Our count · read from the blockchains every 6 hours
Cash-backed dollar stablecoins on-chain
Chain by chain
"On chain" is the total supply the blockchain reports. "Counted" removes tokens the issuer has created but not put into circulation, using the issuer's own disclosure.
| Coin / chain | Issuer | On chain | Counted | Check against issuer |
|---|---|---|---|---|
| USDT · Tether | Tether | $180.1B | Matches Tether issuer figure | |
| Tron | on-chain supply minus Tether's disclosed unissued reserve | $94.25B | $92.38B | |
| Ethereum | on-chain supply minus Tether's disclosed unissued reserve | $88.30B | $84.93B | |
| Solana | on-chain supply minus Tether's disclosed unissued reserve | $3.84B | $2.81B | |
| USDC · USD Coin | Circle | $70.08B | Matches Circle issuer figure | |
| Ethereum | on-chain supply, less amount Circle reports as not circulating | $47.45B | $47.45B | |
| Solana | on-chain supply, less amount Circle reports as not circulating | $7.30B | $6.64B | |
| HyperEVM | on-chain supply, less amount Circle reports as not circulating | $6.49B | $6.49B | |
| Base | on-chain supply, less amount Circle reports as not circulating | $4.24B | $4.24B | |
| Arbitrum | on-chain supply, less amount Circle reports as not circulating | $2.43B | $2.43B | |
| Polygon | on-chain supply, less amount Circle reports as not circulating | $634M | $634M | |
| Avalanche | on-chain supply, less amount Circle reports as not circulating | $355M | $355M | |
| OP Mainnet | on-chain supply, less amount Circle reports as not circulating | $124M | $124M | |
| Arc | on-chain supply, less amount Circle reports as not circulating | $1.10B | $1.10B | |
| Stellar | on-chain supply, less amount Circle reports as not circulating | $343M | $343M | |
| Sui | on-chain supply, less amount Circle reports as not circulating | $272M | $272M | |
| USD1 · USD1 | World Liberty Financial | $3.87B | No per-chain issuer feed | |
| Ethereum | on-chain supply | $1.30B | $1.30B | |
| BNB Chain | on-chain supply | $1.17B | $1.17B | |
| Solana | on-chain supply | $1.38B | $1.38B | |
| Tron | on-chain supply | $10M | $10M | |
| USDG · Global Dollar | Paxos | $3.14B | No per-chain issuer feed | |
| X Layer | on-chain supply | $1.28B | $1.28B | |
| Solana | on-chain supply | $621M | $621M | |
| Ethereum | on-chain supply | $410M | $410M | |
| Arbitrum | on-chain supply | $51M | $51M | |
| Robinhood Chain | on-chain supply | $708M | $708M | |
| Ink | on-chain supply | $65M | $65M | |
| Mantle | on-chain supply | $1M | $1M | |
| PYUSD · PayPal USD | Paxos | $2.98B | No per-chain issuer feed | |
| Ethereum | on-chain supply | $1.96B | $1.96B | |
| Solana | on-chain supply | $696M | $696M | |
| Arbitrum | on-chain supply | $313M | $313M | |
| Polygon | on-chain supply | $10M | $10M | |
| X Layer | on-chain supply | $2M | $2M | |
| RLUSD · Ripple USD | Ripple (Standard Custody & Trust) | $2.60B | No per-chain issuer feed | |
| Ethereum | on-chain supply | $1.63B | $1.63B | |
| XRP Ledger | on-chain supply | $978M | $978M |
How we count
- Count only the issuer's own token on each chain, as listed in the issuer's documentation. Bridged or wrapped copies (for example USDC.e, Binance-Peg USDT) are never counted, because the underlying token is already counted where it was issued.
- Read total supply directly from each blockchain.
- Subtract tokens the issuer has created but not put into circulation, when the issuer discloses them.
- Where an issuer publishes circulation by chain, our blockchain read must agree with it; otherwise the figure is held for review.
Scope: U.S. dollar stablecoins backed by cash and short-term Treasuries, issued by a named company. Crypto-backed and synthetic dollars (DAI, USDS, USDe) are out of scope.
1. What we leave out, and why
Crypto-backed and synthetic dollars (for example DAI, USDS and USDe). These are backed by other crypto or by trading positions, not by cash and Treasuries held by a named issuer, so they are not traditional finance moving on-chain. Some also hold coins we already count, such as USDC, in their reserves, so adding them would count the same dollar twice.
Bridged copies (for example USDC.e or Binance-Peg USDC). Bridging locks the original token on its home chain and creates a copy somewhere else. The original is already in our count, so counting the copy would count the same dollar twice.
Both choices make our total lower than dashboards that include them. Every address we count comes from the issuer's own documentation, linked in the table. Corrections are made in place and dated in the downloadable data.
Citing this page, with a link to this page and to Concrete: "The Migration by Concrete, on-chain stablecoin count, [date]." Questions or corrections: mason@blueprintfinance.com.
For information only. Not investment advice.
Quick answers
How many dollars are in cash-backed stablecoins on-chain?
As of October 28, 2026, $262.80 billion in cash-backed dollar stablecoins is on public blockchains, by The Migration by Concrete's count: 6 stablecoins from 5 issuers, read directly from 18 blockchains.
What is the largest cash-backed dollar stablecoin?
Tether (USDT), issued by Tether, with $180.12 billion on-chain, 68.5% of the total as of October 28, 2026.
Which blockchain has the most cash-backed dollar stablecoins?
Ethereum, with $137.69 billion as of October 28, 2026, followed by Tron ($92.39 billion).
A page for each asset: USDT · USDC · USD1 · USDG · PYUSD · RLUSD