USDT$184.1B$-42M(-0.02%)USDC$73.2B+$284M(+0.39%)USDS$7.0B+$8M(+0.12%)USDe$4.8B$-2M(-0.05%)DAI$4.7B$-4M(-0.07%)USD1$4.2B$-54M(-1.27%)USDG$3.0B+$3M(+0.10%)PYUSD$2.9B$-38M(-1.30%)USYC$2.1B+$86K(+0.00%)RLUSD$2.4B$-28M(-1.15%)USDT$184.1B$-42M(-0.02%)USDC$73.2B+$284M(+0.39%)USDS$7.0B+$8M(+0.12%)USDe$4.8B$-2M(-0.05%)DAI$4.7B$-4M(-0.07%)USD1$4.2B$-54M(-1.27%)USDG$3.0B+$3M(+0.10%)PYUSD$2.9B$-38M(-1.30%)USYC$2.1B+$86K(+0.00%)RLUSD$2.4B$-28M(-1.15%)
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fiat.markets

macro analysis through the 4Fs framework

Updated on 10/14/26

Total Stablecoin Supply

$288.3B
USDT
USDC
USDS
USDe
DAI
USD1
USDG
PYUSD
USYC
RLUSD

Stablecoin Pipeline

$8T+combined market cap of companies now building stablecoins

Tap any logo for details

Net Stablecoin Flows

$-614M30d

Net outflows across top stablecoins

USDC
$-1.3B
USDT
+$726M
USDS
+$464M
USDG
$-239M
USYC
$-199M
USD1
$-144M
USDe
+$97M
DAI
$-50M
RLUSD
+$16M
PYUSD
$-3M

Calculated from supply changes. Positive = minting/inflows, Negative = burning/outflows.

US Treasury Holdings by Stablecoin Issuers

$195.8B#15 largest holder globally

Stablecoin issuers collectively hold more US debt than Saudi Arabia

USDT
USDC
USD1
FDUSD
DAI
PYUSD
USDS
RLUSD
FIDD
USDT73% of reserves
72%$141.0B
USDC57% of reserves
21%$42.0B
USD165% of reserves
2%$3.3B
FDUSD89% of reserves
1%$2.5B
DAI42% of reserves
1%$2.2B
PYUSD50% of reserves
1%$2.0B
USDS43% of reserves
1%$1.8B
RLUSD60% of reserves
0%$0.9B
FIDD100% of reserves
0%$0.0B
USDe0% of reserves
0%$0.0B

Data from issuer attestations. View full breakdown & sources →

Stablecoin Share of T-Bill Market

3.2%+57% YoY

$196B of $6.2T outstanding

T-Bill Holders by Share

Money Market Funds
~35%
Foreign Official
~15%
Banks
8.0%
Stablecoins
3.2%
Households
3.0%

T-Bill market ~$6.2T outstanding. Holder shares estimated from Federal Reserve data.

Top Holders of US Treasuries

Stablecoin issuers rank #15 globally

Stablecoins aren't just a crypto thing—they're becoming part of the sovereign debt absorption infrastructure. That's the fiscal dominance story in one chart.

1
Japan$1186B
2
United Kingdom$866B
3
China$684B
4
Belgium$477B
5
Canada$468B
6
Luxembourg$435B
7
Cayman Islands$421B
8
France$369B
9
Ireland$341B
10
Taiwan$311B
11
Switzerland$294B
12
Singapore$278B
13
Hong Kong$268B
14
Norway$208B
15
Stablecoin IssuersCombined$195.76B
16
India$183B
17
Brazil$169B
18
Saudi Arabia$150B
19
South Korea$141B
20
Israel$106B

Dec 2025 TIC data. Sovereign figures include all Treasury types. View full rankings & sources →