One issuer still matters most
USDT and USDC hold 83% of supply. A problem at either company would matter more than a problem at most smaller coins.
Supply grew beyond USDC
See whether crypto's digital dollars are growing, who controls them, where they sit and which large coins are slipping from $1.
Supply rose $4.5bn in 30 days. Remove USDC, the biggest contributor, and the tracked total still rises +0.5%. Across 49 large coins, more rose than fell.
Total supply$310.5bn
Change in 30 days+1.5%
Held by the top two83%
Is new money entering?
Supply shows how many digital dollars exist. It does not show whether that money was spent on Bitcoin, lent out or left idle.
More digital dollars exist. Supply changed +0.5% in seven days and +1.5% in 30 days.
Was the move broad?
22 rose. 15 fell. 12 barely moved.
This covers 49 coins with at least $100mn now or a month ago. 1 new large coin has no clean month comparison.
Largest 30-day contributor
USDC +$2.9bn
The direction survives. Without USDC, supply still changed +0.5%.
Who controls the cash?
A growing market can still depend on very few companies. This is issued supply, not a measure of reserves or revenue.
Where does the money sit?
Network balance tells us where stablecoins are held. It does not tell us how much was paid, traded or borrowed there.
Ethereum holds 48% of the network balance shown.
Are large coins still close to $1?
Only coins designed to stay at one dollar are checked. Large means at least $1bn in supply. Coins whose price rises as they earn income are left out.
0
No large fixed-dollar coin is outside the watch line. The largest fixed-dollar coins are within 0.5% of $1 in this price check. That is calm, not a promise of redemption.
APXUSD
$0.96803.20% from $1
FRAX
$0.99180.82% from $1
SATUSD
$0.99500.50% from $1
USDF (Falcon USD)
$0.99650.35% from $1
DOLA
$0.99750.25% from $1
USDF (Astherus)
$0.99850.15% from $1
FDUSD
$0.99860.14% from $1
USD0
$0.99870.13% from $1
GUSD (Gate USD)
$0.99910.09% from $1
GHO
$0.99920.08% from $1
What is supposed to hold the dollar value?
Backing type is the issuer's broad design. It is not a live check of bank cash, Treasury holdings, collateral quality or redemption speed.
The label tells us how a coin is meant to work. It does not prove the money is there when everyone wants out.
What could make the calm picture wrong?
Network balance is not use
Ethereum holds 48% of the stablecoins assigned to the networks shown. This is money sitting there, not payment or trading activity.
A market price is not a redemption test
A coin can trade near $1 while withdrawals are slow, restricted or dependent on a small group of banks and market makers.
What should we watch next?
Watch whether the next 30-day move still survives without USDC, and whether the rise reaches more than 22 large coins.
See the 20 largest dollar stablecoins
| Coin | Supply | 30-day change | Broad backing type |
|---|---|---|---|
| USDTTether | $183.4bn | -0.1% | Cash and similar reserves |
| USDCUSD Coin | $74.7bn | +4.0% | Cash and similar reserves |
| USDSSky Dollar | $6.6bn | -1.1% | Other crypto |
| DAIDai | $4.8bn | -0.0% | Other crypto |
| USDEEthena USDe | $4.3bn | +11.3% | Other crypto |
| USD1World Liberty Financial USD | $4.3bn | +6.4% | Cash and similar reserves |
| USDGGlobal Dollar | $3.2bn | -6.7% | Cash and similar reserves |
| PYUSDPayPal USD | $2.8bn | +4.2% | Cash and similar reserves |
| BUIDLBlackRock USD | $2.8bn | +4.4% | Cash and similar reserves |
| USYCCircle USYC | $2.6bn | -12.9% | Cash and similar reserves |
| RLUSDRipple USD | $2.4bn | +51.0% | Cash and similar reserves |
| USDYOndo US Dollar Yield | $2.2bn | +2.2% | Cash and similar reserves |
| USDDUSDD | $1.5bn | +10.1% | Other crypto |
| USDGOUSDGO | $1.4bn | +21.5% | Cash and similar reserves |
| UUnited Stables | $1.3bn | +2.0% | Other crypto |
| USDFFalcon USD | $1.2bn | -6.3% | Other crypto |
| GHOGHO | $698mn | +0.0% | Other crypto |
| USD0Usual USD | $548mn | -0.8% | Cash and similar reserves |
| USDTBEthena USDtb | $527mn | +31.4% | Cash and similar reserves |
| YLDSYLDS | $522mn | -19.3% | Cash and similar reserves |