Stablecoin Supply & Dominance
Stablecoins are the market's cash position. Their aggregate supply shows how much buying power has entered crypto, and their share of total market cap shows how much of it is still sitting on the sidelines.
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Total stablecoin supply
15 minSupply by issuer
| Stablecoin | Circulating supply | Share | Distribution |
|---|---|---|---|
| Loading | $0B | 0% | — |
| Loading | $0B | 0% | — |
| Loading | $0B | 0% | — |
| Loading | $0B | 0% | — |
| Loading | $0B | 0% | — |
| Loading | $0B | 0% | — |
Reading the two lines together
Stablecoin supply and stablecoin dominance answer different questions, and the interesting information is in how they move relative to each other:
- Supply up, dominance down — new capital arrived and was deployed into risk assets. Historically the healthiest combination for a sustained advance.
- Supply up, dominance up — capital arrived and stopped. Buying power is building on the sidelines; it has not been spent.
- Supply flat, dominance down — no new money, prices rising anyway. The move is being carried by existing positions, which makes it thinner than it looks.
- Supply down — redemptions. Capital is actually leaving the ecosystem for the banking system, which is the clearest bearish signal in this dataset.
Note the mechanical link with Bitcoin dominance: because stablecoins sit in total market cap, a large mint pushes BTC.D down without anyone selling a single bitcoin.
Sources and calculation
Supply data comes from DefiLlama's stablecoin dataset, which tracks circulating supply for every major pegged asset across every chain it indexes. Dominance is that total divided by total crypto market capitalisation from CoinGecko:
stablecoin dominance = total stablecoin supply / total crypto market cap × 100
The history chart uses DefiLlama's daily series; the live figures refresh every fifteen minutes.
Caveats
- Supply is not the same as available buying power. A large share of USDT and USDC is locked in lending markets, LP positions and treasury operations.
- Mints are not instant demand. Issuance often reflects institutional settlement flows rather than anyone intending to buy crypto.
- Chain coverage changes. When DefiLlama adds a chain, supply appears to jump. Treat sharp single-day steps with suspicion.
Frequently asked questions
What does stablecoin supply tell you?
Aggregate stablecoin supply is the size of crypto's cash position. Coins are minted when someone sends dollars to an issuer, and burned when they redeem. Rising total supply therefore means net capital entering the ecosystem — dry powder that has arrived but has not necessarily bought anything yet. Falling supply means capital genuinely leaving.
What is stablecoin dominance?
The share of total crypto market capitalisation held in stablecoins. It rises either when new stablecoins are minted or when everything else falls in value. High dominance means a lot of sidelined buying power relative to the size of the market; low dominance means capital is deployed into risk.
Is rising stablecoin supply bullish?
It means more purchasing power is available, which is a necessary condition for sustained buying but not a sufficient one — money can sit in USDT indefinitely. The more informative pattern is supply rising while dominance falls: capital arrived and was then deployed. Supply rising while dominance also rises means money came in and stopped.
Which stablecoins are counted?
All of them that DefiLlama tracks, across every chain — USDT, USDC, DAI, USDe, FDUSD, PYUSD and hundreds of smaller ones, including crypto-collateralised and algorithmic designs. The breakdown chart shows the largest issuers individually.
Does this include stablecoins held inside exchanges?
Yes. The figures are total circulating supply on-chain, which includes balances sitting in exchange wallets. It does not attempt to separate what is available for trading from what is deployed in DeFi or held long term — no public dataset can do that reliably.