Structure · Issuers

Who issued the supply behind Onchain Dollar Share, as far as the record attributes it.

Every dollar counted in Onchain Dollar Share was issued by someone. This page is read from a single frozen Daily Tape record, dated below: it shows who issued the supply on that date, as far as the record attributes it to a governed legal issuer. The figures stay fixed with that record. They are not a current issuer list and they are not updated between records.

Read from the 23 September 2026 record

Most recent published record carrying an issuer breakdown. Open dated record.

Canonical record 23 September 2026 6 issuers Canonical

Concentration

6 issuers attributed in the record

Concentration is withheld for this record

38.72% of tracked supply is not attributed to a governed legal issuer. Stable Tape does not publish a concentration measure over the attributed part alone, because that would describe a smaller market than the one the benchmark counts. The issuer rows below are stated against the whole benchmark and are not rescaled.

At this record, USD stablecoin supply was n/a of US M2, or $1 of stablecoins for every $n/a of US M2.

Contribution to the movement in this record

Contribution is unavailable for this record.This canonical record does not carry a stored issuer comparison against a prior record.

Composition

Supply and share at 23 September 2026

The 6 largest issuers by supply, with the remainder stated explicitly. Shares are of $311.96B tracked supply.
#IssuerSupplyShareShare bar
1 legal-issuer:tether-international-sa-de-cv $183.39B 58.78%
2 legal-issuer:paxos-trust-company-na $2.82B 0.90%
3 legal-issuer:standard-custody-trust-company-llc $2.42B 0.78%
4 legal-issuer:ondo-global-markets-bvi-limited $2.19B 0.70%
5 legal-issuer:fd121-bvi-limited $324.7M 0.10%
6 legal-issuer:htmi-limited $21.8M 0.01%
—not ranked Unattributed / issuer unresolvednot an entity $120.80B 38.72%
Complete issuer directory — all 6 issuers

Every issuer in the 23 September 2026 record, largest first. Shares are shown to three decimal places because most issuers hold well under a tenth of a percent.

#IssuerSupplyShare
1 legal-issuer:tether-international-sa-de-cv $183.39B 58.785%
2 legal-issuer:paxos-trust-company-na $2.82B 0.904%
3 legal-issuer:standard-custody-trust-company-llc $2.42B 0.776%
4 legal-issuer:ondo-global-markets-bvi-limited $2.19B 0.701%
5 legal-issuer:fd121-bvi-limited $324.7M 0.104%
6 legal-issuer:htmi-limited $21.8M 0.007%

Concentration over time

20 June 2026 to 12 August 2026 · 52 canonical records

Across all canonical records with an issuer breakdown, the combined share of the two largest issuers has fallen from 83.0% to 82.8%.

81.8%82.8%83.9%
Focus or hover a point to read its record.
Concentration by record — all 52 values
RecordTop twoHHIEffective issuers
20 June 2026 83.03% 4,091 2.44
23 June 2026 82.87% 4,082 2.45
24 June 2026 82.84% 4,085 2.45
25 June 2026 82.89% 4,095 2.44
26 June 2026 82.83% 4,083 2.45
27 June 2026 82.66% 4,063 2.46
28 June 2026 82.65% 4,063 2.46
29 June 2026 82.67% 4,067 2.46
30 June 2026 82.75% 4,073 2.46
1 July 2026 82.81% 4,081 2.45
2 July 2026 82.92% 4,095 2.44
3 July 2026 82.86% 4,087 2.45
4 July 2026 82.82% 4,087 2.45
5 July 2026 82.83% 4,089 2.45
6 July 2026 82.77% 4,084 2.45
7 July 2026 82.63% 4,066 2.46
8 July 2026 82.42% 4,036 2.48
9 July 2026 82.67% 4,061 2.46
10 July 2026 82.80% 4,079 2.45
11 July 2026 82.64% 4,063 2.46
12 July 2026 82.67% 4,065 2.46
13 July 2026 82.67% 4,067 2.46
14 July 2026 83.21% 4,124 2.42
15 July 2026 83.15% 4,117 2.43
16 July 2026 83.06% 4,103 2.44
17 July 2026 83.04% 4,102 2.44
18 July 2026 83.23% 4,119 2.43
19 July 2026 83.19% 4,115 2.43
20 July 2026 83.01% 4,101 2.44
21 July 2026 83.29% 4,127 2.42
22 July 2026 83.14% 4,113 2.43
23 July 2026 83.12% 4,094 2.44
24 July 2026 83.11% 4,101 2.44
25 July 2026 83.10% 4,103 2.44
26 July 2026 83.10% 4,105 2.44
27 July 2026 83.09% 4,104 2.44
28 July 2026 83.07% 4,117 2.43
29 July 2026 83.07% 4,120 2.43
30 July 2026 83.07% 4,122 2.43
31 July 2026 83.03% 4,118 2.43
1 August 2026 83.03% 4,117 2.43
2 August 2026 83.03% 4,116 2.43
3 August 2026 83.04% 4,118 2.43
4 August 2026 83.01% 4,110 2.43
5 August 2026 82.97% 4,110 2.43
6 August 2026 82.78% 4,097 2.44
7 August 2026 82.79% 4,094 2.44
8 August 2026 82.95% 4,105 2.44
9 August 2026 83.05% 4,114 2.43
10 August 2026 82.94% 4,104 2.44
11 August 2026 82.83% 4,087 2.45
12 August 2026 82.85% 4,094 2.44

Source ledger and provenance

Read from the frozen record. Never recomputed from live data.

Issuer supply DeFiLlama $311.96B

Circulating supply per issuer at the record’s official cutoff, across 6 issuers in the benchmark-usd universe.

Benchmark denominator FRED M2SL n/a of U.S. M2

Issuer supply above composes the Onchain Dollar Share numerator. US M2 as of n/a is its denominator, giving $1 of stablecoins for every $n/a of US M2.

Issuer supply summed$311.96B
Record total supply$311.96B
Residual−$0 (-0.000 bps)
Tolerance$1
ReconciliationWithin tolerance

The residual is the difference between the summed issuer breakdown and the record’s own total supply. A small residual is expected: issuer attribution and the headline total are captured from the same snapshot but reconciled independently. Tolerance is the threshold below which that difference is treated as immaterial.

See Methodology for definitions, the formula, and its caveats. Read the source figures in the Daily Tape record for 23 September 2026.

Published issuer 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.

7 published issuer pages
EntityCanonical identityIssues
Circle issuer:circle USDC
FD121 BVI Limited issuer:fd121-bvi-limited FDUSD
HTMI Limited issuer:htmi-limited USDX
Ondo Global Markets BVI Limited issuer:ondo-global-markets-bvi-limited USDY
Paxos Trust Company N.A. issuer:paxos-trust-company-na USDP, PYUSD
Standard Custody Trust Company LLC issuer:standard-custody-trust-company-llc RLUSD
Tether International S.A. de C.V. issuer:tether-international-sa-de-cv USDT