What is Stablecoin Beat?

Stablecoin Beat is a market intelligence publication covering the stablecoin ecosystem. It publishes daily market cap data, on-chain flow signals, depeg alerts, and editorial analysis of stablecoin markets, policy, and infrastructure.

Which stablecoins does Stablecoin Beat track?

Stablecoin Beat tracks over 300 stablecoins by market capitalisation, including USDT (Tether), USDC (Circle), DAI, USDe (Ethena), FDUSD, PYUSD, RLUSD, and all other USD-pegged and algorithmic stablecoins with meaningful market cap.

How often is stablecoin data updated?

Market cap and price data are updated daily at 15:00 UTC from CoinGecko and on-chain sources. The signals feed is refreshed five times daily. Weekly editorial recaps are published every Monday.

What is stablecoin market dominance?

Stablecoin market dominance measures the percentage of total stablecoin market capitalisation held by a single issuer. USDT dominance above 60% indicates Tether controls the majority of stablecoin supply. Shifts in dominance signal capital flows between issuers, often tied to regulatory developments, yield differentials, or chain-level adoption trends.

What is a stablecoin depeg?

A stablecoin depeg occurs when a dollar-pegged stablecoin trades materially above or below $1.00. Stablecoin Beat monitors all major USD-pegged stablecoins and flags any instance where price moves outside a ±1.5% band as a depeg event, which may signal reserve stress, liquidity pressure, or loss of market confidence.

What is the difference between USDT and USDC?

USDT (Tether) and USDC (Circle) are the two largest dollar-backed stablecoins. USDT holds approximately 62% of total stablecoin market cap and dominates trading volume on centralised exchanges, particularly in emerging markets. USDC is more widely used in DeFi protocols and institutional settlement. USDC publishes monthly reserve attestations; Tether publishes quarterly reports.

Stablecoins folded into the banking stack as banks, neobanks, payment firms and trust banks compete over deposits, payments, custody and licensing for regulated money movement

Insights

Stablecoin Banking: The New Battle for Deposits, Payments and Licenses

Éléonore Picard· Jun 5, 2026 ·22 min read

Stablecoins are migrating from crypto-market liquidity into the operating logic of banking, payments, custody, and licensing. Around Money20/20 Europe 2026, banks, neobanks, payment firms, and trust-chartered infrastructure providers converged on four competing models for regulated digital money. StablecoinBeat data shows the market remains highly concentrated and almost entirely dollar-denominated: as of June 4, 2026, USDT and USDC alone held about 81% of $324 billion in supply, and non-dollar tokens accounted for roughly 0.3%. The decisive battleground is now licensing, reserves, deposit competition, and control of the customer interface.

Institutional Stablecoin Market Intelligence

The global stablecoin market totals $325.6B as of 2026-04-28, led by USDT (Tether) at 58.3% dominance and USDC (Circle) at 23.8%. Stablecoin Beat tracks 259+ stablecoins — including USDT, USDC, DAI, USDe, FDUSD, PYUSD, and RLUSD — publishing structural indicators: market concentration (Herfindahl–Hirschman Index), peg stability scores, velocity index, redemption pressure, DeFi yield spread vs T-bill, and cross-chain fragmentation. Sources: on-chain blockchain data; Federal Reserve, ECB, Bank of Japan, Bank of England; CoinGecko, DefiLlama, Yahoo Finance, among others. Signals updated continuously.

Market Indicators

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Market Concentration (HHI) 3986 Highly Concentrated Avg Peg Stability Score 96/100 Stable Market Velocity Index 0.237× Payment / Settlement Supply Shock Index 0.000 Demand Absorbing 30-Day Net Flow +1.2B Net Inflow Liquidity Depth Score 11222.07 Leader: USDT USDT↔USDC Correlation -0.30 Diverging USDC Market Beta 0.62 Defensive PCA — PC1 Variance — Systematic factor Granger Causality No Signal USDT vs USDC

Recent Analysis

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Abstract visualization of autonomous AI agents transacting across machine-native digital markets via stablecoin rails and pay-per-use API access

Insights

AI Agents, Micropayments, and Stablecoin Rails

May 17, 2026 ·24 min

Agentic commerce compresses several payment markets into one label. For assisted retail shopping, card networks already provide consumer protections that stablecoin settlement does not replicate. The stronger case for stablecoins is narrower: autonomous digital procurement, where bounded agents buy small units of API access, data, or compute from suppliers discovered at runtime. In that machine-native market, x402-style handshakes, AP2 mandates, and stablecoin rails address different layers of the same problem.

Abstract visualization of BIS monetary architecture debate showing stablecoin market concentration and regulatory fragmentation across global financial systems

Insights

BIS vs Stablecoins: The Fragmentation Debate Is Back

Apr 29, 2026 ·25 min

BIS General Manager Pablo Hernández de Cos called global stablecoin cooperation critically important in April 2026. The data tells a more specific story. At $325.4 billion and an HHI of 3,995, the stablecoin market is dominated by two issuers, not dispersed across hundreds. The fragmentation that matters is legal and operational: inconsistent reserve standards, uneven redemption rights, and jurisdiction shopping across frameworks that do not yet talk to each other.

Weekly Recap

Apr 6–13, 2026

USDC added $0.995 billion during a week when the FDIC revealed proposed rules for stablecoin issuers.

The stablecoin market cap increased from $325.84 billion to $326.12 billion, a rise of $0.28 billion or 0.09%. This growth occurred during a week when the FDIC revealed proposed rules for stablecoin i

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Market Data

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Total Market Cap — 30-day trend View tracker → USDT Dominance — Share of total stablecoin supply View tracker → Live Tracker 300+ Stablecoins ranked by market cap Open tracker →

About Stablecoin Beat

What is Stablecoin Beat?: Stablecoin Beat is a market intelligence platform tracking the stablecoin ecosystem. It publishes daily data on 259+ stablecoins totalling $325.6B in market cap, plus on-chain flow signals, peg stability scores, and editorial analysis of stablecoin markets, policy, and infrastructure.
What is the total stablecoin market cap?: The total stablecoin market cap is $325.6B as of 2026-04-28. Tether (USDT) holds 58.3% dominance. Data is updated daily from CoinGecko.
Which stablecoins does Stablecoin Beat track?: Stablecoin Beat tracks 259+ stablecoins by market capitalisation, including USDT (Tether), USDC (Circle), DAI, USDe (Ethena), FDUSD, PYUSD, RLUSD, and all other USD-pegged and algorithmic stablecoins with meaningful market cap. Data sourced from CoinGecko and DefiLlama, updated daily at 15:00 UTC.
How often is stablecoin data updated?: Market cap and price data are updated daily at 15:00 UTC from CoinGecko. The signals feed is refreshed five times daily. Weekly editorial recaps are published every Monday.
What is stablecoin market dominance?: Stablecoin market dominance measures the percentage of total stablecoin market cap held by a single issuer. USDT currently holds 58.3% dominance. Shifts in dominance signal capital flows between issuers, often tied to regulatory developments, yield differentials, or chain-level adoption trends.
What is a stablecoin depeg?: A stablecoin depeg occurs when a dollar-pegged stablecoin trades materially above or below $1.00. Stablecoin Beat monitors all major USD-pegged stablecoins and flags any instance where price moves outside a ±0.5% band as a depeg event, which may signal reserve stress, liquidity pressure, or loss of market confidence.