OnChain Benchmark Stablecoins
Tokens designed to hold a fixed value — most against the US dollar, some against the euro or dirham. Measured here by the reserves and redemption paths behind them, not just their size.
Measured onchain
$273.8B
92.3% of all capital OnChain Benchmark measures
Instruments
28
from 27 issuers
Chains
46
led by Ethereum
What the numbers say
What the data shows for this class.
USDT is 66% of everything we measure in this class.
The remaining 27 instruments share 34%.
Ethereum carries 53% of this class.
Spread across 46 chains, but the weight sits on one.
Tether issues 66% of this class.
27 issuers in total; the rest share 34%.
The evidence
USDT is 66% of this class.
The top three of 28 instruments account for 94%.
| Instrument | Measured ↓ | Share of class | Chains |
|---|---|---|---|
USDTTether USD Tether | $180.0B | 65.7% | Tron, Ethereum, Solana +9 |
USDCUSD Coin Circle | $71.7B | 26.2% | Ethereum, Solana, Hyperliquid +33 |
DAIDai Sky (formerly MakerDAO) | $4.7B | 1.7% | Ethereum |
USDeEthena USDe Ethena Labs | $4.5B | 1.7% | Ethereum |
USD1World Liberty Financial USD World Liberty Financial | $3.9B | 1.4% | Solana, Ethereum, BNB Chain +8 |
USDGGlobal Dollar Paxos Digital Singapore Pte. Ltd. | $3.0B | 1.1% | X Layer, Robinhood Chain, Solana +4 |
UUnited Stables United Stables Limited (BVI) | $1.6B | 0.6% | BNB Chain, Ethereum, Tron |
USDDUSDD TRON DAO Reserve | $1.5B | 0.6% | Tron, Ethereum, BNB Chain |
GHOAave GHO Aave DAO | $736.1M | 0.3% | Ethereum, Arbitrum, Base |
USD0Usual USD0 Usual Money | $541.4M | 0.2% | Ethereum |
EURCEURC Circle Internet Financial Europe SAS | $494.3M | 0.2% | Ethereum, Solana, Base +6 |
FDUSDFirst Digital USD First Digital (FD121 BVI Limited) | $300.4M | 0.1% | Ethereum, BNB Chain, Sui +3 |
AEDZZand AED Zand Trust (Zand Bank PJSC) | $274.0M | 0.1% | Ethereum, Solana |
EURCVEUR CoinVertible Société Générale-Forge | $193.5M | 0.1% | Ethereum, Stellar, XRP Ledger +1 |
USATTether America USD Anchorage Digital Bank, National Association | $180.3M | 0.1% | Ethereum |
EURIEurite Banking Circle S.A. | $36.5M | <0.1% | Ethereum, BNB Chain |
XUSDStraitsX XUSD StraitsX (Fazz Financial Group) | $34.2M | <0.1% | BNB Chain, Ethereum, Solana +1 |
EUReMonerium EURe Monerium | $29.2M | <0.1% | Gnosis, Arbitrum, Ethereum +4 |
EUROPSchuman EUROP Schuman Financial / SALVUS SAS | $15.6M | <0.1% | Ethereum, Solana, Avalanche +3 |
XSGDStraitsX XSGD StraitsX (Fazz Financial Group) | $15.1M | <0.1% | Ethereum, Base, Polygon +5 |
HKDAPHKDAP Anchorpoint Financial Limited | $13.1M | <0.1% | Ethereum |
EURSSTASIS EURS STASIS | $8.0M | <0.1% | Ethereum, Stellar, XDC +1 |
TRYBBiLira TRYB BiLira | $4.9M | <0.1% | Ethereum |
CADCCADC Loon Payments Inc. | $652.7K | <0.1% | Ethereum, Polygon |
EURWNewrails EURW Newrails, UAB | $424.8K | <0.1% | Monad, Hedera |
EURAUAllUnity EURAU AllUnity GmbH | $295.4K | <0.1% | Ethereum, Base, Solana |
IDRXIDRX PT IDRX Indo Inovasi | $245.2K | <0.1% | Polygon |
EUROeEUROe Paxos Issuance Europe (formerly Membrane Finance) | $72.4K | <0.1% | Polygon, Ethereum, Arbitrum +1 |
Where it lives
Ethereum holds 53% of this class.
Split across 46 chains we measure. Each links to that chain's own page.
Capital over time
stablecoins capital, measured daily.
Outstanding capital measured on each chain, every day since we began the daily series. Pick a window to zoom the period; the top chains carry their own band and the rest fold into “Other.”
OnChain Benchmark · Stablecoins
Stablecoins capital by chain
Coverage
What this figure includes.
An instrument counts when its supply is read onchain and valued at a live price.
13 instruments are catalogued but not counted here — mostly not yet read onchain at a live price.