Inside the Stablecoins sector, 04 October 2026

Sector Composition and Concentration

As of 04 October 2026, the stablecoin sector covered by this site tracked 82 constituents with an aggregate market capitalisation of $292.1 billion. Concentration is pronounced: the two largest members alone account for the bulk of that total. Tether carried a market cap of $184.1 billion and USDC $74.1 billion as of that date, meaning these two names together represented well over 85% of the tracked sector total. The remaining 13 members listed here range from roughly $698.6 million (GHO) to $9.97 billion (USDS), illustrating a steep drop-off in scale below the top two.

Fee Stream Availability

Of the 15 largest members shown, only one — Ethena USDe — carries a measurable annualized fee figure, recorded at $0.122 (annualized from the trailing 30 days to 04 October 2026). The remaining 14 members report no fee data. This absence does not necessarily mean those protocols generate no revenue; it may reflect differences in how fee streams are defined, attributed, or disclosed across different stablecoin structures. Readers should treat the single available fee figure as an isolated data point rather than a basis for cross-member comparison.

Distance from All-Time Highs

The percent below all-time high figures across the listed members span a wide range. USDGO sits closest to its all-time high at -0.23%, followed by BFUSD at -0.71% and United Stables at -0.86%. At the other end, Global Dollar is recorded at -39.55% below its all-time high, and Tether at -24.43%. Dai sits at -17.96% and USDD at -19.56%. For assets nominally designed to maintain a stable value, a wide dispersion in this metric warrants methodological caution: all-time high figures for stablecoins may reflect brief depegging events, listing anomalies, or differences in the price series used, rather than sustained appreciation or depreciation in the conventional sense.

What the Sector Label Does and Does Not Convey

The label stablecoin groups assets that differ substantially in their underlying mechanisms. Fiat-backed, crypto-collateralised, algorithmic, and yield-bearing structures all appear within the 82 tracked constituents. These differences affect how each asset responds to market stress, how its supply is managed, and what risks it carries. The sector label therefore describes a functional intent — price stability relative to a reference asset — rather than a uniform structural or risk profile. Seven-day return figures for the listed members range from -5.84% (United Stables) to +13.86% (USDD) over the trailing 7 days to 04 October 2026, a spread that itself signals the heterogeneity within this grouping. Aggregated sector statistics such as total market cap should be read with awareness that they sum across meaningfully dissimilar instruments.