Stablecoin market cap
How much money sits in US-dollar stablecoins, who issues it, where it lives and whether it holds its $1 peg.
Stablecoins today
Compiled by SBZ from public stablecoin supply and price data. Updated hourly.
The value of all US-dollar stablecoins, the “dry powder” of crypto markets: money held on-chain, ready to buy. A rising total usually means fresh money entering. Weekly, last five years.
The largest US-dollar stablecoins, with their change in supply over 30 days.
How closely each stablecoin trades to $1.00 over the last 90 days. The shaded areas mark moves of more than 0.2% from $1.00, which are rare and worth watching.
Reserve cover is the issuer’s assets divided by the coins it owes. Cash, short-term US Treasuries and Treasury repos can be sold within days at full value; gold, Bitcoin and loans can lose value. USDC figures are updated weekly; USDT’s breakdown comes from its latest quarterly report and its reserve cover from its daily figures. From each issuer’s own published reports. Not investment advice.
Where each stablecoin circulates, by blockchain. The network matters for settlement: fees and speed differ, and both sides must use the same one.
Stablecoins are minted when holders deposit dollars and burned when they redeem. Steady net minting signals money coming into crypto.
Method: US-dollar stablecoins only. For information only, not investment advice.
Why stablecoin supply matters
Stablecoins such as USDT (Tether) and USDC (Circle) are tokens worth one US dollar, used to move money between exchanges, trading desks and wallets. Their total supply is often called the “dry powder” of crypto markets: money already on-chain, ready to buy. A rising total usually means fresh money arriving; a falling one, money leaving the market.
How to read this page
The market cap chart shows the total over five years, split into USDT, USDC and others. Market share shows the largest stablecoins and how their supply changed over 30 days. The peg monitor tracks how closely USDT and USDC have traded to $1 over 90 days: moves of more than 0.2% are rare and worth watching. The networks card shows where each stablecoin lives, such as Tron or Ethereum, and net issuance shows how much was minted minus redeemed each month.
Limits
Supply is not the same as demand: coins can sit unused in an issuer’s treasury or on an exchange. Figures from different data providers can differ slightly, because they count different stablecoins and networks.
Need to convert stablecoins in size?
SBZ’s desk turns USDT and USDC into bank money, and back, at one firm price for the whole order.
Frequently asked questions
What is the total stablecoin market cap?
The live total of all US-dollar stablecoins is shown at the top of this page, with its five-year history.
What is the largest stablecoin?
USDT (Tether) is the largest by supply, followed by USDC (Circle). Their live shares are shown above.
What does a stablecoin depeg mean?
Trading noticeably away from $1. The peg monitor flags moves of more than 0.2%, which are rare for the largest stablecoins.
Can I convert stablecoins to dollars with SBZ?
Yes. SBZ’s off-ramp converts USDT and USDC to USD, EUR, GBP, JPY, AED or CAD by SWIFT bank transfer, and the on-ramp does the reverse.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.