Inside the USD Stablecoin sector, 29 September 2026

Sector Composition and Concentration

As of 29 September 2026, the USD Stablecoin sector covered 52 constituents with an aggregate market capitalisation of $289.7 billion. Concentration is pronounced: the two largest members alone account for the substantial majority of that total, with Tether at $183.8 billion and USDC at $74.7 billion. The remaining 13 members shown each carry market caps below $10 billion, and several fall below $2 billion, illustrating a steep drop-off from the top two positions. Standard concentration metrics are not supplied in the data, but the raw figures indicate that the sector's aggregate is heavily weighted toward its top members.

Fee Stream Availability

Of the 15 largest members reported, only one — Ethena USDe — carries a measurable annualized fee figure, recorded as $0.122 (annualized from the trailing 30 days to 29 September 2026). All other listed members return a null value for fees. This is not necessarily evidence that no economic activity underlies those assets; it may instead reflect differences in how protocol revenue is structured, disclosed, or attributable at the asset level. Readers should treat the fee field as sparsely populated rather than as a comprehensive revenue comparison across constituents.

Distance from All-Time Highs

The spread of distance-from-all-time-high figures across the 15 listed members is wider than the sector label might imply. At one end, USDGO sits just 0.24% below its all-time high and United Stables sits 0.83% below as of 29 September 2026. At the other end, Global Dollar registers 39.6% below its all-time high and Usual USD sits 24.6% below. For assets nominally pegged to one US dollar, a range of this magnitude warrants scrutiny: it may reflect differences in peg history, prior redemption events, reporting methodology, or the way market-cap figures are constructed for each asset class.

What the Sector Label Does and Does Not Convey

The label USD Stablecoin groups assets that share a stated objective — maintaining parity with the US dollar — but it does not specify the mechanism by which any constituent pursues that objective. Fiat-backed, crypto-collateralised, algorithmically stabilised, and yield-bearing synthetic structures may all appear under this heading. Consequently, the sector label describes an intended outcome rather than a shared design. Readers comparing members on metrics such as market cap, seven-day return (trailing 7 days), or distance from all-time high should bear in mind that those figures emerge from structurally different instruments. The presence of an annualized fee figure for some members and its absence for others further underscores that these assets do not share a uniform economic architecture, even when grouped under a single sector designation.