Structure · Issuers

Two issuers hold 82.9% of the stablecoin supply behind DDD.

Every dollar in the DDD numerator is issued by someone. This page reports which issuers compose that supply, how concentrated it is, and which of them contributed to the movement recorded in the latest frozen Daily Tape record. Figures are read from that record and do not change.

Canonical record 8 August 2026 compared with 7 August 2026 251 issuers Canonical

Concentration

Measured across all 251 issuers in the record

  • Largest issuer 59.5% Tether’s share of tracked supply
  • Top two combined 82.9% The two largest issuers together
  • Issuer HHI 4,105 Sum of every issuer’s squared percentage share. Higher means more concentrated; 10,000 would be a single issuer.
  • Effective issuers 2.44 How many equally sized issuers would produce this concentration. Far below the raw count when a few issuers dominate.

Issuer supply is the numerator of DDD. The denominator is U.S. M2, and at this record the ratio was 1.33% — about 1 in 75 U.S. dollars.

Contribution to the latest movement

Between 7 August 2026 and 8 August 2026

Change in each issuer’s supply between the two records named above. These are observed differences between frozen records, not events, and no significance is claimed for any of them. Both columns share one scale, drawn from the largest single change in either direction, so an expansion bar and a contraction bar are directly comparable.

  • Issuers expanded159of 253 compared
  • Issuers contracted58of 253 compared
  • Unchanged36no recorded difference
  • Net across issuers−$339.4Msum of every issuer’s change

1 issuer entered the record on this date. An entering issuer’s contribution is its entire supply, so no percentage change is shown for it.

2 issuers left the record and so hold no share in the composition below.

Largest expansions

  • Circle expanded by +$262.1M
  • Ethena expanded by +$38.5M
  • PayPal expanded by +$35.0M
  • Global Dollar expanded by +$20.1M
  • Sky expanded by +$19.4M
  • World Liberty Financial USD expanded by +$19.2M
  • MakerDAO expanded by +$12.0M
  • pmUSD expanded by +$5.2M

Largest contractions

  • USDX Money contracted by −$683.5M
  • Tether contracted by −$65.6M
  • Polymarket USD contracted by −$7.5M
  • M by M0 contracted by −$6.9M
  • Ripple contracted by −$5.5M
  • Ondo contracted by −$4.6M
  • rwaUSDi contracted by −$3.5M
  • CFX MoveUSD contracted by −$2.4M

Composition

Supply and share at 8 August 2026

The 12 largest issuers by supply, with the remainder stated explicitly. Shares are of $307.77B tracked supply.
#IssuerSupplyShareShare bar
1 Tether $183.04B 59.47%
2 Circle $72.25B 23.47%
3 Sky $6.73B 2.19%
4 MakerDAO $4.80B 1.56%
5 World Liberty Financial USD $4.02B 1.31%
6 Ethena $3.91B 1.27%
7 Global Dollar $3.42B 1.11%
8 Circle USYC $3.41B 1.11%
9 PayPal $2.76B 0.90%
10 BlackRock USD $2.71B 0.88%
11 Ondo $2.44B 0.79%
12 Ripple $1.58B 0.51%
Remaining 239 issuers $16.70B 5.43%
Complete issuer directory — all 251 issuers

Every issuer in the 8 August 2026 record, largest first. Shares are shown to three decimal places because most issuers hold well under a tenth of a percent.

