Stablecoin Market Caps & Peg Tracker
Total stablecoin supply: $297.77B. 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 | $180.26B | $0.9988 |
| 2 | USD Coin | USDC | fiat-backed | $71.47B | $0.9994 |
| 3 | Sky Dollar | USDS | crypto-backed | $6.49B | $0.9983 |
| 4 | Dai | DAI | crypto-backed | $4.75B | $0.9999 |
| 5 | Ethena USDe | USDe | crypto-backed | $4.52B | $0.9980 |
| 6 | World Liberty Financial USD | USD1 | fiat-backed | $3.89B | $0.9983 |
| 7 | Global Dollar | USDG | fiat-backed | $2.99B | $1.0001 |
| 8 | PayPal USD | PYUSD | fiat-backed | $2.98B | $0.9986 |
| 9 | Ripple USD | RLUSD | fiat-backed | $2.56B | $1.0002 |
| 10 | BlackRock USD | BUIDL | fiat-backed | $2.10B | $1.0000 |
| 11 | Falcon USD | USDf | crypto-backed | $1.71B | $0.9923 |
| 12 | United Stables | U | crypto-backed | $1.60B | $0.9989 |
| 13 | USDD | USDD | crypto-backed | $1.49B | $0.9983 |
| 14 | USDGO | USDGO | fiat-backed | $1.27B | $1.0002 |
| 15 | Open USD | OUSD | fiat-backed | $885.78M | $0.9999 |
| 16 | GHO | GHO | crypto-backed | $697.92M | $0.9985 |
| 17 | Usual USD | USD0 | fiat-backed | $541.32M | $0.9989 |
| 18 | Ethena USDtb | USDTB | fiat-backed | $514.30M | $0.9986 |
| 19 | Polymarket USD | pUSD | crypto-backed | $494.17M | $0.9990 |
| 20 | Multipli rwaUSDi | rwaUSDi | crypto-backed | $486.61M | $0.9983 |
| 21 | YLDS | YLDS | fiat-backed | $485.64M | $0.9995 |
| 22 | TrueUSD | TUSD | fiat-backed | $483.64M | $0.9983 |
| 23 | Neutrino USD | USDN | algorithmic | $408.89M | — |
| 24 | Gate USD | GUSD | fiat-backed | $319.07M | $0.9971 |
| 25 | SoFiUSD | SOFID | fiat-backed | $300.61M | $0.9991 |
| 26 | First Digital USD | FDUSD | fiat-backed | $299.37M | $0.9966 |
| 27 | apxUSD | apxUSD | crypto-backed | $283.83M | $0.9928 |
| 28 | USD.AI | USDai | crypto-backed | $271.93M | $0.9986 |
| 29 | Binance Peg BUSD | BUSD | crypto-backed | $232.47M | $0.9978 |
| 30 | crvUSD | crvUSD | crypto-backed | $229.42M | $0.9982 |
| 31 | M by M0 | M | fiat-backed | $213.19M | — |
| 32 | Solstice USX | USX | crypto-backed | $201.29M | $0.9986 |
| 33 | HUSD | HUSD | fiat-backed | $192.31M | — |
| 34 | Agora Dollar | AUSD | fiat-backed | $187.51M | $0.9986 |
| 35 | USAT | USAT | fiat-backed | $182.02M | $0.9984 |
| 36 | flexUSD | FLEXUSD | crypto-backed | $166.07M | $0.9983 |
| 37 | Mustang Finance | MUST | crypto-backed | $154.12M | $0.9983 |
| 38 | Avalon USDa | USDA | crypto-backed | $145.56M | — |
| 39 | Frax | FRAX | algorithmic | $141.92M | $0.9912 |
| 40 | CASH | CASH | fiat-backed | $129.16M | $0.9985 |
| 41 | CFX MoveUSD | MOVEUSD | fiat-backed | $115.76M | $0.9983 |
| 42 | Avant USD | avUSD | fiat-backed | $114.80M | $0.9949 |
| 43 | Dola | DOLA | crypto-backed | $112.61M | $0.9960 |
| 44 | Astherus | USDF | crypto-backed | $111.80M | $0.9956 |
| 45 | Saturn Dollar | USDAT | crypto-backed | $109.96M | $0.9978 |
| 46 | Valtorum USD | USDV | fiat-backed | $99.46M | — |
| 47 | US Permissionless Dollar | USPD | crypto-backed | $98.93M | — |
| 48 | Frax USD | FRXUSD | fiat-backed | $94.03M | $1.0001 |
| 49 | River Stablecoin | satUSD | crypto-backed | $87.63M | — |
| 50 | AP USDA | USDA | fiat-backed | $82.96M | $0.9539 |
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.