Stablecoin Issuer
0.98%
0.0%24h Change
7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
9 HYPE 9Hyperliquid | $56.96 | 0.55% | 3.60% | −15.00% | $14.39 B | $54.26 B | $49.94 M | |||
36 WLFI 36World Liberty Financial | $0.0572 | 3.22% | 11.41% | −0.82% | $1.82 B | $5.72 B | $16.30 M | |||
38 ASTER 38Aster | $0.60 | −0.31% | −0.72% | −4.87% | $1.62 B | $4.68 B | $42.93 M | |||
44 AAVE 44Aave | $86.51 | 1.25% | −5.21% | −10.05% | $1.33 B | $1.38 B | $46.57 M | |||
50 SKY 50Sky | $0.05131 | 0.49% | −5.12% | −18.12% | $1.20 B | $1.20 B | $4.63 M | |||
58 ENA 58Ethena | $0.0841 | 0.80% | −6.43% | −0.10% | $823.60 M | $1.26 B | $44.39 M | |||
85 CRV 85Curve DAO | $0.2413 | 0.80% | 6.25% | 11.64% | $371.80 M | $581.80 M | $24.77 M | |||
141 APYUSD 141apyUSD | $1.30 | −0.76% | −2.26% | 8.33% | $173.55 M | $173.55 M | $1.63 M | |||
153 FF 153Falcon Finance | $0.06571 | 1.92% | 1.34% | −1.01% | $153.83 M | $657.40 M | $5.29 M | |||
274 SNX 274Synthetix | $0.199 | 1.40% | −5.38% | −13.11% | $68.70 M | $115.93 M | $6.98 M | |||
302 UP 302Unitas Labs | $0.4164 | 4.67% | 20.14% | 26.82% | $60.87 M | $416.90 M | $36.40 M | |||
317 CHIP 317USD.AI | $0.02756 | 20.10% | 11.68% | −12.11% | $55.34 M | $276.70 M | $16.44 M | |||
584 FRAX 584Frax (prev. FXS) | $0.2901 | 1.61% | −5.94% | 8.34% | $27.17 M | $28.93 M | $215,039.85 | |||
628 SPK 628Spark | $0.014254 | 0.93% | −3.15% | −18.77% | $24.24 M | $142.60 M | $1.80 M | |||
725 LQTY 725Liquity | $0.1996 | 2.10% | 8.01% | 17.64% | $19.21 M | $19.95 M | $1.18 M | |||
791 STBL 791STBL | $0.02425 | 3.88% | −2.33% | 6.38% | $16.97 M | $242.40 M | $1.16 M | |||
841 SPELL 841Spell | $0.0000785 | 0.53% | −1.53% | −10.59% | $15.31 M | $15.37 M | $631,952.99 | |||
937 LAYER 937Solayer | $0.06054 | 1.27% | −1.45% | −8.46% | $12.71 M | $60.54 M | $8.92 M | |||
976 TRIBE 976Tribe | $0.3082 | 0.59% | −0.91% | −1.05% | $11.56 M | $308.20 M | $9.13 | |||
1185 RESOLV 1185Resolv Labs | $0.01712 | 0.52% | −6.62% | −13.11% | $7.61 M | $17.13 M | $860,893.47 | |||
1204 SOLO 1204Solomon | $0.5769 | −4.53% | −10.35% | −5.30% | $7.44 M | $14.88 M | $32,104.00 | |||
1383 ZEPH 1383Zephyr Protocol | $0.4075 | 3.91% | 2.04% | 5.47% | $5.25 M | $4.89 M | $116,998.00 | |||
1486 USUAL 1486Usual | $0.00903 | 1.18% | −3.27% | 1.96% | $4.46 M | $36.10 M | $2.42 M | |||
1558 SPA 1558Sperax | $0.001884 | −2.69% | −10.81% | −15.69% | $3.86 M | $8.70 M | $75,148.67 | |||
1721 RSUP 1721Resupply | $0.1128 | −0.03% | −15.18% | 60.07% | $2.94 M | $8.58 M | $797.51 | |||
1786 GAIB 1786GAIB | $0.013 | 0.50% | −2.10% | −7.62% | $2.66 M | $12.98 M | $125,457.32 | |||