#IssuerSupplyShare
1 Tether $183.04B 59.473%
2 Circle $72.25B 23.474%
3 Sky $6.73B 2.186%
4 MakerDAO $4.80B 1.559%
5 World Liberty Financial USD $4.02B 1.307%
6 Ethena $3.91B 1.270%
7 Global Dollar $3.42B 1.110%
8 Circle USYC $3.41B 1.106%
9 PayPal $2.76B 0.897%
10 BlackRock USD $2.71B 0.880%
11 Ondo $2.44B 0.794%
12 Ripple $1.58B 0.515%
13 Tron DAO $1.51B 0.490%
14 Falcon USD $1.25B 0.407%
15 United Stables $1.21B 0.393%
16 USDGO $1.14B 0.370%
17 Aave $696.8M 0.226%
18 YLDS $656.5M 0.213%
19 Usual USD $550.6M 0.179%
20 Solstice USX $506.3M 0.165%
21 TrustToken $480.3M 0.156%
22 Polymarket USD $469.5M 0.153%
23 Neutrino USD $408.9M 0.133%
24 Ethena USDtb $400.6M 0.130%
25 First Digital $350.1M 0.114%
26 rwaUSDi $336.6M 0.109%
27 Gate USD $319.0M 0.104%
28 apxUSD $286.8M 0.093%
29 M by M0 $283.7M 0.092%
30 Binance Peg BUSD $232.5M 0.076%
31 Agora Dollar $230.9M 0.075%
32 Curve $228.1M 0.074%
33 HUSD $192.3M 0.062%
34 Re Protocol reUSD $188.1M 0.061%
35 USAT $184.8M 0.060%
36 USD.AI $173.2M 0.056%
37 flexUSD $166.3M 0.054%
38 River Stablecoin $157.6M 0.051%
39 Frax $156.6M 0.051%
40 Mustang Finance $154.3M 0.050%
41 Avalon USDa $147.9M 0.048%
42 Avant USD $124.1M 0.040%
43 CASH $120.6M 0.039%
44 Valtorum USD $114.0M 0.037%
45 Astherus $112.3M 0.036%
46 CFX MoveUSD $112.0M 0.036%
47 Frax USD $106.3M 0.035%
48 Dola $99.9M 0.032%
49 Unity USD $99.9M 0.032%
50 US Permissionless Dollar $98.9M 0.032%
51 Saturn Dollar $98.6M 0.032%
52 Cap cUSD $96.4M 0.031%
53 AP USDA $82.6M 0.027%
54 Cygnus Finance Global USD $75.5M 0.025%
55 Lista $74.8M 0.024%
56 MNEE USD $74.4M 0.024%
57 Sui Dollar $73.0M 0.024%
58 sUSD $69.8M 0.023%
59 Ondo U.S. Dollar Token $67.3M 0.022%
60 StandX DUSD $65.7M 0.021%
61 USP Stablecoin $65.4M 0.021%
62 fxUSD $64.1M 0.021%
63 Tori trUSD $60.3M 0.020%
64 Neutrl USD $54.7M 0.018%
65 Unitas $53.0M 0.017%
66 Mountain Protocol $52.9M 0.017%
67 JupUSD $52.8M 0.017%
68 USDKG $50.1M 0.016%
69 Yuzu USD $50.0M 0.016%
70 infiniFi USD $49.1M 0.016%
71 Fidelity Digital Dollar $48.3M 0.016%
72 StraitsX XUSD $45.1M 0.015%
73 Gemini Dollar $39.4M 0.013%
74 Paxos $36.5M 0.012%
75 Aegis YUSD $35.8M 0.012%
76 PathUSD $35.5M 0.012%
77 Resupply USD $35.3M 0.011%
78 Noon USN $34.5M 0.011%
79 Binance USD $34.3M 0.011%
80 Bean $33.4M 0.011%
81 Universal USD $30.7M 0.010%
82 Mezo USD $30.6M 0.010%
83 Liquity BOLD $30.3M 0.010%
84 USDX Money $28.4M 0.009%
85 Liquity $27.9M 0.009%
86 Zoth ZeUSD $27.6M 0.009%
87 SoulPeg USD $27.2M 0.009%
88 Gyroscope GYD $26.5M 0.009%
89 Bucket Protocol BUCK Stablecoin $26.0M 0.008%
90 OpenDollar USDO $25.9M 0.008%
91 Metamask USD $25.8M 0.008%
92 Electronic USD $23.3M 0.008%
93 YU $22.4M 0.007%
94 pmUSD $21.0M 0.007%
95 XSY UTY $21.0M 0.007%
96 dForce USD $20.8M 0.007%
97 GAIB AID $20.1M 0.007%
98 Metronome Synth USD $19.3M 0.006%
99 Fantom USD $18.9M 0.006%
