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Total Market Cap $302.7B
USDT Dominance 60.9%
USDC Dominance 24.2%
7-Day Change -0.8%
Updated 2026-07-01
Europe's digital money choice between a retail digital euro CBDC, bank-led euro stablecoins like Qivalis, tokenized deposits, and open stablecoin rails, and whether payments stay open or get rebuilt around bank-controlled gateways
Insights
Digital Euro vs Open Stablecoins
Éléonore Picard· Jun 24, 2026 ·20 min read

Europe's digital money debate is not a binary contest between a digital euro and crypto. It is a choice among four architectures: a retail CBDC, bank-led euro stablecoins such as the Qivalis consortium, tokenized deposits, and open stablecoin rails. The ECB has cleared a key parliamentary step for the digital euro, but holding caps and bank-centric distribution may limit its competitive force, while euro stablecoins still account for only about 0.3 percent of a roughly $300 billion market. The real question is whether digital payments become open, competitive infrastructure or get rebuilt around a few public and bank-controlled gateways. The better path is open discipline: strict reserves, enforceable redemption, bankruptcy remoteness, interoperability, and privacy safeguards across all digital money models.

Institutional Stablecoin Market Intelligence

The global stablecoin market totals $302.7B as of 2026-07-01, led by USDT (Tether) at 60.9% dominance and USDC (Circle) at 24.2%. Stablecoin Beat tracks 172+ stablecoins — including USDT, USDC, DAI, USDe, FDUSD, PYUSD, and RLUSD — publishing structural indicators: market concentration (Herfindahl–Hirschman Index), peg stability scores, velocity index, redemption pressure, DeFi yield spread vs T-bill, and cross-chain fragmentation. Sources: on-chain blockchain data; Federal Reserve, ECB, Bank of Japan, Bank of England; CoinGecko, DefiLlama, Yahoo Finance, among others. Signals updated continuously.

Market Indicators

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Market Concentration (HHI) 4322 Highly Concentrated Avg Peg Stability Score 88/100 Minor Stress Velocity Index 0.230× Payment / Settlement Supply Shock Index -2.21% Net Redemption 30-Day Net Flow -6.8B Net Outflow Liquidity Depth Score 4.06 Leader: USDT Avg Pair Correlation 0.08 Top: USDT↔RLUSD 0.77 USDC Market Beta 0.51 Defensive PCA — PC1 Variance 92.0% Systematic factor Strongest Granger Pair Synchronized no significant lead (max F=3.56)

Recent Analysis

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Bank of America's $6 trillion deposit-flight warning frames the fight over yield-bearing stablecoins, bank deposits, Treasury-bill reserves and who captures the economics of digital cash
Insights
Stablecoin Yield and the New Deposit War
Jun 23, 2026 ·20 min
Bank of America's Brian Moynihan warns that yield-bearing stablecoins could pull up to $6 trillion out of bank deposits, threatening deposit-funded lending. But deposits do not leave the financial system; they are reallocated into reserves, Treasury bills, repo, and money market funds. A White House analysis finds a yield ban would lift bank lending by only ~0.02 percent while costing savers, and IMF research points to the Treasury market, not deposit drain, as the more important channel. The real fight is over who captures the economics of digital cash, and the better answer is safe competition under strict prudential rules rather than a blunt yield prohibition.
 An unresolved EBA Q&A on MiCA e-money tokens raises whether stablecoin issuers must KYC every holder, forcing a choice between open transferable digital money and permissioned, surveillance-heavy euro and dollar stablecoins in Europe
Insights
MiCA's Stablecoin Trap: Compliance, Surveillance, and Europe's Competitiveness Problem
Jun 18, 2026 ·24 min
An unresolved EBA Single Rulebook Q&A asks whether MiCA e-money token issuers must treat every holder as a client for AML purposes on an ongoing basis, including after secondary-market transfers. The answer, now pending with the European Commission, will decide whether MiCA-compliant stablecoins remain open, transferable digital money or become permissioned, surveillance-heavy e-money systems. The question applies to euro tokens such as EURC and to dollar tokens like USDC issued under MiCA, and it helps explain why Tether has stayed out. Europe's competitiveness and privacy both turn on whether obligations attach to real control points or to issuers alone.
 Japan's three megabanks MUFG, SMBC and Mizuho preparing a regulated yen stablecoin as a test of bank-issued digital money, tokenized deposits and programmable settlement in Asia
Insights
Japan's Megabank Stablecoin Test: What Yen Stablecoins Mean for Digital Payments
Jun 14, 2026 ·19 min
Japan's three megabanks, MUFG, SMBC, and Mizuho, plan to jointly issue stablecoins by March 2027 under FSA supervision. The plan is less a copy of the dollar stablecoin market than a test of a bank-led model in which regulated yen stablecoins, tokenized deposits, and programmable payments are built from regulation outward. The decisive question is market design: whether Japan can issue digital money that is regulated enough to be credible yet open and interoperable enough to be useful, rather than a closed bank rail with blockchain branding.

Monthly Report

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June 2026 report cover
Monthly market report · June 2026
Stablecoin Market Report — June 2026
  • Market size and trends
  • GENIUS & MiCA compliance
  • Concentration and peg stability
  • Supply by chain
  • Yield-bearing tokens
  • Macro backdrop and industry news
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Weekly Recap · Jun 22–29, 2026
BIS warns stablecoins risk fragmenting global financial system.
The total market capitalization of stablecoins decreased from $307.59 billion to $306.55 billion, a decline of $1.85 billion or 0.6%. This contraction occurred during a week when the BIS warned that s
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Market Data

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Total Market Cap — 30-day trend View tracker → USDT Dominance — Share of total stablecoin supply View tracker → Live Tracker 300+ Stablecoins ranked by market cap Open tracker →
About Stablecoin Beat
What is Stablecoin Beat?
Stablecoin Beat is a market intelligence platform tracking the stablecoin ecosystem. It publishes daily data on 172+ stablecoins totalling $302.7B in market cap, plus on-chain flow signals, peg stability scores, and editorial analysis of stablecoin markets, policy, and infrastructure.
What is the total stablecoin market cap?
The total stablecoin market cap is $302.7B as of 2026-07-01. Tether (USDT) holds 60.9% dominance. Data is updated daily from CoinGecko.
Which stablecoins does Stablecoin Beat track?
Stablecoin Beat tracks 172+ stablecoins by market capitalisation, including USDT (Tether), USDC (Circle), DAI, USDe (Ethena), FDUSD, PYUSD, RLUSD, and all other USD-pegged and algorithmic stablecoins with meaningful market cap. Data sourced from CoinGecko and DefiLlama, updated daily at 15:00 UTC.
How often is stablecoin data updated?
Market cap and price data are updated daily at 15:00 UTC from CoinGecko. The signals feed is refreshed five times daily. Weekly editorial recaps are published every Monday.
What is stablecoin market dominance?
Stablecoin market dominance measures the percentage of total stablecoin market cap held by a single issuer. USDT currently holds 60.9% dominance. Shifts in dominance signal capital flows between issuers, often tied to regulatory developments, yield differentials, or chain-level adoption trends.
What is a stablecoin depeg?
A stablecoin depeg occurs when a dollar-pegged stablecoin trades materially above or below $1.00. Stablecoin Beat monitors all major USD-pegged stablecoins and flags any instance where price moves outside a ±0.5% band as a depeg event, which may signal reserve stress, liquidity pressure, or loss of market confidence.