Inside the Stablecoins sector, 04 September 2026

Sector Snapshot: Stablecoins — 04 September 2026

As of 04 September 2026, the stablecoin sector covered by this site comprised 88 constituents with an aggregate market capitalisation of $289.7 billion. The distribution of that capital is highly concentrated: the two largest members, Tether ($183.4 bn) and USDC ($74.2 bn), together account for roughly 88 percent of the sector total. The remaining 86 tracked constituents share the residual approximately 12 percent, with individual market caps among the next thirteen largest members ranging from roughly $698 million (GHO) to roughly $9.8 billion (USDS). Concentration of this magnitude means that sector-level figures are, in practice, heavily shaped by movements in the top two names.

Fee Data Availability

Of the 15 largest members listed, only one — Ethena USDe — carries a reported fee figure: an annualized rate of approximately 0.122%, derived from the trailing 30 days to 04 September 2026. All other listed members show no measurable fee stream in the data supplied. This absence may reflect structural differences in how individual stablecoins generate or distribute revenue, differences in data availability, or the fact that certain designs do not expose a fee in a form this methodology can capture. Readers should treat the single available fee figure as describing one instrument's reported economics only, and should not infer that zero-fee entries generate no economic activity.

Distance from All-Time Highs

The percent below all-time high figures across the 15 listed members span a notably wide range. At the narrower end, USDGO sits just 0.23% below its all-time high, followed by BFUSD at 0.69% and United Stables at 0.83%. At the wider end, Global Dollar is recorded at 39.55% below its all-time high, Tether at 24.41% below, and USDD at 19.65% below. For assets whose design intent is to maintain a fixed value, a persistent gap from an all-time high may reflect historical supply dynamics — periods when circulating supply, and therefore aggregate market cap, was larger — rather than price deviation from peg. The metric therefore captures something different for stablecoins than it does for freely floating assets, and should be interpreted accordingly.

What the Sector Label Does and Does Not Convey

The label "stablecoins" groups assets that differ materially in their underlying stabilisation mechanisms — fiat-reserve backing, crypto-collateralisation, algorithmic adjustment, synthetic replication, and hybrid approaches all appear within this 88-constituent universe. The shared label indicates a common objective (price stability relative to a reference, typically the US dollar) but does not imply comparable risk profiles, collateral transparency, redemption rights, counterparty structures, or regulatory treatment. Seven-day returns of 0.0% across nearly all listed members reflect the peg objective rather than market homogeneity; the constituents are not economically interchangeable simply because their short-term price returns appear identical in the trailing 7-day window to 04 September 2026.