Fundamentals
Circulating
USD
Stablecoin in circulation
How much of this stablecoin is outstanding across every chain it is issued on.
The issuer's own outstanding balance, summed across chains. For a stablecoin this is the closest thing to a demand measure: it rises when people mint and falls when they redeem.
Where it misleads
Outstanding supply is not the same as backing. It says how many units exist, not what stands behind them, and says nothing about whether redemption works at scale.
Reading a high or a low value
Rising supply means net minting over the period; falling supply means net redemption.
01
Highest values in our coverage
Ordered by the figure alone. This is not a ranking of quality and carries no view.
| # | Asset | Stablecoin in circulation |
|---|---|---|
| 1 |
 TetherUSDT
|
$183.29B |
| 2 |
 USDCUSDC
|
$73.72B |
| 3 |
 USDSUSDS
|
$6.63B |
| 4 |
 DaiDAI
|
$4.76B |
| 5 |
 Ethena USDeUSDE
|
$4.22B |
| 6 |
 USD1USD1
|
$4.21B |
| 7 |
 Global DollarUSDG
|
$3.16B |
| 8 |
 PayPal USDPYUSD
|
$2.79B |
| 9 |
 BlackRock USD Institutional Digital Liquidity FundBUIDL
|
$2.75B |
| 10 |
 Circle USYCUSYC
|
$2.71B |
| 11 |
 Ripple USDRLUSD
|
$2.40B |
| 12 |
 Ondo US Dollar YieldUSDY
|
$2.18B |
| 13 |
 USDDUSDD
|
$1.51B |
| 14 |
 United StablesU
|
$1.28B |
| 15 |
 USDGOUSDGO
|
$1.25B |