The stablecoin market landscape is dominated by a concentrated set of major issuers. Tether leads the space by a wide margin, followed by Circle, Sky, and Ethena as significant players shaping the ecosystem. Beyond these frontrunners, Paxos, World Liberty Financial, Falcon, Global Dollar Network, Ripple, and Resolv round out the top tier of stablecoin issuers. This distribution reflects both the competitive dynamics and consolidation trends within the stablecoins sector, where a handful of platforms control the majority of supply and influence market adoption patterns across different blockchain networks and use cases.