the rail it settles on are separate exposures. Outside the top eight chains, no network carries even 1% of supply, and thin depth shows up as wider spreads exactly when size needs to move.
ILAR · Issuer Loss-Absorption Ratio
Circle carries 2.15× the cushion per dollar of liability
6%
4%
2%
2.2380%
4.8130%
Tether
attested excess reserves
Circle
stockholders' equity
−50.07%
Change in Tether's buffer between March 31 and June 30, 2026, from $8.23B to $4.11B. Token liabilities moved less than half a billion dollars, so the asset side absorbed it.
3.2503% vs 3.4928%
Annualised yield on float. Tether books the lower carry because its reserve is not purely bills — it holds gold, bitcoin and secured loans, and net operating profit excludes their mark-to-market swings.
24.25 bp
The spread between the two, in Circle's favour. In a business whose product is a non-interest-bearing liability, that spread is the entire economics.
Formula. ILAR = loss-absorbing capital ÷ stablecoin liabilities × 100. Tether: $4,109,529,196 ÷ $183,622,105,630 = 2.2380%, from the BDO attestation of June 30, 2026. Circle: $3,509,975k ÷ $72,927,544k = 4.8130%, from the condensed balance sheet filed with the SEC on August 5, 2026.
Scope. These are related but not identical accounting concepts — attested excess reserves on one side, audited stockholders' equity on the other — and both are named at every point of use so readers can weight them. Neither issuer publishes this comparison.
Circle quarterly reserve income and total revenue · USD millions
Source: Circle Internet Group, Q2 2026 results press release filed with the SEC, quarterly results of operations table.
Three-month Treasury bill yield response to a $3.5B stablecoin inflow · basis points
Source: Bank for International Settlements, Working Paper 1270, Ahmed and Aldasoro. Daily data January 2021 to March 2026.
Peg mechanism mix · share of the 28 tracked issuers, USD billions
Source: Axis Intelligence Research classification of the DeFiLlama peggedAssets registry by disclosed peg mechanism, retrieved September 2, 2026.
GENIUS Act · enacted, not yet operative
Licence requirement begins January 18, 2027
Jul 18, 2025
GENIUS Act enacted
Mar 2, 2026
OCC proposed rule published, 376 pages
Apr 10, 2026
FDIC proposed rule published, 93-day bill maturity
Aug 17, 2026
Treasury section 3 proposed rule issued
The date the market has not priced. From July 18, 2028, digital asset service providers generally may not offer or sell any payment stablecoin to persons in the United States unless the issuer is licensed. That is a distribution cutoff aimed at exchanges and wallets rather than an issuance rule, and its commercial effect is that unlicensed tokens lose their US on-ramp and off-ramp. Reserve eligibility is confined to Treasury bills maturing in 93 days or less, so stablecoin growth generates bill demand specifically and cannot migrate up the curve.
Full data table · every figure with its issuing organisation
MetricScopeValueAs ofBasisSource
Total stablecoin supplyGlobal$303.82BSep 2, 2026On-chain registryDeFiLlama
Supply traced to 28 largest issuersGlobal99.87%Sep 2, 2026Axis calculationAxis Intelligence Research
Sector assets under managementGlobal>$270BDec 2025Agency researchBank for International Settlements
Supply growth since Dec 2025Global+12.53%Sep 2, 2026Axis calculationAxis Intelligence Research
Tether USDT circulating supplyGlobal$183.33BSep 2, 2026On-chain registryDeFiLlama
Circle USDC circulating supplyGlobal$73.85BSep 2, 2026On-chain registryDeFiLlama
Sky Dollar USDS circulating supplyGlobal$6.63BSep 2, 2026On-chain registryDeFiLlama
Dai DAI circulating supplyGlobal$4.78BSep 2, 2026On-chain registryDeFiLlama
Ethena USDe circulating supplyGlobal$4.24BSep 2, 2026On-chain registryDeFiLlama
World Liberty Financial USD1 supplyGlobal$4.21BSep 2, 2026On-chain registryDeFiLlama
Global Dollar USDG supplyGlobal$3.16BSep 2, 2026On-chain registryDeFiLlama
PayPal USD PYUSD supplyGlobal$2.76BSep 2, 2026On-chain registryDeFiLlama
BlackRock BUIDL supplyGlobal$2.75BSep 2, 2026On-chain registryDeFiLlama
Ripple USD RLUSD supplyGlobal$2.39BSep 2, 2026On-chain registryDeFiLlama
