Inside the USD Stablecoin sector, 05 September 2026

Sector Composition and Concentration

As of 05 September 2026, the USD Stablecoin sector covered 55 constituents with an aggregate market capitalisation of $287.0 billion. Concentration is pronounced: the two largest members alone account for the substantial majority of that total. Tether reported a market cap of $183.4 billion and USDC reported $74.6 billion, together representing roughly 89.7% of the sector figure. The remaining 53 constituents share the residual approximately 10.3%, with individual market caps among the listed members ranging from $548.5 million (Usual USD) down to figures not individually disclosed for the unlisted constituents. This distribution means sector-level aggregates are heavily influenced by the two leading members, and changes in any smaller constituent would have a limited effect on the headline total.

Fee-Stream Availability

Among the 15 largest members listed, only one — Ethena USDe — carries a measurable annualized fee figure, reported as $0.122 (annualized from the trailing 30 days to 05 September 2026). The remaining 14 largest members all show null for fees annualized, meaning either no fee stream exists in the data or it was not reported. Readers should note that the absence of a fee figure does not itself characterise an asset's economics; it reflects a data availability boundary. For the majority of this sector's tracked constituents, fee-based comparison is not possible from these figures alone.

Distance from All-Time Highs

The percent below all-time high figures across the 15 listed members show a wide spread. At the narrower end, USDGO stood 0.24% below its all-time high and United Stables stood 0.85% below as of 05 September 2026. At the wider end, Global Dollar was recorded at 39.6% below its all-time high and Tether at 24.4% below. For assets designed to maintain a fixed dollar peg, deviations from all-time highs may reflect changes in circulating supply rather than price movement, so this metric carries a different interpretive weight here than it would for free-floating assets. The data do not specify which component — price or supply — drives each figure.

What the Sector Label Does and Does Not Convey

The label USD Stablecoin groups assets by their stated reference currency and stability objective, but it does not imply uniform structure. Among the members listed, backing mechanisms range across fiat reserves, crypto collateral, algorithmic designs, and synthetic constructions. Governance, redemption rights, counterparty exposure, and regulatory perimeter differ materially across constituents. The 7-day return figures as of 05 September 2026 show 0.0% for most members and -0.1% for three — Ripple USD, USDD, and Usual USD — consistent with near-peg behaviour over that period, but short-term return data alone do not describe the structural differences between members. Readers using this sector aggregate should treat it as a market-size reference rather than evidence that constituent assets are interchangeable.