Inside the USD Stablecoin sector, 05 September 2026

Sector Composition and Concentration

As of 05 September 2026, the USD Stablecoin sector tracked by this site comprised 55 constituents with an aggregate market capitalisation of approximately $287.0 billion. Concentration within that total is pronounced. The two largest members alone — Tether at $183.4 billion and USDC at $74.6 billion — account for a combined share that leaves the remaining 53 constituents dividing a comparatively small residual. The 15 largest members listed here range from Tether's $183.4 billion down to Usual USD's $548.3 million, a ratio of more than 330-to-one between the top and fifteenth positions. Readers should note that concentration figures for the full 55-member universe are not supplied in these data, so observations about tail members are limited to the largest 15.

Fee Transparency Across Members

Of the 15 largest members shown, only one — Ethena USDe — carries a measurable annualised fee figure, recorded as approximately $0.122 per unit annualised from the trailing 30 days to 05 September 2026. The remaining 14 members in this listing return a null fee value. The JSON period definition specifies that fee figures are annualised from the trailing 30 days; null values indicate either that no fee stream was captured in that window or that the methodology does not assign one to those assets. This limits cross-member comparability on a cost or revenue basis to a single data point within the top 15.

Distance from All-Time Highs

The percent below all-time high figures across the 15 listed members span a wide range. At one end, USDGO sits just 0.24% below its all-time high, and United Stables is 0.84% below its peak. At the other end, Global Dollar is recorded at 39.56% below its all-time high, and Usual USD at 24.67% below. Tether registers 24.42% below its all-time high. For assets designed to maintain a fixed unit value, dispersion of this magnitude in the all-time-high metric reflects differences in historical issuance peaks and redemption dynamics rather than price volatility in the conventional sense, and the figures should be interpreted accordingly. The 7-day return for all members except Usual USD is recorded as 0.0% for the trailing 7 days to 05 September 2026; Usual USD shows a −0.1% return over the same period.

What the Sector Label Does and Does Not Convey

The label USD Stablecoin groups assets that share a stated objective of maintaining parity with the US dollar, but it does not distinguish between the mechanisms used to pursue that objective — which across these 15 members include fiat-backed reserve models, crypto-collateralised structures, synthetic or delta-neutral designs, and others not specified in the data supplied. Mechanism differences affect risk profile, fee generation, regulatory treatment, and redemption behaviour in ways the sector label alone does not capture. Readers using this sector aggregate should treat it as a starting point for classification rather than evidence of homogeneity among constituents.