Stablecoin Issuer
1.02%
0.00%24h Change
7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
9 HYPE 9Hyperliquid | $59.11 | 1.10% | −2.30% | −8.12% | $14.94 B | $56.34 B | $88.75 M | |||
37 WLFI 37World Liberty Financial | $0.055 | −2.12% | −4.04% | −4.91% | $1.75 B | $5.51 B | $9.76 M | |||
38 ASTER 38Aster | $0.626 | 0.01% | 1.05% | −0.83% | $1.69 B | $4.89 B | $40.14 M | |||
43 AAVE 43Aave | $96.60 | 4.71% | 8.59% | 1.61% | $1.49 B | $1.55 B | $113.47 M | |||
46 SKY 46Sky | $0.05788 | −1.01% | −5.87% | 15.82% | $1.35 B | $1.36 B | $8.42 M | |||
59 ENA 59Ethena | $0.0859 | −0.45% | 7.63% | 7.54% | $820.23 M | $1.29 B | $46.08 M | |||
96 CRV 96Curve DAO | $0.2051 | 0.73% | −2.54% | 6.44% | $314.02 M | $492.46 M | $18.98 M | |||
157 APYUSD 157apyUSD | $1.20 | 0.00% | 3.45% | 16.50% | $155.10 M | $155.10 M | $430,261.00 | |||
170 FF 170Falcon Finance | $0.06025 | −0.00% | 0.29% | −9.20% | $140.80 M | $601.70 M | $6.25 M | |||
260 SNX 260Synthetix | $0.223 | 3.41% | 1.27% | 11.55% | $76.62 M | $129.30 M | $8.69 M | |||
329 CHIP 329USD.AI | $0.02924 | 1.17% | −4.00% | −0.13% | $58.48 M | $292.40 M | $3.31 M | |||
399 UP 399Unitas Labs | $0.3118 | −4.77% | −3.44% | 13.73% | $45.52 M | $311.80 M | $13.65 M | |||
591 SPK 591Spark | $0.017325 | 3.06% | 3.49% | −2.18% | $29.44 M | $173.20 M | $8.50 M | |||
632 FRAX 632Frax (prev. FXS) | $0.2759 | 3.32% | 5.48% | 13.29% | $25.87 M | $27.54 M | $304,299.85 | |||
785 LQTY 785Liquity | $0.1926 | 8.06% | 19.89% | 1.15% | $18.38 M | $19.09 M | $6.72 M | |||
810 STBL 810STBL | $0.02465 | 2.71% | 18.70% | 4.15% | $17.26 M | $246.50 M | $1.69 M | |||
844 SPELL 844Spell | $0.0000824 | −0.42% | −2.75% | −20.09% | $16.10 M | $16.16 M | $807,624.63 | |||
911 LAYER 911Solayer | $0.0662 | 1.39% | 3.76% | −0.08% | $13.77 M | $65.56 M | $3.44 M | |||
979 TRIBE 979Tribe | $0.3164 | 2.21% | 3.54% | 11.64% | $11.87 M | $316.40 M | $1,358.54 | |||
1152 RESOLV 1152Resolv Labs | $0.01899 | 2.01% | −3.40% | −10.48% | $8.34 M | $19.02 M | $5.22 M | |||
1168 SOLO 1168Solomon | $0.6252 | −0.07% | 10.16% | −0.05% | $8.07 M | $16.13 M | $1,570.41 | |||
1213 ZEPH 1213Zephyr Protocol | $0.5801 | 13.56% | 42.67% | 54.26% | $7.42 M | $6.90 M | $126,373.00 | |||
1473 SPA 1473Sperax | $0.002154 | −1.68% | −1.54% | −14.66% | $4.42 M | $9.96 M | $73,313.66 | |||
1503 USUAL 1503Usual | $0.00855 | 0.37% | 0.05% | −4.73% | $4.24 M | $34.26 M | $1.68 M | |||
1638 AVL 1638Avalon | $0.02028 | 0.25% | −3.04% | −13.90% | $3.29 M | $3.30 M | $148,784.24 | |||
1731 GAIB 1731GAIB | $0.01404 | −0.11% | −2.49% | −5.99% | $2.87 M | $13.99 M | $1.15 M | |||
1833 FORTH 1833Ampleforth Governance Token | $0.1682 | 3.14% | −1.63% | −1.80% | $2.41 M | $2.57 M | $202,881.76 | |||
1849 NEST 1849Nest | $0.004845 | −6.25% | −5.86% | −20.73% | $2.32 M | $4.84 M | $476,260.00 | |||
1956 FT 1956Flying Tulip | $0.0966 | 0.34% | 5.76% | −1.94% | $1.98 M | $966.00 M | $262,042.00 | |||
2048 RSUP 2048Resupply | $0.07 | 2.11% | 22.25% | 11.28% | $1.76 M | $5.29 M | $3,634.05 | |||
2773 PRISMA 2773Prisma Finance | $0.007659 | 1.16% | 2.42% | −0.25% | $747,108.69 | $2.30 M | $474.01 | |||
2821 QI 2821Qi Dao | $0.0051 | 2.43% | 2.63% | 6217.95% | $705,574.74 | $1.02 M | $4.88 | |||
3005 THL 3005Thala | $0.008161 | 0.31% | −0.34% | 0.91% | $580,189.32 | $816,100.00 | $325.87 | |||
3230 HAI 3230Let's Get HAI | $1.27 | 0.00% | 0.00% | −1.55% | $445,910.98 | $445,910.98 | $10,424.21 | |||
3362 BUT 3362Bucket Token | $0.0009279 | 0.88% | −0.88% | 0.85% | $391,956.20 | $927,900.00 | $75.16 | |||
3426 ELX 3426Elixir | $0.001408 | 1.48% | 10.14% | −14.11% | $365,052.46 | $1.41 M | $8,889.53 | |||
3810 FLX 3810Reflexer Ungovernance Token | $1.28 | 2.07% | 14.60% | 28.63% | $248,058.88 | $1.28 M | $12.62 | |||
4101 WARS 4101Argentine Peso | $0.0006289 | −0.28% | −1.81% | −2.35% | $183,009.90 | $651,113.38 | $6,293.15 | |||
4194 ASF 4194Asymmetry Finance | $0.01016 | 2.52% | −0.28% | −4.46% | $169,050.50 | $518,160.00 | $143.39 | |||
4418 DF 4418dForce Token | $0.000139 | −5.64% | −54.27% | −61.62% | $138,989.73 | $138,989.73 | $1,108.42 | |||
4641 HBB 4641Hubble | $0.001686 | 0.02% | −0.11% | 1.15% | $116,164.17 | $116,164.17 | $16.03 | |||
4962 YALA 4962Yala | $0.0002996 | 8.53% | 3.55% | 0.53% | $90,069.07 | $299,377.01 | $51.18 | |||
5805 ANZ 5805Anzen Finance | $0.00005295 | −0.68% | −12.13% | 8.12% | $45,067.47 | $529,500.00 | $97.90 | |||
6130 ANGLE 6130ANGLE | $0.0001734 | 2.17% | −4.61% | 3.72% | $34,936.14 | $173,400.00 | $1.67 | |||
6519 JRT 6519Jarvis Reward Token | $0.0008891 | 0.68% | −4.11% | 5.18% | $25,789.12 | $200,813.47 | $49.15 | |||
10490 SIGRSV 10490SigRSV | $0.00003531 | 0.00% | −3.68% | 32.05% | -- | $353.10 M | $0.5303 | |||
10909 XNL 10909Novastro | $0.0001187 | 0.70% | 7.18% | −15.35% | -- | -- | $30.92 |
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.