GRAIN BIN
Notes on a
New Kind of Money.
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GRAIN BIN
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A running study of stablecoins: how many dollars are out there, where they gather, and how the landscape is changing.
$303.53B
USD-equivalent circulating value of USD-pegged stablecoins
−$182.79M
-0.06% over 30 days
Same dated USD supply series, compared with 30 days earlier.
THE WIDER LANDSCAPE
Includes USD, EUR and other non-commodity, non-crypto peg types tracked by DefiLlama. Values use DefiLlama’s latest USD-equivalent historical snapshot; absent peg types are marked not reported. This is not a breakdown of reserve assets.
The headline, monthly change, and historical chart use DefiLlama's public historical USD-valued circulating supply for USD-pegged stablecoins. This is not necessarily the same measure as DefiLlama's website market cap, which may use different coverage, methodology, or reporting times.
Market-share figures below use the current individual-asset supply dataset and its own total as the denominator, rather than mixing current token data with a dated historical aggregate. The current token sum differs from the historical aggregate by 0.53%.
SHARE BY STABLECOIN
THE BIG TWO
83.6%
Combined market share of USDT and USDC.
Together, these two tokens account for this share of the USD-pegged supply tracked here.
USDT and USDC make up 83.6% of the USD-pegged individual-asset supply counted here. That's an observation, not a prediction.
If the market keeps growing, will the smaller stablecoins gain ground, or will the big two grow with it?
For further study: follow changes in market share over time.