Stablecoin issuance, market share, depegs, and reserve backing across USDT, USDC, DAI, and other major stablecoins.
Stablecoins are the plumbing underneath nearly every crypto market. They sit between traders exiting volatile positions, companies settling cross-border payments, and DeFi protocols looking for a dollar-denominated unit of account. When liquidity tightens, the flows show up here first: millions or even billions can leave the largest issuers in a single session, and pegs wobble by tenths of a cent before snapping back. For a crypto reader, this category is less about the tokens themselves and more about the signals they send about risk appetite, dollar funding and the bridge between traditional finance and on-chain settlement.
Zipp tracks the stablecoin beat day to day: issuance and redemption volumes across USDT, USDC, DAI and the fast-growing DeFi-native alternatives; weekly shifts in market share and on-chain liquidity; reserve backing, attestations and custodial arrangements with major banks; and any deviation from the dollar peg, however brief. We also follow the policy and infrastructure layer: how regulators in the US, Europe and Asia frame the asset class, which corporates issue or distribute stablecoins, and how payment networks and asset managers are wiring them into existing rails.
The past month has made the stakes obvious. Stablecoin supply contracted sharply during a US-Iran risk-off move, wiping out several billion dollars in a day. Treasurers at Standard Chartered and BNY opened new custodial and mint-and-burn channels for USDC. A new issuer, OUSD, launched with backing from BlackRock, Visa, Mastercard and Coinbase, sending Circle's share price down on the competitive threat. Bessent framed stablecoins and tokenisation as instruments of US economic power, while the Bank of Korea raised rates for the first time in three years, a reminder that the macro backdrop still drives the flows that land in this corner of the market.
Stablecoin reserve income tracks short-term rates such as SOFR, while Bitcoin borrowers face costs set by their loan terms and refinancing needs.
The dollars often stay in the banking system, but they return as large, flighty institutional balances that cost banks more to hold, and some of that expense can reach borrowers who have never…
Built on RGB, the Tether-backed project adds private USDT transfers, native BTC-USDT swaps and BTC-backed lending without wrapping, with Lightning Network support planned next.
The proposal would reach existing holders, closing a route to regulated safekeeping that remained open after trading restrictions.
With 43 state money transmitter licenses in its group, OpenPayd is positioning its fiat and stablecoin infrastructure for a U.S. launch.
The payment networks agents choose could reveal whether stablecoins and open blockchains are gaining practical use in machine-driven commerce.
The comparison signals a new source of demand for US debt, but stablecoin issuers buy mostly short-term assets, not the longer-dated bonds China has shed.
The case challenges a federal entry point for crypto firms and sharpens banks’ fight over the rules governing digital-asset competitors.
Verified users receive 1 DFX for each USDT lost, but the amount they can recover now depends on a pool that holds about 3.11 million USDT.
A7’s route from its ruble-backed token into USDT puts exchanges and liquidity providers under greater scrutiny as Washington targets the network’s access to global markets.
Roughrider Coin is the entry point. Fiserv's Commercial Center puts stablecoin rails in front of 90+ US banks and credit unions, the kind of distribution a standalone crypto issuer never reaches.
The proposal would extend banks' and credit unions' role in digital assets, but the rules remain under consideration.
The redemption rate depends on the Recovery Pool balance and outstanding DFX supply, so receiving 1 DFX per USDT lost does not guarantee full repayment.
A partner reward model gives payment platforms an incentive to distribute OUSD, but USDT and USDC still control about 84% of the dollar-stablecoin market.
States can preserve a path to approval while finishing their rules, but a conditional filing does not start federal review or authorize issuers.
The proposal would remove capital-gain and loss calculations from eligible dollar-stablecoin purchases of any size, while leaving Bitcoin checkout payments in the current tax system.
The trial tested whether stablecoins can move obligations between banks and payment networks faster, including outside banking hours.
Stock-perpetual allocations would give USDe a potential earnings source beyond crypto funding, but the ENA buyback condition has not been met in the claim.
The visitor-only rollout brings crypto-funded purchases to participating physical stores while merchants continue to receive yen.
B20 holders may be able to transfer tokens yet remain eligible for administrative reassignment under a separate policy.
A stablecoin is a crypto token whose value is meant to track a reference price, usually 1 US dollar, backed by reserves such as cash, short-dated Treasuries or other liquid assets. Pegs are maintained through arbitrage: when the market price slips below $1, authorised participants redeem the token for dollars and remove supply; when it trades above $1, new tokens are minted and sold, pushing the price back down.
USDT (Tether) and USDC (Circle) are the two largest fiat-backed stablecoins, issued off-chain against reserves held by their respective companies and distributed across many blockchains. DAI is a crypto-backed stablecoin issued by the MakerDAO protocol, collateralised by over-collateralised crypto deposits locked in smart contracts rather than held by a centralised custodian.
Stablecoins are the main funding currency on trading venues, so large inflows signal fresh buying power ready to deploy into Bitcoin, Ether or altcoins, while large outflows indicate that traders are moving to the sidelines or off the chain entirely. Sudden drops in stablecoin market cap are also closely watched as an early read on risk-off conditions before they show up in equity or FX volatility.
A depeg occurs when a stablecoin trades meaningfully away from its target price, typically below $1 for dollar-pegged tokens. Short-lived dips of a fraction of a cent happen regularly during stress; deeper or longer-lasting depegs usually reflect reserve concerns, liquidity crunches or counterparty risk and can force redemptions, circuit breakers or, in extreme cases, issuer intervention.
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