Stablecoin Supply: Total Stablecoin Market Cap
The total value of US-dollar stablecoins in circulation (USDT, USDC and the rest) across every blockchain, daily. Stablecoins are the cash leg of crypto: new supply usually means new dollars arriving to buy, and shrinking supply means money leaving. Data from DefiLlama, refreshed twice a day.
Latest reading: Total US-dollar stablecoin supply was US$310.7 billion on 1 October 2026, up 1.1 percent over 30 days (DefiLlama, all chains).
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Total US-dollar stablecoin supply across all chains, in billions of US dollars, daily from 2020. Log scale, so the early growth and the 2022 contraction are both readable.
Largest US-dollar stablecoins
| Stablecoin | Issuer / name | Circulating supply | 30-day change |
|---|---|---|---|
| USDT | Tether | US$183.83B | +0.3% |
| USDC | USD Coin | US$74.2B | +0.7% |
| USDS | Sky Dollar | US$6.83B | +2.6% |
| USDe | Ethena USDe | US$4.9B | +18.9% |
| DAI | Dai | US$4.8B | +0% |
| USD1 | World Liberty Financial USD | US$4.43B | +5.2% |
| USDG | Global Dollar | US$3.09B | -5.8% |
| PYUSD | PayPal USD | US$2.74B | -4.9% |
Why stablecoin supply matters
Every USDT or USDC in circulation was created when someone handed the issuer a real dollar. So total supply is a running count of the dollars parked inside crypto, ready to be spent on Bitcoin, Ether or anything else. When the line rises steadily, dollars are arriving. When it falls, holders are redeeming for cash and leaving.
I read it as a liquidity backdrop rather than a trading signal. Supply grew hard through 2020 and 2021, contracted through the 2022 bear market, and bottomed in late 2023 before the next leg up. It rarely turns on the exact day price does, but a market with shrinking stablecoin supply has less fuel. For the institutional side of the same question, compare it with daily spot Bitcoin ETF flows.
History and milestones
| Date | Total supply | Context |
|---|---|---|
| 1 Jan 2020 | US$4.2B | Before DeFi summer; Tether dominant |
| 1 Jan 2021 | US$27.4B | Bull market and DeFi growth |
| 1 Apr 2022 | US$186.6B | Pre-Terra peak, includes algorithmic UST |
| 15 May 2022 | US$158.0B | Days after the TerraUSD collapse |
| 1 Oct 2023 | US$123.6B | Bear-market low in supply |
| 1 Jan 2025 | US$204.8B | New highs as the cycle matured |
| 1 Jan 2026 | US$305.9B | Above US$300 billion for the first time |
Methodology
- Source. DefiLlama stablecoins API (
stablecoins.llama.fi/stablecoincharts/all), the sum of US-dollar pegged stablecoin supply across every chain DefiLlama tracks. - What counts. Only US-dollar pegged stablecoins. Euro, yen and other pegs are excluded from the total.
- Why the chart starts in 2020. Before 2020 most Tether was issued on the Omni layer, which DefiLlama's cross-chain total does not fully capture, so 2018 and 2019 read well below true supply. From 2020 the series matches known issuance, so the chart and every statistic on this page start there.
- Largest stablecoins table. From DefiLlama's per-asset circulating supply and its previous-month figure, rebuilt at every refresh.
- Update schedule. Automated refresh twice a day (07:30 and 13:30 Sydney). Each run checks the total is between US$100 billion and US$2 trillion and has not moved more than 5 percent in a day; the last good data is kept if the source fails.
Related tools
- What is a stablecoin? - how USDT and USDC work and the risks.
- Daily spot Bitcoin ETF flows - institutional dollars entering and leaving.
- Bitcoin dominance - where the dollars inside crypto are going.
- US M2 money supply - the broad liquidity backdrop.
- Daily crypto liquidations - leverage being forced out of the market.
Frequently asked questions
Total US-dollar stablecoin supply was US$310.7 billion on 1 October 2026, up 1.1 percent over 30 days (DefiLlama, all chains).
The latest reading near the top of this page shows total US-dollar stablecoin supply and its date, from DefiLlama's cross-chain data. It updates twice a day. As of late September 2026 it was a little over US$310 billion.
Stablecoins are the main way dollars move into and around crypto markets. When supply grows, new dollars have been deposited with issuers like Tether and Circle, which is buying power sitting on exchanges and in DeFi. Supply growth tends to accompany bull markets, and falling supply (as in most of 2022 and early 2023) tends to accompany bear markets. It is a liquidity gauge, not a timing signal.
Tether (USDT) is the largest by a wide margin, followed by Circle's USD Coin (USDC). The table on this page lists the eight largest US-dollar stablecoins with their circulating supply and 30-day change, rebuilt on every data refresh.
The collapse of TerraUSD (UST), an algorithmic stablecoin, in May 2022 wiped out roughly US$18 billion of supply in days, and the bear market that followed saw holders redeem USDT and USDC for cash. Total supply fell from about US$187 billion in April 2022 to about US$124 billion by October 2023 on DefiLlama's data, then recovered to new highs in 2025 and 2026.
DefiLlama's public stablecoins API, which sums the circulating supply of each US-dollar pegged stablecoin across all chains it tracks. Figures are in US dollars. An automated refresh runs twice a day, and each run checks the total is in a plausible range and has not moved more than 5 percent in a day.
Generally yes. The ATO treats stablecoins like other crypto assets, so exchanging Bitcoin or another token for USDT or USDC is a disposal and a CGT event, even though no Australian dollars change hands. Keep records of the AUD value at the time of each swap. See the crypto CGT calculator on this site for the arithmetic.
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