Inside the USD Stablecoin sector, 29 October 2026
The USD Stablecoin sector held a combined market cap of roughly $293 billion across 51 tracked constituents as of 29 October 2026.
Sector Composition and Concentration
As of 29 October 2026, the USD Stablecoin sector tracked 51 constituents with a combined market capitalisation of $293.3 billion. Concentration within the sector is pronounced: Tether alone accounted for approximately $180.8 billion in market cap, representing roughly 62% of the sector total. The second-largest constituent, USDC, added a further $71.2 billion. Together, these two members account for the substantial majority of sector weight, meaning aggregate sector figures are heavily influenced by the behaviour of just those two assets. The remaining 13 members listed range from roughly $825 million (Open USD) to $9.8 billion (USDS), illustrating a long tail of smaller constituents.
Fee Stream Observability
Of the 15 largest members shown, only one — Ethena USDe — carries a reported fee figure: an annualized rate of 12.17%, derived from the trailing 30 days to 29 October 2026. All other listed members return a null value for annualized fees. This does not necessarily mean those assets generate no revenue; it may instead reflect differences in how fee streams are structured, disclosed, or measurable from on-chain data. Readers should treat the absence of a fee figure as a data gap rather than confirmation of a zero-fee model.
Distance from All-Time Highs
The percent below all-time high figures vary considerably across the listed members, which is itself a noteworthy observation for assets nominally pegged to one US dollar. Values range from –0.23% (USDGO) to –39.57% (Global Dollar) as of 29 October 2026. Several members cluster within a few percentage points of their peaks — PayPal USD at –2.04%, United Stables at –0.88% — while others such as Tether (–24.49%), Dai (–17.96%), and USDD (–19.63%) sit materially further from their historical highs. For a peg-based asset, a large drawdown from an all-time high may reflect earlier periods of greater adoption rather than price deviation, but the figures alone do not distinguish between those explanations.
What the Sector Label Does and Does Not Convey
The label USD Stablecoin groups assets by their stated reference currency and stability objective. It does not describe a uniform mechanism: constituents within this sector may be backed by fiat reserves, over-collateralised crypto assets, synthetic or delta-neutral constructions, or algorithmic designs — each carrying structurally different risk profiles, counterparty relationships, and redemption processes. The sector label therefore tells a reader what these assets aim to do (maintain parity with the US dollar) but not how they do it, nor how comparable their underlying architectures are. Seven-day return figures for the trailing 7 days to 29 October 2026 ranged from +1.45% (Falcon USD) to –7.19% (Open USD), a spread that itself signals the constituents do not behave identically even over short windows.