100 TOR $17.1M 0.006%
101 Mu Digital AZND $16.3M 0.005%
102 Defi.money $14.0M 0.005%
103 Hylo HYUSD $13.4M 0.004%
104 eSui Dollar $13.1M 0.004%
105 Stable Mint USD $12.4M 0.004%
106 USD CoinVertible $12.4M 0.004%
107 Blast $12.1M 0.004%
108 YUSD Stablecoin $11.7M 0.004%
109 Hydrated Dollar $11.6M 0.004%
110 Felix feUSD $11.2M 0.004%
111 R $10.7M 0.003%
112 Pinto $10.6M 0.003%
113 Saga Dollar $10.4M 0.003%
114 Telcoin eUSD $10.0M 0.003%
115 USDH Stablecoin $9.8M 0.003%
116 Real USD $9.4M 0.003%
117 Alchemix USD $9.3M 0.003%
118 USP $9.1M 0.003%
119 Lift Dollar $9.0M 0.003%
120 Royal Dollar $9.0M 0.003%
121 Western Union USDPT $8.8M 0.003%
122 Quantoz USDQ $8.1M 0.003%
123 Main Street USD $8.1M 0.003%
124 Honey $7.8M 0.003%
125 NXUSD $7.7M 0.002%
126 Anzen USDz $7.6M 0.002%
127 USBD $7.5M 0.002%
128 Citrea USD $6.8M 0.002%
129 Cod3x USD $6.1M 0.002%
130 HomeCoin $6.1M 0.002%
131 Youves uUSD $5.8M 0.002%
132 Bitcoin USD $5.8M 0.002%
133 Origin Dollar $5.7M 0.002%
134 USDST $4.9M 0.002%
135 Stable Coin $4.9M 0.002%
136 XAI $4.9M 0.002%
137 Startale USD $4.8M 0.002%
138 Anzens USDA $4.6M 0.001%
139 Plume USD $4.5M 0.001%
140 Flying Tulip USD $4.3M 0.001%
141 Parrot USD $4.2M 0.001%
142 Fei USD $3.9M 0.001%
143 Palm USD $3.5M 0.001%
144 mStable USD $3.2M 0.001%
145 Web 3 Dollar $3.0M 0.001%
146 DigitalDollar $3.0M 0.001%
147 Dollar on Chain $2.9M 0.001%
148 Noble Dollar $2.9M 0.001%
149 Initia iUSD $2.3M 0.001%
150 RIF US Dollar $2.3M 0.001%
151 Djed StableCoin $2.2M 0.001%
152 Nexus USD $2.2M 0.001%
153 Synnax Stablecoin $2.2M 0.001%
154 Nerona USD $2.1M 0.001%
155 US Sonic Dollar $2.1M 0.001%
156 Hermetica USDh $2.0M 0.001%
157 XUSD $2.0M 0.001%
158 Liquid Loans USDL $1.9M 0.001%
159 Hyperbeat USD $1.8M 0.001%
160 Sovryn Dollar $1.8M 0.001%
161 Vai $1.8M 0.001%
162 iUSD $1.6M 0.001%
163 Streamflow USD+ $1.6M 0.001%
164 Interest Protocol $1.5M 0.000%
165 Solomon USDv $1.5M 0.000%
166 The Fedz FUSD $1.5M 0.000%
167 USDW $1.4M 0.000%
168 USN $1.4M 0.000%
169 dTRINITY USD $1.4M 0.000%
170 Note $1.2M 0.000%
171 USD Somnia $1.2M 0.000%
172 zkUSD Dollar $1.2M 0.000%
173 USDH $1.1M 0.000%
174 Glo Dollar $1.1M 0.000%
175 USK $1.1M 0.000%
176 FinChain Dollar $939K 0.000%
177 Solayer USD $924K 0.000%
178 Czodiac USD $920K 0.000%
179 Meme Dollar $913K 0.000%
180 Alto DUSD $911K 0.000%
181 Balanced Dollars $900K 0.000%
182 Angle USDA $853K 0.000%
183 PXDC Stablecoin $787K 0.000%
184 Pareto USP $762K 0.000%
185 ZUSD $710K 0.000%
186 Worldwide USD $701K 0.000%
187 Rings scUSD $666K 0.000%
188 Elara USD $656K 0.000%
189 Pleasing USD $644K 0.000%
190 eUSD (V2) $631K 0.000%
191 Fathom Dollar $629K 0.000%
192 SMARDEX USDN $626K 0.000%
193 Overnight USD+ $558K 0.000%
194 Threshold USD $540K 0.000%
195 Level USD $511K 0.000%
196 Lets Get HAI $509K 0.000%
197 Kolibri USD $509K 0.000%
198 Good Game US Dollar $496K 0.000%