USDT market shareGlobal60.34%Sep 2, 2026Axis calculationAxis Intelligence Research
USDC market shareGlobal24.31%Sep 2, 2026Axis calculationAxis Intelligence Research
CR2 — top two issuersGlobal84.65%Sep 2, 2026Axis calculationAxis Intelligence Research
CR5 — top five issuersGlobal89.80%Sep 2, 2026Axis calculationAxis Intelligence Research
CR10 — top ten issuersGlobal94.93%Sep 2, 2026Axis calculationAxis Intelligence Research
SSCI — issuer concentrationGlobal4,249Sep 2, 2026Axis calculationAxis Intelligence Research
SSCI — settlement concentrationGlobal3,535Sep 2, 2026Axis calculationAxis Intelligence Research
USDT and USDC settlement base136 chains$257.19BSep 2, 2026Axis calculationAxis Intelligence Research
Settlement base on EthereumEthereum$121.11BSep 2, 2026Axis calculationAxis Intelligence Research
Settlement base on TronTron$91.77BSep 2, 2026Axis calculationAxis Intelligence Research
Ethereum and Tron combined share2 of 136 chains82.77%Sep 2, 2026Axis calculationAxis Intelligence Research
USDC share of Tron settlement baseTron0.03%Sep 2, 2026Axis calculationAxis Intelligence Research
Tether total assetsIssuer$187,751,426,411Jun 30, 2026AttestationTether International, BDO
Tether total liabilitiesIssuer$183,641,897,215Jun 30, 2026AttestationTether International, BDO
Tether excess of assets over liabilitiesIssuer$4,109,529,196Jun 30, 2026AttestationTether International, BDO
Tether net operating profitIssuer$1.50BQ2 2026AttestationTether International, BDO
ILAR — TetherIssuer2.2380%Jun 30, 2026Axis calculationAxis Intelligence Research
Tether buffer change over the quarterIssuer−50.07%Jun 30, 2026Axis calculationAxis Intelligence Research
Tether annualised yield on floatIssuer3.2503%Q2 2026Axis calculationAxis Intelligence Research
Tether inaugural audit opinionIssuerUnqualifiedAug 13, 2026Audit, FY2025KPMG US via Tether International
USDC in circulation, period endIssuer$73.30BJun 30, 2026SEC filingCircle Internet Group
USDC in circulation, period averageIssuer$76.50BQ2 2026SEC filingCircle Internet Group
USDC on-chain transaction volumeIssuer$14.80TQ2 2026SEC filingCircle Internet Group
Circle reserve incomeIssuer$667,733,000Q2 2026SEC filingCircle Internet Group
Circle total revenue and reserve incomeIssuer$701,315,000Q2 2026SEC filingCircle Internet Group
Circle reserve return rateIssuer3.5%Q2 2026SEC filingCircle Internet Group
Circle deposits from stablecoin holdersIssuer$72,927,544,000Jun 30, 2026SEC filingCircle Internet Group
Circle total stockholders' equityIssuer$3,509,975,000Jun 30, 2026SEC filingCircle Internet Group
USDC minted during the quarterIssuer$83.00BQ2 2026SEC filingCircle Internet Group
USDC redeemed during the quarterIssuer$87.00BQ2 2026SEC filingCircle Internet Group
ILAR — CircleIssuer4.8130%Jun 30, 2026Axis calculationAxis Intelligence Research
Circle annualised yield on floatIssuer3.4928%Q2 2026Axis calculationAxis Intelligence Research
Yield-on-float spread, Circle over TetherIssuer24.25 bpQ2 2026Axis calculationAxis Intelligence Research
Issuer purchases of US Treasury billsUnited States~$35BFY2025Agency researchBank for International Settlements
3-month bill yield response, on impactUnited States−0.71 bpMar 2026Agency researchBank for International Settlements
3-month bill yield response, 10 daysUnited States−4 bpMar 2026Agency researchBank for International Settlements
3-month bill yield response, troughUnited States−5 bpMar 2026Agency researchBank for International Settlements
Eligible reserve bill maturity ceilingUnited States93 daysApr 10, 2026Proposed ruleFederal Deposit Insurance Corporation
GENIUS Act expected effective dateUnited StatesJan 18, 2027Aug 17, 2026StatuteUS Department of the Treasury
Service provider distribution deadlineUnited StatesJul 18, 2028Aug 17, 2026StatuteUS Department of the Treasury
Full dataset142 rowsEight issuing organisations, every source fetched and confirmed live on September 2, 2026
Every row above appears in the downloadable CSV with source organisation, source document, source URL, retrieval date, primary-source flag and, for computed rows, the arithmetic used.