Tether and Circle Dominate Stablecoin Market, Controlling 85% as Only Issuers Surpass $10 Billion

Tether and Circle Are the Sole Stablecoin Issuers Surpassing $10 Billion

The stablecoin market is becoming increasingly concentrated around the two leading issuers. Tether and Circle are the sole providers with market capitalizations above $10 billion (about ¥1.5 trillion), together accounting for roughly 85 % of the total market. Lorenzo Valente, Director of Digital Asset Research at ARK Invest, explains that this consolidation is driven by network effects—greater scale yields stronger competitive advantages.

Market Concentration Anticipated to Remain Focused at Higher Capital Thresholds

According to DeFiLlama, Tether’s market capitalization was about $183.4 billion (≈¥28.3 trillion) as of September 2026, and Circle’s USDC reached roughly $74.5 billion (≈¥11.5 trillion). All other stablecoins remain below $6 billion, underscoring that just two issuers have surpassed the $10 billion mark.

Crypto Briefing reported that the combined supply of USDT and USDC amounts to about $257.7 billion (≈¥39.8 trillion), which represents roughly 85 % of the total stablecoin market capitalizationторой}e

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