1800 AVL 1800Avalon | $0.01601 | 1.28% | −20.75% | −25.01% | $2.59 M | $2.60 M | $146,990.47 | |||
1816 FORTH 1816Ampleforth Governance Token | $0.1755 | 4.87% | −8.38% | 4.39% | $2.52 M | $2.68 M | $61,610.45 | |||
1954 FT 1954Flying Tulip | $0.0971 | −0.84% | −0.15% | 5.59% | $2.01 M | $971.00 M | $326,927.00 | |||
2381 NEST 2381Nest | $0.002368 | −10.54% | −18.13% | −63.09% | $1.14 M | $2.37 M | $26,107.00 | |||
2726 PRISMA 2726Prisma Finance | $0.007887 | 0.94% | 1.02% | 0.85% | $769,350.80 | $2.37 M | $477.11 | |||
2790 QI 2790Qi Dao | $0.005196 | 2.80% | 0.74% | 4636.18% | $718,856.14 | $1.04 M | $10.58 | |||
2989 ELX 2989Elixir | $0.0013457 | 25.39% | 16.71% | −16.33% | $569,023.55 | $1.30 M | $53,631.02 | |||
2991 THL 2991Thala | $0.007897 | 0.83% | 6.15% | −2.76% | $568,393.94 | $789,700.00 | $84.00 | |||
3269 HAI 3269Let's Get HAI | $1.25 | 0.00% | 1.63% | −1.57% | $408,048.31 | $407,998.24 | $207.55 | |||
3373 BUT 3373Bucket Token | $0.0008855 | −1.17% | −3.09% | −6.37% | $374,045.92 | $885,500.00 | $229.18 | |||
4020 FLX 4020Reflexer Ungovernance Token | $1.06 | 0.29% | −21.13% | −8.57% | $205,617.55 | $1.06 M | $112.50 | |||
4135 WARS 4135Argentine Peso | $0.0006338 | −0.14% | −0.56% | −1.35% | $184,435.80 | $656,186.45 | $2,041.27 | |||
4434 HBB 4434Hubble | $0.00203 | 0.25% | −0.20% | 19.48% | $139,866.07 | $139,866.07 | $2.73 | |||
4469 ASF 4469Asymmetry Finance | $0.007926 | −0.19% | −12.59% | −28.78% | $135,363.79 | $404,226.00 | $181.44 | |||
4566 ANZ 4566Anzen Finance | $0.00004121 | 43.76% | 53.77% | −37.93% | $125,136.63 | $412,100.00 | $903.56 | |||
4876 DF 4876dForce Token | $0.00009726 | 1.87% | 12.90% | −70.56% | $97,252.81 | $97,252.81 | $1.99 | |||
6576 JRT 6576Jarvis Reward Token | $0.0008674 | 2.03% | −2.55% | −6.50% | $25,159.70 | $195,912.28 | $47.11 | |||
10551 SIGRSV 10551SigRSV | $0.00003064 | −1.86% | −14.25% | −10.31% | -- | $306.40 M | $1.66 | |||
10873 XNL 10873Novastro | $0.0001212 | 2.51% | 2.28% | 4.96% | -- | -- | $49.54 |
Frequently Asked Questions
What is a stablecoin issuer in crypto?
A stablecoin issuer is a protocol whose primary product is a stablecoin pegged to a reference asset — USD, EUR, or gold. The stablecoin issuer category tracks the native governance tokens of those protocols, not the pegged coins themselves. Aave (AAVE) issues GHO, Sky (SKY) issues USDS, and Ethena (ENA) issues USDe. The governance token captures protocol fees and equity-like upside, while the minted stablecoin sits in a separate Stablecoins category. DropsTab tracks 40+ stablecoin issuer tokens.
What is the difference between a stablecoin and a stablecoin issuer token?