199 USDK $468K 0.000%
200 WEUSD $465K 0.000%
201 mantraUSD $434K 0.000%
202 3USD $433K 0.000%
203 Stable Jack aUSD $426K 0.000%
204 Bread $421K 0.000%
205 Sigma Money bnbUSD $412K 0.000%
206 Verified USD $387K 0.000%
207 Reservoir Stablecoin $358K 0.000%
208 Nectar $344K 0.000%
209 GRAI $306K 0.000%
210 Zunami USD $303K 0.000%
211 UXD Stablecoin $299K 0.000%
212 Opus CASH $290K 0.000%
213 Asymmetry USDaf V2 $283K 0.000%
214 rUSD $259K 0.000%
215 bitSmiley USD $253K 0.000%
216 mkUSD $245K 0.000%
217 USDT+ $239K 0.000%
218 StablR USD $238K 0.000%
219 BAI Stablecoin $230K 0.000%
220 USDCB $225K 0.000%
221 Inter Stable Token $214K 0.000%
222 Legacy BOLD $206K 0.000%
223 Reserve $201K 0.000%
224 STBL $200K 0.000%
225 SigmaUSD $192K 0.000%
226 iAUSD $186K 0.000%
227 USDLemma $175K 0.000%
228 Savvy USD $174K 0.000%
229 USDFC $153K 0.000%
230 Quill USD $132K 0.000%
231 USE $131K 0.000%
232 USDtez $127K 0.000%
233 Davos Protocol $116K 0.000%
234 Last USD $114K 0.000%
235 High Yield USD $113K 0.000%
236 Orby USC $106K 0.000%
237 HEX Dollar Coin $97K 0.000%
238 peg-eUSD $95K 0.000%
239 eUSD $93K 0.000%
240 Resolv USD $86K 0.000%
241 Magma Wen $83K 0.000%
242 Phoenix USD $82K 0.000%
243 invUSD Stablecoin $80K 0.000%
244 arUSD $78K 0.000%
245 Vesta Stable $75K 0.000%
246 HYDT $72K 0.000%
247 Stabl.fi Cash $70K 0.000%
248 Mynth MyUSD $69K 0.000%
249 USDU Finance $58K 0.000%
250 Coinshift $55K 0.000%
251 Ethos Reserve Note $51K 0.000%

Concentration over time

20 June 2026 to 8 August 2026 · 48 canonical records

Combined share of the two largest issuers across every canonical record that carries an issuer breakdown. Over this window it has fallen, from 83.0% to 82.9%.

81.8%82.8%83.9%
Focus or hover a point to read its record.
Concentration by record — all 48 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

Source ledger and provenance

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

Issuer supply DeFiLlama $307.77B

Circulating supply per issuer at the record’s official cutoff, across 251 issuers in the benchmark-usd universe.

Benchmark denominator FRED M2SL 1.33% of U.S. M2

Issuer supply above composes the DDD numerator. U.S. M2 as of 2026-06-01 is its denominator, giving about 1 in 75 U.S. dollars.

Issuer supply summed$307.77B
Record total supply$307.77B
Residual−$3.9M (-0.126 bps)
Tolerance$9.2M
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.

Previous snapshotsnapshot-20260807T1255Z.json
Current snapshotsnapshot-20260808T1108Z.json
Official cutoff12:00Z
Record hash (SHA-256)a7e3604898cb06375ab0173cd5803d2ab792db22b5e79c930cd3b615a5cd3db1

Full definitions, the formula and its caveats are on the methodology page. The record these figures come from is published in full as the Daily Tape record for 8 August 2026.

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