Market Context
Stablecoin market cap $293.3B 24h stablecoin volume $52.3B
Volume / market cap 17.8%
BTC $61,281 -1.95%
ETH $1,646 -0.92%
Updated Jun 24, 2026 14:15 UTC

Stablecoin Market Cap Analysis

Real-time market capitalization tracking and distribution analysis

Total Market Cap
$293.3B
Reported supply value
Reported 24h Volume
$52.3B
17.8% volume / mcap
Annualized Run Rate
$19.1T
Reported volume x 365
Market Leader
USDT
63.4% Share
Top 2 Dominance
88.7%
USDT + USDC
Data note: Reported 24h volume is provider-reported market volume and may include exchange trading, DeFi routing, and venue-level duplication. It should not be read as audited payment volume, remittance volume, or adjusted on-chain settlement volume.

Stablecoin Market Cap Dominance

88.7%
Top 2 dominance
Market cap distribution

The donut shows reported market-cap share. Volume share and daily turnover are listed separately because they measure activity, not supply value.

Tether
USDT
$186.1B
63.4%
USD Coin
USDC
$74.0B
25.2%
USDS
USDS
$10.3B
3.5%
USD1
USD1
$4.7B
1.6%
Other stablecoins
Other
$18.2B
6.2%
Leader Market Cap Market Share Volume Share Daily Turnover
1
Tether
USDT
 $186.1B 63.4% 78.2% 22.0%
2
USD Coin
USDC
 $74.0B 25.2% 19.2% 13.5%
3
USDS
USDS
 $10.3B 3.5% 0.1% 0.4%
4
USD1
USD1
 $4.7B 1.6% 1.5% 16.5%
5
Dai
DAI
 $4.6B 1.6% 0.3% 2.9%

Market Cap by Category

Fiat-Backed
$273.0B
93.1% of market
USDT, USDC, PYUSD
Crypto-Backed
$15.6B
5.3% of market
DAI, LUSD
Synthetic / Algorithmic
$4.7B
1.6% of market
USDe, FRAX and related designs

Stablecoin Market Rankings

Rank Stablecoin Category Market Cap Market Share Reported 24h Volume Volume Share Daily Turnover 24h Change
1
Tether
USDT
 Fiat-backed
$186.1B
63.4%
$40.9B
78.2%
22.0%
-0.03%
2
USD Coin
USDC
 Fiat-backed
$74.0B
25.2%
$10.0B
19.2%
13.5%
+0.00%
3
USDS
USDS
 Crypto-backed
$10.3B
3.5%
$44.4M
0.1%
0.4%
-0.02%
4
USD1
USD1
 Fiat-backed
$4.7B
1.6%
$776.3M
1.5%
16.5%
+0.01%
5
Dai
DAI
 Crypto-backed
$4.6B
1.6%
$136.8M
0.3%
2.9%
+0.02%
6
Synthetic / algorithmic
$4.5B
1.5%
$131.9M
0.3%
2.9%
-0.04%
7
Fiat-backed
$2.9B
1.0%
$56.5M
0.1%
2.0%
-0.03%
8
PayPal USD
PYUSD
 Fiat-backed
$2.7B
0.9%
$79.4M
0.2%
2.9%
+0.02%
9
Ripple USD
RLUSD
 Fiat-backed
$1.6B
0.5%
$87.6M
0.2%
5.5%
+0.03%
10
GHO
GHO
 Crypto-backed
$597.5M
0.2%
$5.0M
0.0%
0.8%
-0.07%
11
Usual USD
USD0
 Fiat-backed
$553.1M
0.2%
$12,345
0.0%
0.0%
+0.01%
12
Fiat-backed
$349.1M
0.1%
$39.3M
0.1%
11.3%
-0.02%
13
Frax
FRAX
 Synthetic / algorithmic
$239.0M
0.1%
$325,484
0.0%
0.1%
-0.21%
14
Fiat-backed
$39.2M
0.0%
$391,090
0.0%
1.0%
-0.10%
15
Fiat-backed
$37.8M
0.0%
$188
0.0%
0.0%
-1.10%
16
Pax Dollar
USDP
 Fiat-backed
$31.9M
0.0%
$6.8M
0.0%
21.3%
-0.01%
17
Crypto-backed
$28.1M
0.0%
$53,523
0.0%
0.2%
-0.40%

1 low-liquidity or legacy asset below $10M reported market cap are omitted from the main ranking table.

Market Analysis

Market Concentration

The stablecoin market shows high concentration with the top 2 coins (USDT and USDC) controlling 88.7% of the total market.

Category Dominance

Fiat-backed stablecoins represent the largest segment, reflecting institutional preference for traditional currency backing and regulatory compliance.

Growth Drivers
  • U.S. stablecoin regulatory clarity
  • Institutional adoption
  • Cross-border payment demand
  • DeFi ecosystem growth
Market Outlook

Continued growth expected driven by regulatory acceptance and mainstream financial integration.

Data Methodology

Market Cap

Reported market cap is calculated from available circulating supply and market price data where available.

Reported Volume

24h volume reflects provider-reported market activity. It can differ from real payment volume, remittance volume, or adjusted settlement volume.

Turnover

Daily turnover compares reported 24h volume with reported market cap. It is a velocity signal, not a guarantee of economic use.