market structureResearch report
Stablecoin Market Cap: Composition and Concentration
A decomposition of stablecoin supply and its relationship to trading volumes across demo venues.
By Priya Nair · 2026-08-04 00:00 UTC
Stablecoins now represent a meaningful share of total market cap. We decompose supply by issuer and by chain, and correlate supply changes with trading volumes across venues.
Concentration remains a feature: the largest two issuers account for the overwhelming majority of supply. Supply growth tracks exchange volumes in most months, with deviations around volatility spikes.
All figures use demo supply snapshots; timestamps are as-of the dataset anchor date.
Methodology and calculations are available in the ZEVO analytics library. Demo dataset — not financial advice.