Stablecoin Issuer
1.20%
0.00%24h Change
7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
9 HYPE 9Hyperliquid | $86.97 | 2.83% | 5.63% | −4.32% | $22.01 B | $82.27 B | $421.30 M | |||
36 ENA 36Ethena | $0.1832 | 7.39% | −11.72% | −23.98% | $2.46 B | $2.73 B | $189.04 M | |||
40 AAVE 40Aave | $131.19 | 1.63% | −3.62% | −28.14% | $2.03 B | $2.09 B | $131.06 M | |||
42 ASTER 42Aster | $0.7064 | 1.53% | −1.29% | −0.87% | $1.96 B | $5.50 B | $48.50 M | |||
49 WLFI 49World Liberty Financial | $0.0485 | −4.37% | −7.20% | −11.36% | $1.54 B | $4.86 B | $29.97 M | |||
50 SKY 50Sky | $0.0656 | 1.46% | −0.89% | −30.30% | $1.54 B | $1.54 B | $7.67 M | |||
94 CRV 94Curve DAO | $0.2636 | 0.13% | −22.29% | −29.58% | $417.18 M | $638.80 M | $40.42 M | |||
138 FF 138Falcon Finance | $0.08916 | 1.33% | −7.36% | −22.63% | $208.63 M | $886.20 M | $2.30 M | |||
243 CHIP 243USD.AI | $0.04225 | 5.82% | −22.50% | −6.85% | $84.50 M | $419.90 M | $10.62 M | |||
296 SNX 296Synthetix | $0.1796 | 2.63% | −11.39% | −30.29% | $61.88 M | $104.01 M | $2.77 M | |||
540 SPK 540Spark | $0.016732 | 0.80% | −9.24% | −32.78% | $28.44 M | $166.70 M | $2.36 M | |||
613 FRAX 613Frax (prev. FXS) | $0.2479 | 3.87% | −6.02% | −17.49% | $23.20 M | $24.68 M | $263,633.08 | |||
714 LQTY 714Liquity | $0.1936 | 2.22% | −2.99% | −18.55% | $18.65 M | $19.37 M | $1.11 M | |||
749 STBL 749STBL | $0.02432 | 1.06% | −10.59% | −5.87% | $17.02 M | $243.20 M | $706,194.54 | |||
788 UP 788Unitas Labs | $0.1055 | −12.84% | −32.56% | −47.66% | $15.40 M | $105.60 M | $10.45 M | |||
800 SPELL 800Spell | $0.000077 | 1.56% | −4.61% | −21.79% | $15.03 M | $15.10 M | $470,888.92 | |||
844 TRIBE 844Tribe | $0.3701 | −0.09% | −1.34% | −10.01% | $13.71 M | $370.10 M | $3,970.33 | |||
919 LAYER 919Solayer | $0.0572 | 1.15% | −11.86% | −26.66% | $12.01 M | $57.09 M | $8.88 M | |||
1137 SOLO 1137Solomon | $0.6004 | −0.08% | −2.25% | −21.63% | $7.75 M | $15.49 M | $24,075.00 | |||
1159 RESOLV 1159Resolv Labs | $0.01512 | 3.18% | −10.09% | −21.98% | $7.58 M | $15.04 M | $1.60 M | |||
1360 USUAL 1360Usual | $0.01015 | 2.86% | −6.51% | −22.37% | $5.02 M | $40.56 M | $2.25 M | |||
1368 SPA 1368Sperax | $0.002395 | 0.06% | −1.54% | −15.73% | $4.91 M | $11.10 M | $100,931.82 | |||
1581 GAIB 1581GAIB | $0.01699 | −4.93% | −12.73% | −16.84% | $3.48 M | $17.01 M | $121,223.10 | |||
1700 FT 1700Flying Tulip | $0.1113 | −2.97% | −12.49% | −26.68% | $2.85 M | $57.49 M | $29,651.51 | |||
1707 AVL 1707Avalon | $0.01745 | 1.13% | −8.67% | −22.94% | $2.82 M | $2.84 M | $97,882.88 | |||
1834 ZEPH 1834Zephyr Protocol | $0.1863 | 6.31% | −11.05% | −46.76% | $2.30 M | $2.30 M | $103,005.00 | |||
1854 RSUP 1854Resupply | $0.0761 | 5.68% | −18.74% | −38.60% | $2.23 M | $5.95 M | $8,940.60 | |||
1980 FORTH 1980Ampleforth Governance Token | $0.1273 | 53.98% | −27.67% | −54.94% | $1.83 M | $1.95 M | $1.23 M | |||
2694 QI 2694Qi Dao | $0.005254 | 4.59% | −2.22% | −13.58% | $726,880.33 | $1.05 M | $0.095993 | |||
2881 PRISMA 2881Prisma Finance | $0.006331 | 0.16% | −3.43% | −17.79% | $590,235.53 | $1.90 M | $246.72 | |||
2890 NEST 2890Nest | $0.001222 | 0.62% | −15.49% | −41.10% | $583,006.27 | $1.22 M | $619.77 | |||
3053 THL 3053Thala | $0.006518 | 3.85% | −35.62% | −37.91% | $492,091.17 | $651,800.00 | $946.97 | |||
3359 HAI 3359Let's Get HAI | $1.19 | −0.83% | −0.83% | −1.65% | $346,744.96 | $346,744.96 | $2,409.04 | |||
3886 BUT 3886Bucket Token | $0.0004999 | 1.88% | −1.61% | −27.65% | $211,163.81 | $499,899.99 | $26.93 | |||
4089 WARS 4089Argentine Peso | $0.0006024 | −0.22% | −0.57% | −3.01% | $175,298.40 | $7.96 M | $137,556.00 | |||
4375 ASF 4375Asymmetry Finance | $0.006999 | 1.55% | −3.64% | −15.79% | $139,217.72 | $356,949.00 | $59.45 | |||
4419 ELX 4419Elixir | $0.0003051 | 6.23% | 1.14% | −75.46% | $133,957.62 | $305,100.00 | $2,331.61 | |||
4468 HBB 4468Hubble | $0.001856 | 0.07% | −0.07% | −14.64% | $127,894.62 | $127,894.62 | $54.58 | |||
4534 ANZ 4534Anzen Finance | $0.00003738 | −11.61% | −17.45% | −23.29% | $120,822.26 | $373,800.00 | $731.53 | |||
4610 DF 4610dForce Token | $0.0001135 | 2.19% | 3.05% | 8.90% | $113,491.61 | $113,491.61 | $21.06 | |||
6642 JRT 6642Jarvis Reward Token | $0.0008445 | −0.81% | −0.36% | −0.43% | $24,495.46 | $190,740.05 | $16.88 | |||
11163 XNL 11163Novastro | $0.00007773 | 1.44% | −4.47% | −31.72% | -- | -- | $12.17 |
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.