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The stablecoin market, November 2026.

Supply is close to $300 billion, almost all of it in US dollars, and two issuers hold most of it. The figures below update live from DefiLlama.

Nov 10, 2026 · UnyKorn LLCMarketsUSDTUSDCData
$293.7B
US-dollar stablecoin supply
84.0%
Held by USDT and USDC
99.4%
Of all stablecoin supply referenced to the US dollar (10 Nov 2026)
$15.6B
Tokenized US Treasury products (16 Sep 2026)

Supply as of 10 Nov 2026, read from DefiLlama by /api/market. Treasury figure from rwa.xyz.

The top ten

TokenIssuerSupply (10 Nov 2026)
USDTTether$176.22B
USDCCircle$70.37B
USDSSky$5.41B
USDeEthena$4.98B
DAISky$4.66B
USD1World Liberty Financial$3.34B
PYUSDPayPal / Paxos$2.73B
USDGPaxos$2.72B
RLUSDRipple$2.68B
USDfFalcon Finance$1.66B

Three things the numbers say

  • Concentration. USDT and USDC hold 84% of US-dollar supply. Everyone else competes for the remaining sixth.
  • The dollar dominates. 99.4% of all stablecoin supply references the US dollar, even with MiCA live for euro tokens.
  • Yield moved next door. Payment-stablecoin rules in the US, EU and Hong Kong ban interest, while tokenized Treasury products reached $15.6 billion by September 2026.

Why trackers disagree

Totals depend on which tokens count and how each is priced. DefiLlama's circulating US-dollar supply is about $294 billion; other trackers reported more than $320 billion in mid-2026. We show one live source with its read time rather than mixing methods.

Research and technical reference: not legal advice and not investment advice. Figures carry their source and date; regulatory summaries should be confirmed with counsel in the relevant jurisdiction.

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