Stablecoins
$262.8 billion in cash-backed dollar stablecoins, read from 18 blockchains
Our on-chain count of six cash-backed dollar stablecoins, chain by chain. Ethereum and Tron hold 87% of the total. Our reads match Tether's and Circle's own figures within 2%.
Short answer
As of October 28, 2026, $262.8 billion in cash-backed dollar stablecoins circulates on public blockchains, by The Migration by Concrete's count of six stablecoins on 18 blockchains. USDT is $180.12 billion and USDC $70.08 billion. Ethereum and Tron hold 87% of the total.
Key facts
- USDT $180.12 billion, USDC $70.08 billion
- Ethereum $137.69 billion, Tron $92.39 billion
- USDT has more on Tron ($92.38 billion) than on Ethereum ($84.93 billion)
- Our reads cover 99.1% of Tether's reported USDT and 98.3% of Circle's reported USDC
As of October 28, 2026, $262.8 billion in cash-backed dollar stablecoins circulates on public blockchains, by our count. That is six stablecoins read directly from 18 blockchains.
By stablecoin
| Stablecoin | Issuer | In circulation |
|---|---|---|
| USDT | Tether | $180.12B |
| USDC | Circle | $70.08B |
| USD1 | World Liberty Financial | $3.87B |
| USDG | Paxos | $3.14B |
| PYUSD | Paxos | $2.98B |
| RLUSD | Ripple (Standard Custody & Trust) | $2.60B |
By blockchain
Ethereum holds $137.69 billion and Tron $92.39 billion, together 87% of the total. Solana is third at $12.15 billion, then HyperEVM at $6.49 billion and Base at $4.24 billion.
Most of Tron's total is USDT, which has $92.38 billion there, more than the $84.93 billion it has on Ethereum. USDC is the most widely spread, read on 11 chains.
Checked against the issuers
Tether and Circle publish their own circulation figures. Our blockchain reads cover 99.1% of Tether's reported USDT and 98.3% of Circle's reported USDC. The small remainder sits on chains we don't read yet. When our read and an issuer's figure for the same chain disagree, the figure is held for review instead of published.
What we leave out
- Bridged copies. Tokens like USDC.e or Binance-Peg USDT are backed by tokens already counted where they were issued.
- Unissued tokens. Tokens an issuer has created but not put into circulation are removed when the issuer discloses them.
- Crypto-backed dollars. Stablecoins backed by crypto collateral or trading strategies are a different product, so they are not in this count.
The live count updates every 6 hours.
Questions and answers
How many dollars are in cash-backed stablecoins?
$262.8 billion as of October 28, 2026, across six stablecoins on 18 public blockchains, by The Migration by Concrete's count.
Which blockchain has the most stablecoins?
Ethereum, with $137.69 billion, followed by Tron at $92.39 billion.
Are crypto-backed stablecoins included?
No. Stablecoins backed by crypto collateral or trading strategies are a different product and are not in this count.
Sources
Citing this article: "The Migration by Concrete, $262.8 billion in cash-backed dollar stablecoins, read from 18 blockchains, Oct 28, 2026," with a link to this page and to Concrete. Questions or corrections: [email protected].
The Migration by Concrete tracks traditional finance moving on-chain, reading every token directly from public blockchains. See all our counts.
For information only. Not investment advice.
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