StablecoinsUSDT dominance
USDT dominance
USDT dominance is the share of the total crypto market cap that sits in Tether's USDT, and traders write it as USDT.D. Today USDT dominance is 7.15%, according to CoinGecko's global market data.
Shares of total crypto market cap, CoinGecko global data at the last check.
How USDT Dominance Is Calculated
USDT dominance is calculated by dividing USDT's market cap by the total market cap of all crypto, then multiplying by 100. TradingView gives that same formula for its USDT.D series, and CoinGecko's global data publishes each top coin's share of the total directly.
The figures on this page come from CoinGecko. At this check the total crypto market cap is $2.47 trillion and USDT's share of it is 7.15%. Bitcoin's share is 60.29%, and USDC, the second largest stablecoin, holds 2.83%.
USDT is pegged to the US dollar, so its market cap tracks the number of tokens in circulation rather than a floating price.3 DefiLlama counts $176.2 billion of USDT today.4 The USDT explainer covers where that supply lives.
What Moves USDT Dominance
USDT dominance moves for two separate reasons: the amount of USDT changes, or the value of everything else in crypto changes. The second one often matters more over a single day, because USDT holds its dollar value while other coins do not.
A round-number example shows the effect. Say USDT is 8% of the market. If USDT's market cap stays the same and the total market falls by a fifth, USDT dominance rises to 10%, though not one new USDT was issued. The reverse also holds: a rally in bitcoin and other coins pushes USDT.D down even while Tether issues more tokens.
That is why reading the chart next to USDT's supply helps. A rising USDT.D with flat supply mostly reflects falling prices elsewhere, while rising supply means more dollars are arriving in USDT itself.
How Traders Read USDT.D
Traders read USDT.D as a rough gauge of how much money is parked in stablecoins instead of in other crypto. A rising USDT.D is usually read as a risk-off move, where holders swap coins for dollars, and a falling one as money going back into coins.
CoinDesk reported in November 2025 that Tether dominance had reached its highest level since April, and wrote that bear markets have historically seen sharp rises in Tether dominance as traders try to preserve capital.5 In June 2026, CoinDesk reported USDT dominance jumping to 9% in a week when bitcoin fell almost 14%. The same piece noted that dominance rising while USDT's market cap shrinks can mean money is leaving crypto for regular dollars.
Those are readings of the past, not a forecast. Onchain Wiki shows the number and where it comes from, and does not treat it as a reason to buy or sell anything.
USDT Dominance Chart and Data Sources
The USDT dominance chart on this page draws from CoinGecko's global market data, the same source as today's 7.15%. Other sites publish their own versions.
TradingView's widely charted series is CRYPTOCAP:USDT.D, named Market Cap USDT Dominance.2 Each provider builds its own total market cap from the coins it tracks, so compare USDT.D values from the same provider rather than mixing them.
Related shares tell a fuller story. The bitcoin dominance page tracks bitcoin's share, the others dominance page tracks coins outside the top group, and the stablecoins hub covers USDT, USDC and the rest.
Questions People Ask About USDT dominance
These are the questions people ask next about USDT dominance.
What is USDT.D?
USDT.D is the ticker traders use for USDT dominance: USDT's market cap as a percentage of the total crypto market cap. TradingView publishes it as CRYPTOCAP:USDT.D, and CoinGecko's global data puts it at 7.15% at this check.
What does it mean when USDT dominance goes up?
When USDT dominance goes up, USDT makes up a bigger share of the crypto market, either because more USDT was issued or because other coins lost value. Traders usually read a rise as money moving into stablecoins. It describes what happened, not what comes next.
Is USDT dominance the same as stablecoin dominance?
USDT dominance is not the same as stablecoin dominance. USDT dominance counts only Tether's USDT against the whole crypto market, while stablecoin dominance adds USDC and other stablecoins. CoinGecko puts USDC alone at 2.83% today.
Where does the USDT dominance number on this page come from?
The USDT dominance number on this page comes from CoinGecko's global market data, which publishes each top coin's share of total market cap. We check it daily and show the time of the last check in the fact box.
Sources
Every number on this page comes from these sources, checked November 10, 2026.