TL;DR
- The stablecoin market reached a market cap of $300.9 billion as of October 1, 2026, covering 195 assets and 47 blockchain networks.
- Tron added $5.0 billion in supply during the third quarter. Ethereum lost $4.9 billion and holds 54.2% of the total.
- Tether and Circle account for 85.9% of total supply, though the largest growth by issuer came from smaller players.
The stablecoin market closed the third quarter of 2026 with a market cap of $300.9 billion as of October 1, according to the joint report by RWA Foundation and Token Terminal titled *RWA Activity on the Terminal*. The report covered 195 assets, 152 issuers, 47 blockchain networks, and 308.4 million addresses with active balances.
The most significant shift of the period occurred not among issuers but across chains. Ethereum recorded a drop of $4.9 billion in stablecoin market cap, while Tron added $5.0 billion, a 5.6% increase that brought its total to $93.9 billion.
— RWA Foundation (@RWAFoundation_) October 2, 2026
Tron accounted for approximately 60% of the $8.4 billion added by the ten fastest-growing chains. HyperEVM ranked second with an increase of $1.5 billion, followed by Robinhood Chain with $649.2 million and Arc with $464.9 million.
Tron and Ethereum Dominate, but with Distinct Profiles
Despite the decline in its market cap, Ethereum maintained its lead with 54.2% of total supply. Tron retained its 31.2%. However, the distribution of users reveals an inverse dynamic: Ethereum holds 54.2% of supply but only 8.7% of active addresses, while BNB Chain holds 1.2% of supply and 28.7% of users. Tron shows a more balanced distribution, with 31.2% of supply and 25.2% of addresses.
On the issuer side, Circle added $915.0 million during the quarter, followed by Ripple with $765.3 million and United Stables with $474.2 million. Tether, the largest issuer, which holds 61.0% of supply, recorded a slight decline of $207.7 million. Even so, Tether and Circle accounted for 91.7% of all stablecoin holder addresses. USDT added 16.6 million addresses and USDC brought in 8.1 million.
Stablecoins Continue to Expand
Beyond the quarterly statistical analysis, the industry saw significant developments. The Trump administration is considering promoting the use of dollar-backed stablecoins outside the United States through potential partnerships between federal agencies and private companies, though no formal decision has been announced. The government of El Salvador is moving forward with the development of a state wallet with Modveon to facilitate the transfer of dollar-denominated stablecoins, including remittances, over Coinbase‘s Base network.
