Stablecoin Market Dominated by USDT, USDC, and EURC

The stablecoin market is vast and concentrated, with a combined market cap of $314.5 billion as of October 2, 2026, according to DefiLlama. USDT alone accounts for 58.5% of this total, while USDC makes up 23.5%. The largest dollar stablecoins are USDT, USDC, USDS, DAI, USDG, PYUSD, and RLUSD, with USDT being the largest with $184.0 billion in circulation.

USDC, on the other hand, is the largest dollar stablecoin with MiCA authorization, with its issuer, Circle Internet Financial Europe SAS, supervised by the French ACPR. EURC, Circle's euro-pegged stablecoin, is the largest euro stablecoin, with $470 million in circulation.

Several banks and e-money institutions issue euro tokens with MiCA white papers, including EURe from Monerium, EURI from Banking Circle, EURQ from Quantoz, and EURAU from the German AllUnity, supervised by BaFin.

The majority of stablecoins are fiat-collateralized, with issuers holding reserve assets in the reference currency. However, DAI and USDS are crypto-collateralized, minted against locked crypto assets, and algorithmic stablecoins try to hold their peg through supply and demand without full backing.