Stablecoin Issuer
1.16%
0.01%24h Change
7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
10 HYPE 10Hyperliquid | $91.83 | −0.07% | 5.59% | 14.84% | $23.07 B | $87.37 B | $1.28 B | |||
39 ENA 39Ethena | $0.2295 | 11.67% | 42.09% | 51.70% | $2.32 B | $3.44 B | $261.13 M | |||
40 AAVE 40Aave | $146.10 | 6.67% | 11.56% | 9.53% | $2.25 B | $2.34 B | $180.53 M | |||
44 ASTER 44Aster | $0.7095 | 1.98% | −4.86% | 2.12% | $1.92 B | $5.53 B | $63.26 M | |||
48 WLFI 48World Liberty Financial | $0.05659 | 3.80% | −3.09% | −2.00% | $1.80 B | $5.66 B | $17.98 M | |||
49 SKY 49Sky | $0.07357 | 6.13% | 23.13% | 7.36% | $1.72 B | $1.73 B | $23.14 M | |||
89 CRV 89Curve DAO | $0.3452 | 4.45% | 3.19% | 2.97% | $540.99 M | $835.64 M | $47.80 M | |||
120 FF 120Falcon Finance | $0.1365 | 3.84% | 3.16% | 50.26% | $319.41 M | $1.37 B | $8.62 M | |||
256 CHIP 256USD.AI | $0.04706 | 12.66% | 14.26% | 49.30% | $94.12 M | $470.60 M | $16.91 M | |||
262 SNX 262Synthetix | $0.261 | 13.00% | 20.54% | 11.89% | $89.92 M | $151.75 M | $13.35 M | |||
421 UP 421Unitas Labs | $0.3231 | 4.65% | 5.95% | −25.60% | $47.17 M | $323.10 M | $7.70 M | |||
553 SPK 553Spark | $0.02127 | 5.27% | 8.49% | 12.01% | $36.16 M | $212.70 M | $8.79 M | |||
654 FRAX 654Frax (prev. FXS) | $0.3018 | 4.66% | 12.67% | −0.89% | $28.25 M | $30.08 M | $674,058.40 | |||
749 LQTY 749Liquity | $0.2339 | 3.28% | 12.88% | 8.79% | $22.53 M | $23.39 M | $876,358.38 | |||
807 STBL 807STBL | $0.02832 | 6.23% | 7.82% | 11.61% | $19.82 M | $283.20 M | $2.40 M | |||
860 SPELL 860Spell | $0.00009243 | 3.77% | 10.38% | 2.36% | $18.05 M | $18.12 M | $1.02 M | |||
903 LAYER 903Solayer | $0.07782 | 5.34% | 13.12% | 12.31% | $16.34 M | $77.82 M | $10.44 M | |||
937 TRIBE 937Tribe | $0.4143 | 2.60% | 10.09% | 8.25% | $15.39 M | $414.30 M | $1,822.70 | |||
1093 SOLO 1093Solomon | $0.8551 | −13.07% | 6.10% | 21.61% | $11.03 M | $22.06 M | $228,310.00 | |||
1236 RESOLV 1236Resolv Labs | $0.01829 | 3.40% | 9.16% | −3.40% | $8.56 M | $18.29 M | $2.24 M | |||
1378 USUAL 1378Usual | $0.01392 | 9.15% | 20.65% | 20.30% | $6.88 M | $55.68 M | $3.36 M | |||
1379 SPA 1379Sperax | $0.003355 | 5.98% | 47.09% | 47.77% | $6.87 M | $15.48 M | $2.46 M | |||
1439 GAIB 1439GAIB | $0.03005 | −2.40% | −21.89% | 122.32% | $6.16 M | $30.05 M | $348,203.00 | |||
1585 ZEPH 1585Zephyr Protocol | $0.368 | 0.01% | −6.01% | −9.42% | $4.81 M | $4.48 M | $101,847.00 | |||
1670 FORTH 1670Ampleforth Governance Token | $0.2945 | 4.05% | 9.23% | 53.28% | $4.22 M | $4.51 M | $716,793.91 | |||
1729 AVL 1729Avalon | $0.02405 | 2.32% | 18.54% | 34.99% | $3.89 M | $3.90 M | $659,324.00 | |||
1753 RSUP 1753Resupply | $0.1354 | 0.73% | 6.35% | 12.28% | $3.76 M | $10.46 M | $3,934.13 | |||
2060 FT 2060Flying Tulip | $0.114 | 3.91% | 18.43% | 8.47% | $2.35 M | $1.14 B | $158,487.00 | |||
2724 NEST 2724Nest | $0.002141 | 1.90% | 3.58% | −14.02% | $1.02 M | $2.14 M | $3,813.21 | |||
2850 QI 2850Qi Dao | $0.0065 | 5.47% | 10.28% | 9.59% | $899,261.92 | $1.30 M | $9.05 | |||
3080 PRISMA 3080Prisma Finance | $0.007542 | 1.37% | 8.07% | −18.42% | $703,567.78 | $2.26 M | $31.18 | |||
3393 ELX 3393Elixir | $0.001162 | −1.60% | 7.15% | −3.21% | $510,189.32 | $1.16 M | $2,196.16 | |||
3485 THL 3485Thala | $0.006305 | −4.35% | −4.31% | −26.91% | $464,889.26 | $630,500.00 | $461.58 | |||
3708 HAI 3708Let's Get HAI | $1.26 | −0.79% | 4.13% | −3.08% | $375,281.78 | $375,281.78 | $10,530.58 | |||
4077 FLX 4077Reflexer Ungovernance Token | $1.40 | −1.02% | 6.33% | −7.93% | $272,864.76 | $1.41 M | $517.61 | |||
4085 BUT 4085Bucket Token | $0.0006427 | 4.49% | 28.71% | −29.63% | $271,484.26 | $642,700.00 | $26.33 | |||
4487 ANZ 4487Anzen Finance | $0.00006299 | 90.67% | −21.43% | −74.71% | $197,586.67 | $629,900.00 | $240.31 | |||
4606 WARS 4606Argentine Peso | $0.000623 | 0.25% | −0.99% | −1.25% | $181,293.00 | $8.23 M | $34,727.00 | |||
4744 HBB 4744Hubble | $0.002354 | 0.79% | 3.60% | 8.04% | $162,199.15 | $162,199.15 | $61.54 | |||
4768 ASF 4768Asymmetry Finance | $0.00909 | 3.03% | 19.64% | −3.14% | $159,427.46 | $463,590.00 | $1,690.24 | |||
5378 DF 5378dForce Token | $0.0001009 | 1.04% | −1.71% | −1.71% | $100,892.54 | $100,892.54 | $3.40 | |||
7438 JRT 7438Jarvis Reward Token | $0.0008562 | 0.71% | −0.27% | −21.44% | $24,834.83 | $193,382.63 | $12.89 | |||
12535 XNL 12535Novastro | $0.0001057 | −7.56% | 2.10% | −6.33% | -- | -- | $13.84 |
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.