Research · Stablecoin Supply Tracker
Stablecoin Supply Tracker: Issuers, Chains, Monthly Flows
Stablecoin supply by issuer, blockchain, and monthly net flows. Updated monthly from on-chain data.
Latest reading as of
. Methodology v1.
TL;DR
Stablecoin circulating supply stood at $314.62B as of 2026-05-31, down 0.0 percent on the month. Fiat-backed issuers make up 91.4 percent of supply. The top three stablecoins hold 86.1 percent.
Current reading
$314.6 billion
Total stablecoin supply as of 31 May 2026. Time series builds out as the second monthly edition lands.
Key figures
- Total stablecoin supply reached $314.6 billion as of 31 May 2026.
- Net monthly supply change reached $0 as of 31 May 2026.
- Top three issuer concentration stood at 86.1 percent as of 31 May 2026.
- Fiat-backed share stood at 91.4 percent as of 31 May 2026.
- Active stablecoins reached 46 as of 31 May 2026.
- Chains carrying stablecoins reached 114 as of 31 May 2026.
Issuer leaderboard
| Rank | Issuer | Supply (USD) | Share |
|---|---|---|---|
| 1 | Tether | $186.8 billion | 59.4% |
| 2 | USD Coin | $75.5 billion | 24% |
| 3 | Sky Dollar | $8.6 billion | 2.7% |
| 4 | World Liberty Financial USD | $4.6 billion | 1.5% |
| 5 | Dai | $4.5 billion | 1.4% |
| 6 | Ethena USDe | $4.5 billion | 1.4% |
| 7 | BlackRock USD | $3.0 billion | 0.9% |
| 8 | PayPal USD | $2.9 billion | 0.9% |
| 9 | Circle USYC | $2.8 billion | 0.9% |
| 10 | Global Dollar | $2.5 billion | 0.8% |
Chain composition
| Rank | Chain | Supply (USD) | Share |
|---|---|---|---|
| 1 | Ethereum | $158.4 billion | 50.4% |
| 2 | Tron | $89.7 billion | 28.5% |
| 3 | BSC | $17.2 billion | 5.5% |
| 4 | Solana | $15.5 billion | 4.9% |
| 5 | Hyperliquid L1 | $6.6 billion | 2.1% |
| 6 | Base | $4.7 billion | 1.5% |
| 7 | Arbitrum | $4.0 billion | 1.3% |
| 8 | Polygon | $3.6 billion | 1.1% |
Backing mechanism
| Rank | Mechanism | Supply (USD) | Share |
|---|---|---|---|
| 1 | fiat-backed | $287.5 billion | 91.4% |
| 2 | crypto-backed | $26.8 billion | 8.5% |
| 3 | algorithmic | $312.9 million | 0.1% |