Stablecoin Issuer
1.14%
−0.01%24h Change
7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
9 HYPE 9Hyperliquid | $79.92 | −2.08% | −8.24% | −0.31% | $20.30 B | $76.07 B | $300.93 M | |||
35 ENA 35Ethena | $0.1852 | −10.57% | −15.01% | 32.30% | $2.48 B | $2.80 B | $274.52 M | |||
39 AAVE 39Aave | $149.39 | −6.22% | −12.96% | 18.27% | $2.31 B | $2.40 B | $196.72 M | |||
43 ASTER 43Aster | $0.6837 | −1.67% | −3.21% | −0.41% | $1.85 B | $5.36 B | $61.05 M | |||
46 WLFI 46World Liberty Financial | $0.057 | −1.06% | 3.94% | −0.08% | $1.81 B | $5.70 B | $12.76 M | |||
50 SKY 50Sky | $0.06905 | −9.63% | −12.18% | 9.17% | $1.62 B | $1.63 B | $16.28 M | |||
90 CRV 90Curve DAO | $0.3303 | −1.54% | −14.02% | −6.21% | $519.56 M | $804.31 M | $44.53 M | |||
132 FF 132Falcon Finance | $0.1069 | −5.70% | 0.50% | −34.47% | $250.24 M | $1.07 B | $12.18 M | |||
247 CHIP 247USD.AI | $0.04526 | −18.63% | −14.34% | 11.85% | $90.52 M | $456.10 M | $18.60 M | |||
282 SNX 282Synthetix | $0.2153 | −8.69% | −10.04% | 5.23% | $74.17 M | $126.34 M | $5.08 M | |||
543 SPK 543Spark | $0.019348 | −6.23% | −12.20% | 6.34% | $32.89 M | $194.70 M | $3.53 M | |||
614 FRAX 614Frax (prev. FXS) | $0.2962 | −6.96% | −2.41% | 11.39% | $27.73 M | $29.63 M | $829,212.80 | |||
717 UP 717Unitas Labs | $0.1462 | −7.30% | −25.17% | −57.38% | $21.35 M | $147.00 M | $717,744.46 | |||
772 LQTY 772Liquity | $0.1957 | −9.69% | −15.72% | −7.46% | $18.85 M | $19.75 M | $1.61 M | |||
832 SPELL 832Spell | $0.0000832 | −7.89% | −11.28% | 2.51% | $16.24 M | $16.44 M | $1.37 M | |||
892 STBL 892STBL | $0.02096 | −7.42% | −9.73% | −22.79% | $14.67 M | $209.90 M | $1.35 M | |||
918 TRIBE 918Tribe | $0.3758 | −2.70% | −7.46% | −2.93% | $13.92 M | $375.80 M | $8,988.69 | |||
923 LAYER 923Solayer | $0.0653 | −6.76% | −12.82% | −4.28% | $13.71 M | $65.86 M | $10.48 M | |||
1155 SOLO 1155Solomon | $0.6983 | 0.24% | −31.14% | −8.00% | $9.01 M | $18.02 M | $38,212.00 | |||
1227 RESOLV 1227Resolv Labs | $0.0164 | −7.45% | −13.38% | −0.59% | $7.96 M | $16.58 M | $1.12 M | |||
1425 SPA 1425Sperax | $0.002662 | −1.31% | −5.15% | 12.60% | $5.45 M | $12.29 M | $196,383.99 | |||
1484 USUAL 1484Usual | $0.0101 | −8.09% | −16.85% | −11.01% | $5.00 M | $40.76 M | $1.85 M | |||
1528 GAIB 1528GAIB | $0.02292 | −9.08% | −10.30% | −20.30% | $4.69 M | $22.96 M | $223,645.11 | |||
1667 FT 1667Flying Tulip | $0.1481 | −20.35% | −1.16% | 49.52% | $3.76 M | $76.61 M | $33,734.97 | |||
1669 ZEPH 1669Zephyr Protocol | $0.3063 | −0.90% | −4.60% | −23.33% | $3.75 M | $3.75 M | $109,325.00 | |||
1726 FORTH 1726Ampleforth Governance Token | $0.2333 | −6.70% | −12.43% | −36.73% | $3.35 M | $3.57 M | $59,791.25 | |||
1731 AVL 1731Avalon | $0.02016 | 10.01% | 4.43% | −7.11% | $3.26 M | $3.34 M | $491,623.98 | |||
1825 RSUP 1825Resupply | $0.1016 | −7.67% | −13.60% | −21.38% | $2.91 M | $7.90 M | $6,781.82 | |||
2795 QI 2795Qi Dao | $0.00572 | −5.86% | −4.68% | −5.28% | $791,350.49 | $1.14 M | $170.07 | |||
2826 THL 2826Thala | $0.01025 | 2.38% | −0.60% | 48.84% | $764,808.28 | $1.03 M | $433.90 | |||
2887 NEST 2887Nest | $0.00152 | −10.13% | −18.41% | −29.86% | $726,204.51 | $1.52 M | $11,510.97 | |||
3061 PRISMA 3061Prisma Finance | $0.006433 | −0.30% | −16.47% | 2.16% | $599,744.92 | $1.93 M | $172.81 | |||
3534 HAI 3534Let's Get HAI | $1.23 | 0.00% | −2.40% | −1.61% | $368,246.64 | $368,246.64 | $48,330.00 | |||
3887 BUT 3887Bucket Token | $0.0006282 | −1.61% | −8.88% | 4.42% | $265,359.29 | $628,200.00 | $369.48 | |||
4044 FLX 4044Reflexer Ungovernance Token | $1.20 | −5.67% | −7.58% | −14.72% | $232,748.99 | $1.20 M | $100.43 | |||
4362 WARS 4362Argentine Peso | $0.000615 | −0.97% | −1.60% | −1.24% | $178,965.00 | $8.12 M | $17,953.74 | |||
4414 ANZ 4414Anzen Finance | $0.00005484 | 1.95% | −3.91% | −42.54% | $172,025.74 | $548,400.00 | $722.38 | |||
4428 ELX 4428Elixir | $0.0003761 | 1.91% | −65.97% | −68.98% | $165,130.98 | $389,000.00 | $1,761.74 | |||
4722 ASF 4722Asymmetry Finance | $0.007545 | −6.13% | −4.43% | −7.80% | $134,360.57 | $384,795.00 | $18.44 | |||
4770 HBB 4770Hubble | $0.001865 | −1.84% | −18.24% | −16.90% | $128,508.12 | $128,508.12 | $87.18 | |||
5163 DF 5163dForce Token | $0.00009604 | −2.87% | −5.95% | −4.32% | $96,032.90 | $96,032.90 | $28.59 | |||
6005 ANGLE 6005ANGLE | $0.0001576 | 0.28% | −5.40% | −6.44% | $51,266.02 | $157,600.00 | $2.96 | |||
7041 JRT 7041Jarvis Reward Token | $0.0008447 | 9.86% | −0.40% | −15.25% | $24,501.26 | $190,785.22 | $12.77 | |||
11943 XNL 11943Novastro | $0.00009093 | −0.13% | −9.94% | −11.82% | -- | -- | $1.15 |
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.