Chain Breakdown
Subcategory Breakdown
Entity List
About this category
The stablecoin issuers themselves — Tether, Circle, and Paxos — split out of payment_services and decentralized_finance in the June 2026 taxonomy rework because issuance is their entire function, not incidental to it.
Coverage metric
On-chain holdings (USD) across every address labeled to a stablecoin issuer entity, from the entity_balances_daily aggregate, latest available day. This reflects balances on the issuers’ own labeled wallets (mint, treasury, and operational addresses) — not total circulating supply of USDT/USDC/etc., which is a market fact rather than an attribution coverage metric.
Why this metric
This measures what Allium can see on the issuers’ own books, not the size of the stablecoin market. $8.4B in tracked holdings on Tether/Circle/Paxos-labeled wallets shows direct visibility into the entities that create the supply everyone else transacts in — a distinct, and arguably more defensible, claim than quoting total market cap.