Market cap
market capitalisation
For stablecoins, equivalent to circulating supply × $1 — ie. the amount of issuer liability outstanding.
Stablecoin market cap is a clean measure because price is constant by design. Tracks net mint vs. redeem flows and is the headline scale metric. Top-five by market cap as of mid-2026: USDT, USDC, USDe, DAI/USDS, FDUSD.
Related terms
- Circulating supplyThe number of tokens that exist on-chain and are not held by the issuer / treasury / unminted.
- FDV (fully-diluted valuation)Token price × max supply — the valuation if every token ever to be minted were already in circulation.
- TVL (total value locked)The total dollar value of assets deposited in a protocol — the headline scale metric in DeFi.