Largest issuer's share
%The share of dollar stablecoin supply held by the issuer with the most circulating supply on the latest day, named on the tile.
Dashboard · VantagePlanned
Stablecoin Market Share by Issuer
What share of stablecoin supply does each issuer hold, and who is gaining?
Each issuer's share of dollar stablecoin supply today and over time, from Tether and Circle to the newer issuers.
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Blueprint
What the dashboard will show.
The dashboard as it will open in Vantage. Each figure is named here and arrives with its receipt; until its data is published, its place stays empty.
Changes
Who gained and lost share over the selected period, and on which chains.
Largest share gain
percentage pointsThe issuer whose share rose most over the selected period, and by how many percentage points.
Largest share loss
percentage pointsThe issuer whose share fell most over the selected period, and by how many percentage points.
Share change by issuer
percentage pointsThe change in each issuer's share over the selected period, gainers above the line and losers below.
Share by issuer over time
%Each issuer's daily share of dollar stablecoin supply over the selected period, stacked to the whole.
Issuer supply by chain
USDEach issuer's circulating supply on each covered chain on the latest day, so a gain can be traced to the chains it came from.
- Period
- Last 30 days, 90 days, one year or all history
- Peg
- US dollar or euro
About
What it answers, and for whom.
A handful of issuers stand behind most stablecoin supply, and their shares shift as new coins launch, rules change and demand moves between them. This dashboard groups every tracked stablecoin by the company or protocol that issues it and shows each issuer's share of dollar stablecoin supply, today and over time.
Shares are computed from circulating supply read on-chain, so they move only when tokens are actually issued or redeemed. An issuer with several dollar coins, such as a main coin and a coin built for one market, is shown as a group and coin by coin.
Start with the share figures and the issuer table, then the changes page to see who gained or lost share and on which chains. Every share opens the supply reads it was computed from.
Method
How it will be measured.
Every figure will be read at a block, kept with its source and its exact read, and open a receipt anyone can re-check.
How receipts work →- Each coin's circulating supply is its totalSupply() at the last block of each UTC day on every covered chain, minus balances held unissued in its issuer's treasury addresses.
- Coins are mapped to issuers in the stablecoin registry; where a licensed firm issues a coin under another company's brand, both are recorded and the share follows the brand.
- An issuer's share is its coins' circulating supply divided by total dollar stablecoin supply on the same day; euro coins have shares of their own and never mix with dollar ones.
- Bridged copies count once, on the chain that holds their backing, so an issuer that bridges widely does not gain share from double counting.
- Concentration is the Herfindahl-Hirschman index of issuer shares; every share links to the blocks, hashes and contract calls behind it.
The data it needs
Read from chain state and history
- stablecoin_supply_global_dailyPublishedStablecoin supply across every covered chainCross-chain native supply per stablecoin and peg per day, on the latest day every chain has reported.
- stablecoinsPublishedStablecoin registryEvery tracked stablecoin contract: issuer, peg, chain, decimals and whether it is native or bridged.
- stablecoin_supply_totals_dailyPublishedStablecoin supply totals by chain and pegEach chain's native stablecoin supply per peg per day, added up from the per-token rows, never mixing pegs or native and bridged supply.
- totalSupply() of every registered stablecoin contract at day-end blocks on each covered chain
- balanceOf() of issuer treasury addresses holding minted but unissued tokens
- The registry's issuer, brand and peg for each contract, with the public source of each mapping
- Escrow balances of lockbox and adapter contracts behind bridged copies
Questions
Questions people ask.
Which company issues the most stablecoins?
Tether's USDT has been the largest stablecoin for most of the market's history, with Circle's USDC second and a long tail of smaller issuers behind them. The issuer table shows the order on the latest complete day, from supply read on-chain.
What is stablecoin dominance?
It usually means one of two things: one coin's or one issuer's share of all stablecoin supply, or stablecoins' share of the whole crypto market. This dashboard measures the first, from supply read on-chain; the second needs market prices for every other asset.
Why do issuer shares change?
Shares move when one issuer's coins are issued or redeemed faster than the rest: demand on exchanges, new chains or payment partners, interest rates, rules that admit or exclude a coin in a market, or a loss of confidence after a depeg.
Are synthetic and yield-bearing dollars included?
Coins that hold a dollar peg are included with their issuer, including synthetic dollars backed by hedged positions. Savings and staked wrappers that hold another stablecoin are left out, so the underlying coin is not counted twice.
- Issuer
- The company or protocol that creates a stablecoin, holds or manages its backing and redeems it. A coin can carry one firm's brand while a licensed partner issues it.
- Herfindahl-Hirschman index
- A measure of concentration: the sum of the squared market shares of every issuer. It is higher when supply sits with fewer issuers.
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