Structure · Stablecoins
source-asset:1 holds 58.8% of the stablecoin supply behind Onchain Dollar Share.
Every dollar counted in Onchain Dollar Share was reported in some stablecoin. This page is read from a single frozen Daily Tape record, dated below: it shows which tokens the supply was reported in on that date, and how much of it Stable Tape does not certify a token-level valuation basis for. The figures stay fixed with that record. They are not a current token list and they are not updated between records.
Read from the 23 September 2026 record
Most recent published record carrying a token breakdown. Open dated record.
Canonical record 23 September 2026 178 tokens Canonical
Distribution
Measured across the 178 tokens the record names individually
- Largest token 58.8% source-asset:1’s share of tracked supply
- Top two combined 82.9% The two largest tokens together
- Token HHI 4,052 Sum of every named token’s squared percentage share. Higher means more concentrated; 10,000 would be a single token.
- Effective tokens 2.47 How many equally sized tokens would produce this concentration. Far below the raw count when a few tokens dominate.
At this record, USD stablecoin supply was n/a of US M2, or $1 of stablecoins for every $n/a of US M2.
Reported token composition
Supply and share at 23 September 2026
| # | Token | Supply | Share | Share bar |
|---|---|---|---|---|
| 1 | USDT | $183.39B | 58.78% | |
| 2 | USDC | $75.15B | 24.09% | |
| 3 | USDS | $6.49B | 2.08% | |
| 4 | USDe | $4.90B | 1.57% | |
| 5 | DAI | $4.78B | 1.53% | |
| 6 | USD1 | $4.39B | 1.41% | |
| 7 | USDG | $3.19B | 1.02% | |
| 8 | PYUSD | $2.79B | 0.90% | |
| 9 | USYC | $2.43B | 0.78% | |
| 10 | RLUSD | $2.42B | 0.78% | |
| 11 | USDY | $2.19B | 0.70% | |
| 12 | BUIDL | $2.10B | 0.67% | |
| Remaining 166 tokens | $14.88B | 4.77% | ||
| —not ranked | Source valuation unresolvednot an entity | $2.86B | 0.92% |
Source-reported amount included in the benchmark total. Stable Tape is not certifying token-level economic valuation for these source assets.
Published stablecoin 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.
| Entity | Canonical identity | Governed issuer |
|---|---|---|
| FDUSD | stablecoin:first-digital-fdusd |
FD121 BVI Limited |
| PYUSD | stablecoin:paypal-pyusd |
Paxos Trust Company N.A. |
| RLUSD | stablecoin:ripple-rlusd |
Standard Custody Trust Company LLC |
| USDC | stablecoin:usdc |
Circle |
| USDP | stablecoin:pax-dollar-usdp |
Paxos Trust Company N.A. |
| USDT | stablecoin:tether-usdt |
Tether International S.A. de C.V. |
| USDX | stablecoin:hex-trust-usdx |
HTMI Limited |
| USDY | stablecoin:ondo-usdy |
Ondo Global Markets BVI Limited |