Stablecoin Issuer
1.07%
−0.09%24h Change
7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
9 HYPE 9Hyperliquid | $84.24 | −3.09% | 3.07% | 52.78% | $21.19 B | $80.19 B | $1.36 B | |||
37 AAVE 37Aave | $130.06 | −2.18% | 6.72% | 43.55% | $2.01 B | $2.08 B | $140.23 M | |||
38 ASTER 38Aster | $0.7395 | 2.77% | 5.89% | 22.18% | $2.00 B | $5.77 B | $112.48 M | |||
41 WLFI 41World Liberty Financial | $0.05613 | −2.20% | −2.65% | 2.67% | $1.78 B | $5.61 B | $19.28 M | |||
45 ENA 45Ethena | $0.163 | −3.69% | −0.05% | 76.09% | $1.60 B | $2.45 B | $244.09 M | |||
46 SKY 46Sky | $0.06775 | −1.28% | 0.81% | 21.47% | $1.59 B | $1.59 B | $9.92 M | |||
82 CRV 82Curve DAO | $0.3517 | −3.33% | 15.34% | 71.73% | $546.01 M | $849.51 M | $47.34 M | |||
122 FF 122Falcon Finance | $0.1081 | 5.41% | 18.41% | 72.72% | $252.95 M | $1.08 B | $21.08 M | |||
205 CHIP 205USD.AI | $0.05515 | −0.43% | 35.91% | 119.93% | $110.30 M | $551.50 M | $84.71 M | |||
280 SNX 280Synthetix | $0.2109 | −1.37% | −0.97% | 0.05% | $72.66 M | $122.62 M | $13.71 M | |||
292 UP 292Unitas Labs | $0.4823 | −6.92% | 1.28% | 46.85% | $70.42 M | $480.70 M | $13.05 M | |||
531 SPK 531Spark | $0.01997 | −1.86% | 9.64% | 30.28% | $33.95 M | $199.70 M | $22.52 M | |||
619 FRAX 619Frax (prev. FXS) | $0.2882 | −1.60% | −3.48% | 7.57% | $26.98 M | $28.73 M | $521,326.30 | |||
715 LQTY 715Liquity | $0.2218 | −0.81% | −1.57% | 21.36% | $21.35 M | $22.18 M | $1.73 M | |||
814 STBL 814STBL | $0.02547 | −1.38% | −8.95% | 5.69% | $17.83 M | $253.20 M | $1.50 M | |||
845 SPELL 845Spell | $0.00008362 | 0.58% | 2.20% | 7.02% | $16.33 M | $16.39 M | $2.06 M | |||
917 LAYER 917Solayer | $0.0691 | −0.00% | −0.72% | 15.10% | $14.51 M | $69.10 M | $8.96 M | |||
933 TRIBE 933Tribe | $0.3762 | −1.85% | 0.56% | 21.67% | $14.05 M | $376.20 M | $5,388.98 | |||
1193 SOLO 1193Solomon | $0.6678 | 2.26% | −2.81% | 16.17% | $8.61 M | $17.23 M | $65,130.00 | |||
1227 RESOLV 1227Resolv Labs | $0.01744 | −0.85% | −1.61% | 12.74% | $8.10 M | $17.44 M | $2.07 M | |||
1446 USUAL 1446Usual | $0.01121 | −0.38% | 1.83% | 42.71% | $5.54 M | $44.84 M | $1.77 M | |||
1475 ZEPH 1475Zephyr Protocol | $0.4049 | 1.62% | −0.69% | −12.49% | $5.25 M | $4.89 M | $112,928.00 | |||
1575 SPA 1575Sperax | $0.002176 | −0.68% | −0.81% | 6.29% | $4.46 M | $10.07 M | $80,958.40 | |||
1745 FORTH 1745Ampleforth Governance Token | $0.2367 | −7.20% | 6.02% | 15.82% | $3.40 M | $3.62 M | $263,519.93 | |||
1766 AVL 1766Avalon | $0.02056 | −5.79% | −18.91% | 23.22% | $3.32 M | $3.31 M | $572,955.15 | |||
1832 RSUP 1832Resupply | $0.1073 | 0.24% | −7.64% | −16.00% | $2.89 M | $8.22 M | $7,633.73 | |||
1915 GAIB 1915GAIB | $0.01263 | −2.90% | −11.09% | −15.31% | $2.59 M | $12.63 M | $150,191.14 | |||
2075 FT 2075Flying Tulip | $0.09997 | 0.15% | −4.26% | 2.93% | $2.11 M | $999.70 M | $233,138.00 | |||
2571 NEST 2571Nest | $0.002403 | −7.16% | −7.91% | −39.00% | $1.15 M | $2.40 M | $14,029.40 | |||
2862 QI 2862Qi Dao | $0.005862 | −1.51% | 1.72% | 14.18% | $810,995.90 | $1.17 M | $6.79 | |||
3022 ANZ 3022Anzen Finance | $0.0002142 | 98.16% | 34.88% | 309.78% | $671,883.69 | $2.14 M | $2,491.10 | |||
3094 PRISMA 3094Prisma Finance | $0.0064 | −1.57% | 30.71% | −10.86% | $624,298.86 | $1.92 M | $28.96 | |||
3100 THL 3100Thala | $0.008502 | 1.64% | −0.14% | 14.43% | $619,391.52 | $850,199.99 | $6,792.54 | |||
3322 ELX 3322Elixir | $0.001146 | −2.32% | 0.80% | −4.72% | $503,164.34 | $1.15 M | $5,280.62 | |||
3638 HAI 3638Let's Get HAI | $1.24 | 0.00% | −3.88% | 3.33% | $367,571.88 | $367,572.75 | $10,367.99 | |||
3759 BUT 3759Bucket Token | $0.0007737 | −4.41% | −7.08% | −12.96% | $326,820.25 | $773,700.00 | $131.14 | |||
4451 WARS 4451Argentine Peso | $0.0006325 | 0.26% | 0.86% | −0.47% | $184,057.50 | $654,840.53 | $38,402.00 | |||
4545 ASF 4545Asymmetry Finance | $0.01019 | −4.07% | −3.36% | 11.46% | $171,982.46 | $519,689.99 | $565.73 | |||
4723 HBB 4723Hubble | $0.002181 | −0.63% | −1.06% | 7.19% | $150,273.49 | $150,273.49 | $29.14 | |||
5350 DF 5350dForce Token | $0.00009717 | 0.45% | −1.38% | −3.42% | $97,162.82 | $97,162.82 | $48.62 | |||
7312 JRT 7312Jarvis Reward Token | $0.0008466 | 0.33% | −17.32% | −1.55% | $24,556.37 | $191,214.36 | $12.80 | |||
12155 SIGRSV 12155SigRSV | $0.0000362 | 11.60% | −10.45% | 2.23% | -- | $362.00 M | $325.79 | |||
12521 XNL 12521Novastro | $0.0001133 | −2.86% | 1.36% | −9.02% | -- | -- | $74.79 |
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.