Stellar Stablecoin Supply Is 58% One Ondo Yield Token

Stellar stablecoin supply stands at about $926 million on October 7, 2026, according to DefiLlama's chain series. A little more than $537 million of that is a single product, Ondo's yield-bearing USDY. Strip it out and the network's dollar-coin base looks far less dramatic.

A post by BSCNews citing Artemis data said Stellar's stablecoin supply has roughly doubled in a year, from $835 million in early October 2025. DefiLlama starts from a much lower base. Its series put the network at $228 million on October 6, 2025, which makes the rise closer to fourfold. Trackers define supply differently, so treat each figure as that tracker's own.

One token did most of the lifting

USDY reached Stellar in September 2025, when Stellar's announcement said the token was live for non-US users. It started small. DefiLlama showed under $1 million of it on the network a year ago.

Growth came in two steps. Supply climbed through February 2026, passing $115 million by mid-month. Then the ledger recorded a jump in a single day, from 109.6 million tokens to 462.8 million on May 29 by Stellar Expert's daily series. DefiLlama dates the same move to May 30 and values it above $500 million.

That same day DefiLlama's USDY balance on Plume, which had been about $445 million, dropped to zero. The timing suggests supply moved between networks rather than fresh money arriving.

Stellar Expert's asset page shows 467.5 million USDY outstanding from the Ondo issuer account, held across 3,154 trustlines, of which only 732 carry a balance.

Stellar Expert lists the Ondo issuer account and the supply total.

What USDC adds to the Stellar stablecoin supply

USDC is the other half. DefiLlama counts $362.5 million of it on Stellar on October 7, up from $226.7 million a year earlier. Stellar Expert's own count is a little higher at 377.6 million.

It has not climbed in a line. The same DefiLlama series has USDC near $205 million on June 1, near $420 million on August 1, and back to $363 million now. Swings that size are what a few large balances moving in and out would produce.

Add USDY and USDC and you reach about 97% of the network. YLDS holds around $25 million, and euro, yen and Australian dollar coins make up the small rest. Remove USDY from the total and the base grew from $228 million to $389 million, a gain of about 71%.

A peak that has already passed

DefiLlama's series tops out at $1.007 billion, set on August 16, 2026 for Stellar stablecoin supply. About 8% of that has drained since. Anyone reading the doubling story as steady momentum is missing both the May step and the August pullback.

Concentration is the practical risk to watch. One issuer's treasury product can move the whole chain's headline number, and so can one holder redeeming. A chain whose total depends on one token tends to see its ranking shift fast when that token moves.

Stablecoin supply also behaves differently from usage. Related coverage of XRPL's stablecoin jump showed a similar pattern, where a headline surge came mostly from supply changing chains. Payments counts and active accounts on Stellar would say more about real demand than supply does.

Stellar's press page dates the USDY launch to mid-September 2025.

Tracker figures get revised, and USDY carries the issuer and redemption risk of any yield-bearing token. This is reporting on data, not advice to buy or hold either coin.