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16 Stablecoins Now Have Over 1B In Circulating Supply
There is now over a dozen of stablecoins denominated in USD each with over 1B in supply currently available on the market.
More stablecoins hit the 1B supply club (Vj Kombajn / Unsplash)
The stablecoin market is expanding as more hit 1B supply.
With around $323B in total market cap, there are now around 16 individual stablecoins each possessing at least 1B in supply per DefiLlama. Out of those, 13 active stablecoins have Ethereum as either the top or joint-top for the network holding most of the stablecoin supply.
These can be split into fiat-backed, yield-bearing, and other mechanisms:
Tether’s USDT = 189B (Close gap between Tron and Ethereum in highest supply per network)
Circle’s USDC = 76B (Ethereum leads highest supply per network)
Sky Dollar’s USDS = 8.7B (Ethereum leads highest supply per network)
Dai = 4.6B (Ethereum leads highest supply per network)
World Liberty Financial’s USD1 = 4.5B (Close gap between Binance and Ethereum in highest supply per network)
Ethena’s USDe = 4.3B (Ethereum leads highest supply per network)
PayPal’s PYUSD = 3.4B (Ethereum leads highest supply per network)
BlackRock’s BUIDL = 3.2B (Ethereum leads highest supply per network)
Circle’s USYC = 2.9B (Binance leads highest supply per network)
Paxos Global Dollar USDG = 2.9B (X Layer leads highest supply per network)
Ondo’s USDY = 2.1B (Ethereum leads highest supply per network)
Falcon’s USDf = 1.6B (Ethereum leads highest supply per network)
Ripple’s RLUSD = 1.5B (Ethereum leads highest supply per network)
Tron’s USDD = 1.5B (Tron leads highest supply per network)
Ethena’s USDtb = 1.1B (Ethereum leads highest supply per network)
United Stables’ U = 1B (Binance leads highest supply per network)
Regardless of those stablecoins regulated as payment stablecoins, yield-bearing investment products, or being mostly used for onchain lending and borrowing activities, Ethereum carries the most distribution power to finding existing and new users.
As forecasted by several GSIBs (Globally Systemically Important Banks), predictions that the stablecoin market hits between $1T - $4T appear on track with the growth of adoption from retail and institutional demand.
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