Tether and Circle Hold 87% of Global Stablecoin Supply as US Rules Target Yield

On 27 January 2026, new market data showed that Tether and Circle jointly control about 87% of global stablecoin supply, with USDT at roughly 62% and USDC at around 25%. At the same time, proposed U.S. regulation would bar payment stablecoins from offering yield to users, even though reserves are typically held in short‑term Treasuries yielding about 3% to 4%. Analysts warn that these limits could push yield‑seeking capital offshore or into less transparent synthetic dollar products, potentially concentrating risk in more opaque parts of the market.