Three issuers dominate a $292.40B float, and the trading share is smaller than the market cap implies.
Key takeaways
Watch issuer share, not just total supply.
Check which chain holds the float you plan to use.
Trading depth matters more than the headline.
Verified October 27, 20261 min read
A stock, not a flow
Stablecoin supply is a stock figure: it counts tokens that exist at a moment in time. The number that decides whether your order fills is the flow — how much of that stock actually changes hands on the venue you are using.
Where the float sits
Three issuers dominate, and the distribution of holders is narrower than the headline suggests. When a large share of supply belongs to trading desks and treasuries, it behaves like inventory rather than like circulating money.
Measure
What it tells you
What it hides
Total supply
Size of the stock
Whether it trades
Holder count
Breadth of ownership
Size of each holder
On-chain transfer volume
Real usage
Who is moving it
The practical test
If you are moving size, check the depth on the exact chain and venue you plan to use, then check the redemption path back to fiat. The supply number will not answer either question.
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