A stablecoin and a stablecoin issuer token are different assets. A stablecoin — USDS, USDe, or GHO — holds a fixed peg near $1. A stablecoin issuer token — SKY, ENA, or AAVE — is the volatile governance token of the protocol that mints the stablecoin. The stablecoin targets price stability. The issuer token captures protocol revenue, governance rights, and fee accrual, making the issuer token a leveraged bet on stablecoin adoption. DropsTab files pegged coins under Stablecoins and issuer tokens in this category.
How do stablecoin issuers make money?
Stablecoin issuers earn revenue from stability fees, spreads, and liquidation penalties. Sky (SKY) charges stability fees on the vaults backing USDS. Ethena (ENA) earns the spread on delta-neutral hedged collateral backing USDe. Aave (AAVE) collects borrow interest on GHO mints. This revenue can flow to token holders through buybacks or fee sharing. Protocol revenue tracks issued-supply growth — a larger stablecoin supply generally means higher fee income for the issuer protocol.
What are the top stablecoin issuer tokens by market cap?
Aave (AAVE) leads the stablecoin issuer category by governance token market cap in the ~$1.4B tier as of mid-2026. Sky (SKY) ranks second by token cap. Ethena (ENA) ranks third in the ~$0.8B+ tier. Token cap ordering is volatile — verify live before relying on the exact order. Other notable issuer tokens include Frax (FRAX), Synthetix (SNX), Curve (CRV), Liquity (LQTY), and Usual (USUAL).
How are stablecoin issuers ranked and measured?
Analysts measure stablecoin issuers along two axes — token market data and protocol fundamentals — which rarely rank identically. Token-side metrics include governance token market cap, FDV, and the Market Cap/FDV ratio, which signals unlock overhang. Protocol-side metrics include total stablecoin supply issued, TVL (Total Value Locked) of collateral backing the peg, and protocol revenue. Sky (SKY) leads on stablecoin supply — USDS reached an all-time high near $11.7–12B in April 2026 — yet ranks second by token cap.
What collateral models do stablecoin issuers use?
Stablecoin issuers use four collateral models. Fiat-backed issuers hold centralized cash reserves. Crypto-collateralized issuers like Sky (SKY) and Liquity (LQTY) overcollateralize with on-chain assets. Synthetic issuers like Ethena (ENA) back USDe with delta-neutral hedged positions. RWA-backed issuers like Usual (USUAL) and Anzen Finance (ANZ) use tokenized real-world assets. Each collateral model carries a distinct peg-risk profile, and the stablecoin issuer category spans all four approaches.
What are the risks of investing in stablecoin issuer tokens?
Stablecoin issuer tokens carry peg-risk that varies by model. Synthetic delta-neutral designs like USDe face funding-rate and deleverage exposure under market stress. Crypto-collateralized vaults face liquidation cascades. Concentration risk is high — two stablecoins hold roughly 92% of total supply, leaving most issuer tokens competing for a thin tail. Newer issuers carry unlock overhang: a low Market Cap/FDV ratio signals concentrated future dilution as locked tokens vest into circulating supply.
Why is the stablecoin issuer category growing in 2025–2026?
The stablecoin issuer category is growing on two structural drivers in 2025–2026. Regulatory clarity — the GENIUS Act and OCC rulemaking, with Federal Register publication in March 2026 — is pulling regulated issuance on-chain. Institutional entry into tokenized-dollar infrastructure expanded in June 2026. The total stablecoin market sits near $310B as of mid-2026, still ~92% concentrated in USDT and USDC, leaving issuer-protocol tokens as the higher-beta way to express growth in the decentralized share.
How to track stablecoin issuer tokens on DropsTab?
DropsTab tracks 40+ stablecoin issuer tokens through a category scanner that filters by market cap, FDV, and supply. Investors compare AAVE, SKY, ENA, and FRAX side-by-side on token market cap and Market Cap/FDV ratio. The vesting schedules and unlock calendar surface dilution risk for newer issuers, while the fundraising database shows backer quality. Drops Bot alerts flag upcoming unlocks before locked tokens hit circulating supply.