Stablecoin Issuer
1.18%
0.01%24h Change
7d Change
| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
9 HYPE 9Hyperliquid | $70.93 | 2.20% | 10.12% | 22.38% | $17.93 B | $67.63 B | $278.93 M | |||
36 WLFI 36World Liberty Financial | $0.0581 | −3.34% | 0.75% | 3.19% | $1.85 B | $5.81 B | $11.90 M | |||
37 ASTER 37Aster | $0.639 | −0.78% | 3.06% | 2.04% | $1.72 B | $4.98 B | $50.10 M | |||
43 AAVE 43Aave | $96.60 | 8.30% | 6.45% | 59.69% | $1.49 B | $1.54 B | $135.52 M | |||
49 SKY 49Sky | $0.05709 | 3.53% | 10.35% | 2.54% | $1.33 B | $1.34 B | $13.79 M | |||
68 ENA 68Ethena | $0.0781 | −0.75% | −1.34% | −14.55% | $741.64 M | $1.16 B | $51.78 M | |||
108 CRV 108Curve DAO | $0.2092 | −1.79% | 10.57% | 14.28% | $318.24 M | $501.22 M | $15.31 M | |||
162 APYUSD 162apyUSD | $1.23 | 1.65% | 9.82% | 0.00% | $149.95 M | $149.95 M | $347,710.00 | |||
168 FF 168Falcon Finance | $0.0608 | −0.42% | −7.99% | −33.87% | $142.11 M | $607.30 M | $10.35 M | |||
180 SNX 180Synthetix | $0.227 | −0.15% | 6.86% | −4.45% | $131.65 M | $131.75 M | $12.60 M | |||
193 FT 193Flying Tulip | $0.09534 | 1.14% | −2.33% | 4.70% | $115.24 M | $953.40 M | $236,410.00 | |||
293 CHIP 293USD.AI | $0.03244 | 1.60% | 3.55% | 11.15% | $64.78 M | $323.90 M | $6.34 M | |||
371 UP 371Unitas Labs | $0.3286 | 2.22% | 20.27% | 12.94% | $47.86 M | $327.80 M | $20.10 M | |||
547 SPK 547Spark | $0.018053 | −0.87% | 5.33% | −6.55% | $30.63 M | $180.20 M | $10.63 M | |||
652 FRAX 652Frax (prev. FXS) | $0.2438 | 0.45% | 2.65% | −12.99% | $22.82 M | $24.30 M | $226,944.44 | |||
760 LQTY 760Liquity | $0.1884 | 0.20% | 2.44% | −5.91% | $18.13 M | $18.84 M | $2.54 M | |||
782 SPELL 782Spell | $0.0000894 | −1.24% | −5.49% | −26.41% | $17.40 M | $17.51 M | $1.60 M | |||
875 LAYER 875Solayer | $0.0677 | 0.90% | 1.77% | 7.50% | $14.15 M | $67.38 M | $12.38 M | |||
938 STBL 938STBL | $0.0246 | −0.19% | −1.64% | 6.47% | $12.31 M | $246.10 M | $1.81 M | |||
989 TRIBE 989Tribe | $0.2941 | 1.97% | 5.22% | −3.10% | $11.05 M | $294.10 M | $5,553.98 | |||
1044 RESOLV 1044Resolv Labs | $0.0229 | −0.27% | 9.44% | 40.53% | $9.88 M | $22.79 M | $8.96 M | |||
1182 AVL 1182Avalon | $0.0229 | −2.52% | 7.06% | −17.98% | $7.48 M | $22.60 M | $524,668.89 | |||
1263 SOLO 1263Solomon | $0.5635 | −3.43% | −7.57% | −2.80% | $6.44 M | $14.54 M | $28,940.00 | |||
1459 USUAL 1459Usual | $0.00932 | 1.37% | −0.91% | 0.58% | $4.62 M | $37.35 M | $1.06 M | |||
1474 SPA 1474Sperax | $0.002209 | 1.07% | −10.46% | −13.40% | $4.54 M | $10.24 M | $131,526.40 | |||
1492 NEST 1492Nest | $0.009126 | −7.57% | 46.90% | 62.35% | $4.38 M | $9.13 M | $1.40 M | |||
1513 ZEPH 1513Zephyr Protocol | $0.3299 | 3.63% | −3.13% | 10.20% | $4.19 M | $3.89 M | $119,476.00 | |||
1699 GAIB 1699GAIB | $0.01475 | 2.53% | 0.57% | 5.93% | $3.05 M | $14.87 M | $255,915.98 | |||
1868 FORTH 1868Ampleforth Governance Token | $0.1713 | −1.98% | −5.02% | −0.21% | $2.43 M | $2.59 M | $1.89 M | |||
2106 RSUP 2106Resupply | $0.07386 | 0.16% | 12.81% | 11.89% | $1.80 M | $5.54 M | $5,161.47 | |||
2782 PRISMA 2782Prisma Finance | $0.008109 | 1.44% | 5.96% | 9.74% | $791,004.62 | $2.43 M | $766.56 | |||
3071 THL 3071Thala | $0.008181 | 0.53% | 0.92% | −13.88% | $574,415.42 | $818,100.00 | $293.76 | |||
3190 HAI 3190Let's Get HAI | $1.29 | 0.00% | 1.55% | 1.55% | $503,976.02 | $503,976.02 | $18,253.55 | |||
3311 ELX 3311Elixir | $0.001706 | 5.22% | 13.25% | 29.51% | $442,314.98 | $1.71 M | $19,025.66 | |||
3374 BUT 3374Bucket Token | $0.0009913 | 0.44% | 6.28% | 12.60% | $418,737.13 | $991,300.00 | $132.16 | |||
3483 DF 3483dForce Token | $0.0003753 | −17.32% | −22.28% | 1.96% | $375,272.28 | $375,272.28 | $256.11 | |||
3560 JRT 3560Jarvis Reward Token | $0.0008737 | −1.18% | 7.65% | 11.04% | $346,946.87 | $493,640.50 | $0.8421 | |||
4008 FLX 4008Reflexer Ungovernance Token | $1.15 | 1.32% | 12.44% | 24.41% | $224,415.76 | $1.16 M | $17.65 | |||
4206 WARS 4206Argentine Peso | $0.0006464 | 0.31% | −0.27% | −3.20% | $188,102.40 | $188,102.40 | $3,752.44 | |||
4251 ASF 4251Asymmetry Finance | $0.01089 | −0.05% | 11.17% | −9.64% | $179,837.19 | $555,390.00 | $739.23 | |||
4757 HBB 4757Hubble | $0.00173 | 0.14% | 2.79% | −4.98% | $119,191.47 | $119,191.47 | $362.84 | |||
5072 YALA 5072Yala | $0.0003181 | 12.72% | 13.58% | 1.08% | $94,516.47 | $318,100.00 | $409.85 | |||
6190 ANZ 6190Anzen Finance | $0.00004736 | −0.02% | 7.17% | 3.18% | $40,309.64 | $473,600.00 | $11.16 | |||
6345 ANGLE 6345ANGLE | $0.0001769 | 0.35% | 4.01% | 26.83% | $35,641.31 | $176,900.00 | $3.61 | |||
7589 QI 7589Qi Dao | $0.00009533 | −98.01% | −97.72% | 60.37% | $13,188.71 | $19,066.00 | $4.96 | |||
11191 SIGRSV 11191SigRSV | $0.0000304 | −0.68% | 21.47% | 0.59% | -- | $304.00 M | $156.23 | |||
11647 XNL 11647Novastro | $0.0001137 | −0.04% | −2.70% | −30.53% | -- | -- | $4.45 |
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.