Stablecoin Market Caps & Peg Tracker
Total stablecoin supply: $304.24B. Live circulating supply and price for the top 50 USD-pegged stablecoins. A price off $1.00 by more than a few tenths of a percent can signal peg stress.
| # | Name | Symbol | Mechanism | Market Cap | Price |
|---|---|---|---|---|---|
| 1 | Tether | USDT | fiat-backed | $183.34B | $0.9990 |
| 2 | USD Coin | USDC | fiat-backed | $72.03B | $0.9998 |
| 3 | Sky Dollar | USDS | crypto-backed | $6.54B | $1.0000 |
| 4 | Dai | DAI | crypto-backed | $4.82B | $0.9997 |
| 5 | World Liberty Financial USD | USD1 | fiat-backed | $4.01B | $0.9989 |
| 6 | Ethena USDe | USDe | crypto-backed | $3.87B | $0.9998 |
| 7 | Global Dollar | USDG | fiat-backed | $3.35B | $1.0005 |
| 8 | Circle USYC | USYC | fiat-backed | $3.01B | $1.1327 |
| 9 | PayPal USD | PYUSD | fiat-backed | $2.67B | $1.0000 |
| 10 | BlackRock USD | BUIDL | fiat-backed | $2.67B | $1.0000 |
| 11 | Ondo US Dollar Yield | USDY | fiat-backed | $2.15B | $1.1402 |
| 12 | Ripple USD | RLUSD | fiat-backed | $1.59B | $1.0001 |
| 13 | USDD | USDD | crypto-backed | $1.51B | $0.9990 |
| 14 | Falcon USD | USDf | crypto-backed | $1.26B | $0.9948 |
| 15 | USDGO | USDGO | fiat-backed | $1.11B | $1.0001 |
| 16 | United Stables | U | crypto-backed | $1.10B | $0.9996 |
| 17 | USDX Money USDX | USDX | crypto-backed | $683.44M | — |
| 18 | GHO | GHO | crypto-backed | $647.83M | $0.9982 |
| 19 | YLDS | YLDS | fiat-backed | $626.08M | $0.9998 |
| 20 | Usual USD | USD0 | fiat-backed | $553.06M | $0.9993 |
| 21 | Solstice USX | USX | crypto-backed | $516.77M | $0.9995 |
| 22 | Polymarket USD | pUSD | crypto-backed | $491.94M | $1.0000 |
| 23 | TrueUSD | TUSD | fiat-backed | $481.99M | $0.9948 |
| 24 | Ethena USDtb | USDTB | fiat-backed | $400.95M | $1.0000 |
| 25 | rwaUSDi | rwaUSDi | crypto-backed | $355.10M | $0.9998 |
| 26 | First Digital USD | FDUSD | fiat-backed | $349.03M | $0.9968 |
| 27 | Gate USD | GUSD | fiat-backed | $319.47M | $0.9983 |
| 28 | M by M0 | M | fiat-backed | $292.85M | — |
| 29 | apxUSD | apxUSD | crypto-backed | $287.06M | $0.8852 |
| 30 | Agora Dollar | AUSD | fiat-backed | $258.59M | $0.9997 |
| 31 | Binance Peg BUSD | BUSD | crypto-backed | $232.01M | $0.9959 |
| 32 | crvUSD | crvUSD | crypto-backed | $227.48M | $0.9992 |
| 33 | HUSD | HUSD | fiat-backed | $192.31M | — |
| 34 | USAT | USAT | fiat-backed | $185.19M | $0.9984 |
| 35 | Re Protocol reUSD | reUSD | crypto-backed | $169.98M | $1.0915 |
| 36 | flexUSD | FLEXUSD | crypto-backed | $166.32M | $0.9998 |
| 37 | USD.AI | USDai | crypto-backed | $158.68M | $0.9996 |
| 38 | River Stablecoin | satUSD | crypto-backed | $158.40M | $0.9950 |
| 39 | Frax | FRAX | algorithmic | $156.49M | $0.9898 |
| 40 | Mustang Finance | MUST | crypto-backed | $154.36M | $0.9998 |
| 41 | Avalon USDa | USDA | crypto-backed | $148.01M | — |
| 42 | CASH | CASH | fiat-backed | $123.12M | $0.9995 |
| 43 | Avant USD | avUSD | fiat-backed | $119.03M | $0.9969 |
| 44 | CFX MoveUSD | MOVEUSD | fiat-backed | $117.94M | $0.9998 |
| 45 | Valtorum USD | USDV | fiat-backed | $113.96M | — |
| 46 | Astherus | USDF | crypto-backed | $111.97M | $0.9970 |
| 47 | Saturn Dollar | USDAT | crypto-backed | $107.30M | $0.9991 |
| 48 | Ondo U.S. Dollar Token | USDon | fiat-backed | $103.83M | $1.0000 |
| 49 | Frax USD | FRXUSD | fiat-backed | $103.76M | $0.9994 |
| 50 | Dola | DOLA | crypto-backed | $100.54M | $0.9966 |
Peg mechanisms explained
Fiat-backed stablecoins (USDT, USDC) hold cash and treasuries with a custodian. Crypto-backed coins (DAI) are over-collateralized with on-chain assets. Algorithmic designs rely on incentives alone and have the worst historical track record — Terra's UST collapse in 2022 erased ~$40B. Mechanism matters more than market cap when judging risk.