Inside the Stablecoins sector, 04 September 2026

Sector Scope and Concentration

As of 04 September 2026, the stablecoins sector covered 88 constituents with an aggregate market capitalisation of $289.66 billion. Concentration within the sector is pronounced: Tether alone accounted for approximately $183.35 billion, representing roughly 63% of the total. The two largest members — Tether and USDC, the latter at $74.19 billion — together accounted for well over 88% of total sector capitalisation. The remaining 13 named constituents ranged from approximately $698 million (GHO) to $9.79 billion (USDS), illustrating a steep drop-off in scale beyond the top two.

Fee Stream Availability

Of the 15 largest members listed, only one — Ethena USDe — carried a measurable annualized fee figure, reported as $0.122 (annualized from the trailing 30 days to 04 September 2026). The remaining 14 constituents showed null values for fees, meaning either that no fee data was captured or that no fee stream exists in a form the methodology can measure. This asymmetry limits direct fee-based comparisons across the majority of the sector's tracked members.

Distance from All-Time Highs

The percent below all-time high figures varied considerably across the largest members. At the narrower end, USDGO stood 0.23% below its all-time high, and BFUSD was 0.70% below. At the wider end, Global Dollar was recorded at 39.54% below its all-time high, and Tether at 24.43% below. Several others — including USDD at 19.58% below and Dai at 17.98% below — occupied intermediate positions. The spread from roughly 0.2% to nearly 40% below prior peaks is notable for assets whose stated design objective is price stability, and warrants attention when interpreting what an all-time high means for instruments targeting a fixed value rather than price appreciation.

What the Sector Label Does and Does Not Convey

The label stablecoins groups assets that differ substantially in their underlying mechanisms. Fiat-backed, crypto-collateralised, algorithmically managed, and hybrid structures all appear within the same 88-constituent universe. The 7-day return figures as of 04 September 2026 show 0.0% for 13 of the 15 named members, with USDD and GHO each recording -0.1% over the trailing 7 days — differences that are small in magnitude but technically non-zero. The sector label therefore signals a shared design intent around price stability rather than a guarantee of structural or risk equivalence. Readers should treat constituent-level disclosures — including collateral type, governance model, and the presence or absence of a fee stream — as necessary context that the aggregate sector figure alone does not supply.