Stablecoin supply by chain

2026-11-04 UTC · Farbeam research

Snapshot time: 2026-11-04T19:20:05Z. Every number below comes from one call to the Farbeam API, or from token reports read one minute later. This is a single snapshot. It shows no trend, because Farbeam does not store supply history.

#The call

curl -s "https://farbeamlabs.com/api/v1/markets/stablecoins"

const { data, meta } = await (await fetch("https://farbeamlabs.com/api/v1/markets/stablecoins")).json();
const total = data.chains.reduce((n, c) => n + c.circulating_usd, 0);
for (const c of data.chains.slice(0, 12)) {
  console.log(c.name, c.circulating_usd, ((c.circulating_usd / total) * 100).toFixed(2) + "%", c.covered);
}

import requests

data = requests.get("https://farbeamlabs.com/api/v1/markets/stablecoins", timeout=30).json()["data"]
total = sum(c["circulating_usd"] for c in data["chains"])
for c in data["chains"][:12]:
    print(c["name"], c["circulating_usd"], round(100 * c["circulating_usd"] / total, 2), c["covered"])

The source is DefiLlama, cached for 10 minutes. The response holds the top 25 assets and the top 25 chains.

#Supply by chain

Share is a share of the top 25 chains, which summed to $289.31 billion.

Two chains held 79.81% of this total. OP Mainnet was outside the first 12, at $426,934,129 or 0.15%.

The seven chains that Farbeam covers held $176.14 billion, or 60.88% of the top-25 total. The second largest chain, Tron, is not covered. So any Farbeam view of stablecoin transfers leaves out about a third of supply. This is a real limit on what the index can tell you about stablecoin movement.

#Supply by asset

The top 25 assets summed to $289.88 billion. USDT and USDC together were 85.91% of that. The change columns are computed from fields DefiLlama returns. They are the only time comparison in this note, and Farbeam cannot verify them against its own history.

#Check against the chain

DefiLlama's figure is an aggregate. The token report reads totalSupply directly from the contract through RPC, so the two can be compared. Reports were read between 19:20:50Z and 19:21:01Z.

On Ethereum, USDT and USDC together were 95.88% of the chain total. The share columns mix token units with a USD figure, and they treat each token as $1. Prices at the snapshot were within 0.2% of $1, so the error is small.

total_supply is not the same as circulating supply. A wallet read at 2026-11-04T19:24:48Z showed that the address labeled Tether Treasury held 2,998,106,795 USDT on Ethereum. Different data providers treat such balances differently, so do not expect an exact match.

#Method

1. Call /markets/stablecoins once.
2. Compute each share from the same response, using the sum of the top 25 chains as the total.
3. Sum the rows where covered is not null to get the Farbeam coverage figure.
4. Call /tokens/{chain}/{address} for each token and read data.token.total_supply.

#Limits

• This is one snapshot from one aggregator. It shows no history.
• The total is the top 25 only. Assets and chains outside it are not counted, so true shares are slightly lower.
• Asset classification and the mechanism column are DefiLlama's.
• The two totals, by chain and by asset, come from different lists and do not match.
• A share of supply says nothing about usage, and it makes no statement about the quality of any issuer.

This note is descriptive. It is not financial advice. See the live numbers on the stablecoins page.