Circle and Tether control nearly 85% of the stablecoin market

Latest data on stablecoin supply shows that the market is increasingly concentrated around two major issuers. According to the chart, Tether (USDT) and Circle (USDC) currently account for up to 84.8% of the total global stablecoin supply, reaffirming their central role in cryptocurrency market liquidity.

From mid-2021 to early 2026, the total stablecoin supply has grown significantly and recently surpassed $300 billion. Throughout this period, USDT has consistently remained the largest stablecoin, leading in issuance during both growth cycles and periods of market volatility. USDC ranks second, expanding considerably during “risk-on” phases and maintaining influence even when the market weakens.

In contrast, other stablecoins such as DAI, PYUSD, USDe, USD1, and many smaller tokens account for just over 15% of the market share. This reflects a clear duopoly, increasingly dominating capital flows across exchanges, DeFi protocols, and cross-border payment activities.