Stablecoin Market Dominated by USDT and USDC
The stablecoin market is large and highly concentrated. DefiLlama tracks 429 stablecoins with a combined market cap of $314.5bn, as of October 2, 2026. USDT alone accounts for 58.5% of that, while USDC makes up 23.5%. Euro-pegged stablecoins are relatively small, representing only 0.26% of the market.
The top seven dollar stablecoins and three most relevant euro stablecoins are listed below, sorted by circulating supply. The MiCA column shows whether the issuer is authorized in the EU as an e-money token issuer and in which country.
USDT is the largest stablecoin with $184.0bn in circulation across 130 blockchains, but it has no MiCA authorization in the EU. USDC from Circle ranks second with $74.1bn and is the largest dollar stablecoin with MiCA authorization. Its EU issuer is Circle Internet Financial Europe SAS, supervised by the French ACPR.
EURC is Circle's euro-pegged stablecoin, with about 418.3 million EURC in circulation on October 2, 2026, worth $470m. It is authorized and supervised by the same entity as USDC.