Major Stablecoins & Regulation (Aug 2026)
The global stablecoin market cap is about US$290bn, with USDT and USDC together over 80%. The US GENIUS Act became law in 2025, and the EU's MiCA and Hong Kong's ordinance are now in force — stablecoins are moving from grey zone into regulated payment infrastructure.
| Stablecoin (issuer) | Market cap (2026-08-28) | Type | Share | Notes |
|---|---|---|---|---|
| USDT (Tether) | ~US$183B | Fiat-reserve (mostly Treasuries) | ~59–63% | #1; 2025 net income >US$10B, Treasury exposure >US$141B; BDO attestation |
| USDC (Circle) | ~US$74B | Fiat-reserve (cash + short Treasuries) | ~24–25% | #2; NYSE IPO June 2025 (CRCL) |
| USDS (Sky) | ~US$9.8B | Crypto-overcollateralized/RWA | ~3% | Upgraded from MakerDAO's DAI brand |
| DAI (Sky/Maker) | ~US$4.6B | Crypto-overcollateralized | ~1.5% | Veteran decentralized stablecoin |
| USDe (Ethena) | ~US$4.1B | Synthetic-yield (delta-hedge) | ~1.4% | Not fiat-reserve; different risk profile |
| PYUSD (PayPal) | ~US$2.8B | Fiat-reserve | ~1% | Issued by PayPal, payments-focused |
Method & sources
Retrieved 2026-08-28. **Caliber (key)**: "market cap" = circulating supply, from CoinGecko's stablecoin category page on 2026-08-28, and fluctuates constantly; **market cap ≠ trading volume ≠ reserves** (e.g. Tether's reserves ~US$193bn differ from its ~US$183bn market cap). Total stablecoin market cap ranges ~US$290bn (CoinGecko) to ~US$320bn across sources due to methodology; this table uses CoinGecko as the single source. **Types differ**: fiat-reserve (USDT/USDC/PYUSD, 1:1 USD-asset backed), crypto-overcollateralized (DAI/USDS), and synthetic-yield (USDe, delta-hedged derivatives — a fundamentally different risk profile). Issuers earn on reserves (mostly short-dated US Treasuries); holders get no yield, and falling rates compress the spread. **Attestation ≠ full audit**: Tether uses BDO attestation (limited assurance); Circle is a US-listed company (CRCL, IPO June 2025) with audited filings. Shares are current-value estimates. Sources: CoinGecko, Tether Q4 2025 attestation, Circle FY2025 results.
Source: https://www.coingecko.com/en/categories/stablecoins
Retrieved: 2026-08-28
FAQ
- What does "Major Stablecoins & Regulation (Aug 2026)" cover?
- It covers USDT (Tether), USDC (Circle), USDS (Sky), DAI (Sky/Maker), USDe (Ethena), PYUSD (PayPal), compared across: Stablecoin (issuer), Market cap (2026-08-28), Type, Share, Notes.
- What are the sources and methodology?
- Retrieved 2026-08-28.
- When was this data last updated?
- The data was retrieved/updated on 2026-08-28.