USDT$184.2B$-0(-0.00%)USDC$77.7B$-89M(-0.12%)USDS$8.2B+$18M(+0.22%)USDe$5.9B$-19M(-0.33%)DAI$4.6B+$2M(+0.04%)USD1$4.4B$-5M(-0.11%)PYUSD$3.9B$-10M(-0.26%)BUIDL$2.7B+$0(+0.00%)USYC$2.3B+$0(+0.00%)USDG$1.7B+$7M(+0.44%)USDT$184.2B$-0(-0.00%)USDC$77.7B$-89M(-0.12%)USDS$8.2B+$18M(+0.22%)USDe$5.9B$-19M(-0.33%)DAI$4.6B+$2M(+0.04%)USD1$4.4B$-5M(-0.11%)PYUSD$3.9B$-10M(-0.26%)BUIDL$2.7B+$0(+0.00%)USYC$2.3B+$0(+0.00%)USDG$1.7B+$7M(+0.44%)
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fiat.markets

macro analysis through the 4Fs framework

Updated on 3/29/26

Total Stablecoin Supply

$295.4B
USDT
USDC
USDS
USDe
DAI
USD1
PYUSD
BUIDL
USYC
USDG

Stablecoin Pipeline

$7T+combined market cap of companies now building stablecoins

Tap any logo for details

Net Stablecoin Flows

+$4.7B30d

Net inflows across top stablecoins

USDC
+$2.3B
USDS
+$1.2B
USYC
+$750M
USDT
+$717M
PYUSD
$-333M
USD1
$-312M
BUIDL
+$269M
USDe
$-178M
DAI
+$122M
USDG
+$112M

Calculated from supply changes. Positive = minting/inflows, Negative = burning/outflows.

US Treasury Holdings by Stablecoin Issuers

$195.8B#15 largest holder globally

Stablecoin issuers collectively hold more US debt than Saudi Arabia

USDT
USDC
USD1
FDUSD
DAI
PYUSD
USDS
RLUSD
FIDD
USDT73% of reserves
72%$141.0B
USDC57% of reserves
21%$42.0B
USD165% of reserves
2%$3.3B
FDUSD89% of reserves
1%$2.5B
DAI42% of reserves
1%$2.2B
PYUSD50% of reserves
1%$2.0B
USDS43% of reserves
1%$1.8B
RLUSD60% of reserves
0%$0.9B
FIDD100% of reserves
0%$0.0B
USDe0% of reserves
0%$0.0B

Data from issuer attestations. View full breakdown & sources →

Stablecoin Share of T-Bill Market

3.2%+57% YoY

$196B of $6.2T outstanding

T-Bill Holders by Share

Money Market Funds
~35%
Foreign Official
~15%
Banks
8.0%
Stablecoins
3.2%
Households
3.0%

T-Bill market ~$6.2T outstanding. Holder shares estimated from Federal Reserve data.

Top Holders of US Treasuries

Stablecoin issuers rank #15 globally

Stablecoins aren't just a crypto thing—they're becoming part of the sovereign debt absorption infrastructure. That's the fiscal dominance story in one chart.

1
Japan$1186B
2
United Kingdom$866B
3
China$684B
4
Belgium$477B
5
Canada$468B
6
Luxembourg$435B
7
Cayman Islands$421B
8
France$369B
9
Ireland$341B
10
Taiwan$311B
11
Switzerland$294B
12
Singapore$278B
13
Hong Kong$268B
14
Norway$208B
15
Stablecoin IssuersCombined$195.76B
16
India$183B
17
Brazil$169B
18
Saudi Arabia$150B
19
South Korea$141B
20
Israel$106B

Dec 2025 TIC data. Sovereign figures include all Treasury types. View full rankings & sources →