Largest Stablecoins by Market Cap: A September 2026 Snapshot

USDT and USDC occupy the first two positions in the dollar-targeted stablecoin snapshot below.¹ Beyond those leaders, a single ranking brings together several different issuance and collateral models. Understanding that variety makes the table more useful: market capitalization describes outstanding token value, while a product decision also depends on how a token is backed, redeemed, transferred, and used.

The ten largest in this captured dataset

The table uses DeFiLlama’s stablecoin API response captured on September 29, 2026, at 05:10:55 UTC—September 28 at 10:10:55 p.m. Pacific time. It ranks dollar-targeted stablecoins after excluding the fund and note products explained below. Values are in billions of U.S. dollars, rounded to three decimal places; ordering uses the unrounded values.¹

U narrowly exceeded USDD in this capture, demonstrating why rounded figures should not determine ordering.¹ This is a timestamped comparison, not a continuously updating price feed.

Define the universe before interpreting the ranking

The scope is deliberately dollar-targeted tokens. Euro-pegged stablecoins, other currency pegs, and gold tokens belong in separate comparisons. Converting their values into dollars would permit a broader size table, but it would answer a different question from the size of digital-dollar instruments.

The underlying dataset also includes products whose economic structure differs from a conventional stablecoin. This table excludes Circle USYC, which represents shares in a fund; BlackRock BUIDL, a tokenized fund; and Ondo USDY, a tokenized note whose accumulating form increases in price as yield accrues.²³⁴ A fund targeting a stable share price still has a different purpose and structure from a payment token.

Conversely, the table includes protocol-issued and synthetic dollar-targeted tokens. Inclusion does not classify every row as a regulated payment stablecoin or imply identical redemption rights. These are explicit editorial boundaries for comparing size. A researcher using broader categories should publish those choices beside the results rather than quietly combine unlike instruments.

USDT and USDC use issuer-managed reserves

Tether describes USDT as backed by reserves that can include currency, cash equivalents, and other assets, including loan receivables. Its documentation also distinguishes tokens authorized in treasury inventory from tokens actually issued into circulation.⁵ That distinction matters when an explorer’s token-supply figure differs from a circulating-supply estimate.

Circle describes USDC as backed by cash and cash-equivalent assets and publishes monthly reserve attestations. Its developer documentation explains that qualifying businesses can apply for Circle Mint to convert between USDC and dollars.⁶ Direct issuer access and obtaining a token through another platform are different operational relationships.

The shared dollar target does not make these two reserve systems interchangeable. Comparing them requires examining the reserve composition, reporting dates, redemption terms, and entities involved. A larger outstanding balance establishes scale; it does not establish that every holder has the same contractual relationship or access to the same exit route.

Protocol collateral creates a different comparison

USDS and DAI appear separately because this is a token ranking. Sky’s account of USDS describes governance-controlled issuance and diversified protocol collateral, including other stablecoins, lending exposures, Treasury bills, and other approved assets.⁷ Describing the entire arrangement simply as “crypto-backed” can conceal meaningful exposure to traditional financial assets and other stablecoin issuers.

Ethena’s USDe uses a different design. Its documentation describes a portfolio of backing assets in which volatile holdings are paired with corresponding short futures positions, while stable holdings need no equivalent hedge. The intended effect is to reduce changes in the backing portfolio’s dollar value.⁸ That structure introduces different operational dependencies from holding only cash and short-term reserve instruments.

For builders, the important question is what supports the dollar target under changing conditions. Examine collateral valuation, liquidity, governance, and any hedging dependencies. Do not infer those mechanics from a ticker, a one-dollar quote, or a position in the ranking. A small price deviation also does not, by itself, identify which part of the system caused it.

Other issuers broaden the reserve-backed group

USD1, USDG, PYUSD, and RLUSD illustrate how several products can share a dollar target while operating through different organizations. World Liberty Financial describes USD1 reserves as U.S. cash, government money-market funds, and other cash equivalents.⁹ Paxos states that USDG and PYUSD reserves consist of dollar deposits, U.S. Treasuries, and cash equivalents, with monthly reserve reporting.¹⁰

Ripple’s documentation describes segregated reserves for RLUSD and lists eligible reserve instruments such as short-term Treasury bills, government money-market funds, overnight reverse repos, and bank deposits.¹¹ Those descriptions establish the broad model; an integration review still needs the applicable issuer documentation and access terms.

United Stables adds another variation. Its terms allow reserves including cash, government securities, and eligible stablecoins such as USDT or USDC.¹² A token backed partly by other stablecoins inherits dependencies on those underlying instruments. Adding both layers’ market capitalizations measures outstanding token claims, not necessarily an equivalent amount of new external dollars entering the system. That is one reason this article does not turn the table into an estimate of net dollar funding.

Distinguish market value, reserves, and revenue

For a basic token calculation, market capitalization equals circulating units multiplied by market price. DeFiLlama’s API implementation already performs that conversion before returning its circulating values. The table uses the returned dollar value directly; multiplying it by price again would apply the conversion twice.¹³

A hypothetical token with one billion circulating units priced at $0.98 has a $980 million market capitalization. That arithmetic says nothing by itself about whether its reserve assets are worth $1 billion, whether redemptions are available to a particular holder, or what proceeds a large sale would realize. Those are separate measurements.

Reserves are assets supporting token obligations. Issuer revenue is income earned during a period. Neither is the same as token market capitalization. Likewise, a stablecoin’s market cap is distinct from the equity valuation of the company associated with it.

The dates should match the claim. A reserve report describes a specified reporting period or snapshot, while a market price and circulation estimate may update more frequently. Presenting the numbers side by side without their dates can imply a reconciliation that has not actually been performed.

Use size to frame an integration review

A market-cap ranking is a sensible starting point for understanding the market. It should lead to more specific operational questions: which token deployment is supported, on which network, by which wallet, custodian, exchange, or payout provider? Token-level totals can conceal differences in the balances available on a particular chain.

Next, examine liquidity for the intended transaction size. Outstanding value does not equal immediately executable liquidity at a quoted price. A payment team should evaluate the actual conversion route, timing, fees, and recipient experience. A treasury team should understand its redemption access and the controls governing custody and transfers.

Holder concentration adds another dimension. In a hypothetical market, $2 billion of supply could sit largely with a few institutions, while a smaller token circulates among many regular users. Both can serve legitimate needs, but they imply different distribution patterns. Look for evidence about where balances reside and which counterparties the product can reach. A ranking can help identify assets for closer evaluation; customer demand and the available transaction routes determine what is useful to support in a specific product.

Finally, keep a reproducible record. Save the data source, capture time, classification decisions, rounding rules, and any excluded products. When refreshing the ranking, apply the same policy before interpreting changes. New coverage, changed token grouping, and differences between total and circulating supply can otherwise resemble market growth.

The table answers a precise question about circulating dollar value at a particular time. Its practical value comes from pairing that measurement with the reserve model, the network deployment, and the financial task the token needs to perform.

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