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The $300B+, with ten issuers controlling roughly 98% of it. Tether and Circle still anchor the top tier, but Sky (formerly MakerDAO), Ethena, and Paxos have each carved real share, and a new wave of regulated entrants like Agora, Ripple, and First Digital are pushing past $1B. This ranking pulls live supply from DeFiLlama and reserve detail from each issuer's most recent attestation.
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Order is by total circulating supply across all chains, sourced from DeFiLlama's stablecoins dashboard as of May 2026. For each issuer we list: headquarters, primary regulator, supply, reserve composition, attestation cadence, and number of supported chains. Reserve attestations come from the issuer's published transparency page. Want background on what those reports actually prove? Read what is a reserve attestation.
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Supply: ~$189B. HQ: El Salvador. Regulator: Comisión Nacional de Activos Digitales (CNAD).
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USDT remains the deepest stablecoin by a wide margin and the dominant pair on every offshore exchange. Reserves are roughly 81% cash and cash equivalents (mostly US Treasury bills), with the remainder split across secured loans, Bitcoin, and precious metals. BDO Italia publishes a quarterly attestation. Tether moved its HQ to El Salvador in 2025 and now operates under CNAD oversight. USDT is live on Ethereum, Tron, Solana, Avalanche, Arbitrum, Optimism, Polygon, BNB Chain, Base, TON, and more.
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Supply: ~$78B. HQ: New York, USA. Regulator: NYDFS plus state money transmitter licenses.
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USDC is the regulated-US benchmark. Reserves are 100% cash and short-dated US Treasuries held at BlackRock's Circle Reserve Fund and at GSIB custodians. Deloitte publishes monthly attestations. Circle also operates CCTP, its native cross-chain transfer protocol, which Eco Routes uses as an internal transport for USDC. USDC is supported on 20+ chains including Ethereum, Solana, Base, Arbitrum, Optimism, Polygon, Avalanche, and Aptos.
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Supply: ~$8.7B combined. HQ: Decentralized protocol. Regulator: None direct.
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Formerly MakerDAO, Sky now issues two stablecoins: legacy DAI and the rebranded USDS, which carries a savings rate. Backing is a mix of US Treasuries (via tokenized funds), USDC PSM reserves, and overcollateralized crypto vaults. Composition is verifiable on Ethereum in real time. Sky is live on Ethereum, Solana, Base, and several L2s.
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Supply: ~$4B. HQ: British Virgin Islands. Regulator: None direct (Ethena Labs is a software publisher).
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USDe is a synthetic dollar backed by delta-hedged staked ETH, BTC, and SOL positions held at off-exchange custodians like Copper and Ceffu. sUSDe is the staked, yield-bearing version. Chaos Labs publishes monthly transparency reports and custodian attestations. Ethena is live on Ethereum, Solana, Base, Arbitrum, Mantle, and Berachain.
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Supply: ~$2.4B combined. HQ: New York and Singapore. Regulator: NYDFS, MAS.
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Paxos issues USDP (its long-running US-regulated stablecoin) and USDG (Global Dollar, a 2025 launch with a yield-sharing model split among distributors like Robinhood, Kraken, and Bullish). Reserves are cash and short-dated US Treasuries. WithumSmith+Brown publishes monthly attestations. Paxos also runs PYUSD issuance for PayPal.
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Supply: ~$700M. HQ: USA. Regulator: GENIUS Act-aligned.
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AUSD launched in 2024 and grew quickly on the back of distribution partnerships with Wintermute, Galaxy, and several market-neutral funds. Reserves are managed by VanEck and custodied at State Street, with a monthly transparency report. Live on Ethereum, Solana, Base, Sui, and Avalanche.
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Supply: ~$1.6B. HQ: USA. Regulator: NYDFS.
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RLUSD launched in late 2024 under a NYDFS Limited Purpose Trust charter. Reserves are cash and short-dated US Treasuries. RLUSD is native to the XRP Ledger and bridged to Ethereum, with primary use cases in cross-border settlement and on-XRPL DEX liquidity.
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Supply: ~$400M. HQ: Hong Kong. Regulator: HKMA stablecoin sandbox.
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FDUSD is issued by First Digital Trust and got most of its early growth from Binance distribution. Reserves are US Treasuries and cash held in bankruptcy-remote accounts in Hong Kong. Prescient Assurance publishes monthly attestations. Live on Ethereum, BNB Chain, Solana, and Sui.
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Supply: ~$200M. HQ: Bermuda. Regulator: Bermuda Monetary Authority (BMA).
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USDM is a yield-bearing stablecoin backed entirely by short-dated US Treasuries. Yield accrues via daily rebases. Monthly attestations are published, and the issuer is licensed under Bermuda's Digital Asset Business Act. Live on Ethereum, Arbitrum, Optimism, Polygon, Base, and Avalanche.
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Supply: ~$150M. HQ: Decentralized. Regulator: None direct.
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sFRAX is the staked, yield-bearing version of frxUSD, Frax's fully-collateralized stablecoin. Backing is a mix of US Treasuries (via tokenized funds like BUIDL) and onchain collateral. Composition is verifiable onchain. Live on Ethereum, Fraxtal, Arbitrum, Optimism, and Base.
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Three forces are reshaping the leaderboard. First, the GENIUS Act passing in late 2025 pulled US-regulated issuers (Circle, Paxos, Ripple, Agora) into a clearer compliance lane and let them pitch banks and fintechs directly. Second, yield-bearing designs (USDS, sUSDe, USDM, sFRAX) are absorbing capital that used to sit idle in USDC or USDT. Third, tokenized Treasuries are bleeding into the stablecoin stack as collateral. For the Treasury-fund side of that story, see top tokenized treasury funds 2026.
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Most issuers only natively support their own bridge (CCTP for USDC) or a single canonical mint. Moving USDT from Tron to Base, or USDe from Ethereum to Solana, still requires a router. Eco Routes abstracts this: one API call, one signature, the destination stablecoin lands on the target chain. See how Eco Routes handles stablecoin transfers and supported stablecoins and chains.
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Supply figures pulled from DeFiLlama's stablecoins dashboard, May 2026 snapshot. Reserve composition and attestation cadence pulled from each issuer's published transparency page: Tether (tether.to/en/transparency), Circle (circle.com/transparency), Sky (sky.money), Ethena (ethena.fi/transparency), Paxos (paxos.com/transparency), Agora (agora.finance), Ripple (ripple.com/rlusd), First Digital (firstdigitallabs.com), Mountain (mountainprotocol.com), Frax (frax.finance). Regulator information pulled from each issuer's licensing disclosures.
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