Section 1 of 4
Stablecoin Market Structure
· Updated daily at 15:20 UTC
What is the internal composition, concentration, and behavioral dynamics of the stablecoin market? This section tracks 15 indicators covering supply concentration, monetary velocity, peg stability, adoption maturity, and cross-chain fragmentation — updated daily from Apr 2025 to present.
Market Data
Market Cap
Total Stablecoin Market Cap
Total USD value of all stablecoins tracked, Apr 2025 – present. Daily snapshots covering 322 coins.
$325.6B
385 snapshots
Dominance
USDT vs USDC Dominance
USDT and USDC percentage share of total stablecoin market cap. Combined share vs the rest of the market.
58.3%% USDT
23.8%% USDC
Concentration & Stability
Concentration
Market Concentration (HHI)
Herfindahl-Hirschman Index across all tracked stablecoins. DOJ threshold: >2,500 is highly concentrated.
3986
Highly Concentrated
Peg Stability
Peg Stability Score
Rolling 30-day peg stability score per stablecoin, based on mean absolute deviation from $1.00 and depeg event count (>0.5% threshold).
99
Stable Market
Supply Dynamics
Supply Shock Index
SSI = 30d supply change ÷ (avg daily volume × 30). Above 1.0 signals issuance outpacing demand absorption.
0.000
Demand Absorbing
Redemption
Redemption Pressure
Per-coin 7D / 30D / 90D market cap flow analysis. Traffic-light table across coins ≥$500M. Net 30D aggregate flow.
+1.2B
Net Inflow · 30D
Activity & Liquidity
Velocity
Velocity Index
Aggregate monetary velocity (V = Volume ÷ Market Cap), 7-day rolling average. MV=PQ framework.
0.237
Payment / Settlement
Liquidity
Liquidity Depth Score
L = Volume ÷ √Market Cap. Normalizes liquidity by size — isolates genuine market depth from supply scale.
4.27
Adequate · Aggregate
Chain Distribution
Cross-Chain Entropy
Shannon entropy of stablecoin supply distribution across 150+ blockchains. Tracks whether settlement is concentrating or fragmenting.
2.17 bits
Highly Concentrated · Ethereum 52.9%
Issuer
Issuer Concentration (HHI)
HHI calculated at issuer level — groups Tether, Circle, MakerDAO etc. Measures power concentration among issuers, not coins.
4020
Highly Concentrated
Statistical Analysis
Correlation
Market Correlation
30-day Pearson correlation of daily market cap % changes between USDT and USDC. High = macro-driven. Low = issuer-specific dynamics.
-0.30
Diverging · USDT ↔ USDC
Market Beta
Market Beta Index
Rolling 90-day OLS β per coin vs total market. β > 1 = amplifies market moves. β < 1 = defensive or counter-cyclical.
1.37
Amplifier · USDC 90D β
Causality
Granger Causality
Rolling 60-day Granger F-test: does USDT lead or lag USDC? F > 3.84 = significant. Reveals monetary leadership dynamics.
0.07
Neither (p > 0.05)
Factor Analysis
PCA — Market Factors
Jacobi eigendecomposition of the stablecoin returns covariance matrix. PC1 captures the dominant market-wide factor.
94.0%
PC1 · USD1 leads
Behavioral Analysis
Clustering
Behavioral Clustering
K-means on velocity, growth rate, volatility and beta — size-normalised. Groups stablecoins by how they behave, not how large they are.
2 clusters
Declining / Contracting
Adoption
Adoption Curves
Logistic S-curve fit to each coin's market cap history. Reveals adoption phase: Early Growth, Acceleration, Maturity, or Saturation.
USDT · 98%
5 in growth