Stablecoin Market Caps & Peg Tracker
Total stablecoin supply: $309.23B. 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 | $183.35B | $0.9997 |
| 2 | USD Coin | USDC | fiat-backed | $74.36B | $0.9999 |
| 3 | Sky Dollar | USDS | crypto-backed | $6.72B | $0.9997 |
| 4 | Dai | DAI | crypto-backed | $4.76B | $0.9998 |
| 5 | Ethena USDe | USDe | crypto-backed | $4.62B | $0.9996 |
| 6 | World Liberty Financial USD | USD1 | fiat-backed | $4.34B | $0.9996 |
| 7 | Global Dollar | USDG | fiat-backed | $3.23B | $0.9999 |
| 8 | PayPal USD | PYUSD | fiat-backed | $2.75B | $0.9998 |
| 9 | BlackRock USD | BUIDL | fiat-backed | $2.73B | $1.0000 |
| 10 | Circle USYC | USYC | fiat-backed | $2.60B | $1.1371 |
| 11 | Ripple USD | RLUSD | fiat-backed | $2.38B | $1.0001 |
| 12 | Ondo US Dollar Yield | USDY | fiat-backed | $2.23B | $1.1426 |
| 13 | USDD | USDD | crypto-backed | $1.51B | $0.9990 |
| 14 | USDGO | USDGO | fiat-backed | $1.39B | $1.0002 |
| 15 | United Stables | U | crypto-backed | $1.31B | $0.9997 |
| 16 | Falcon USD | USDf | crypto-backed | $1.18B | $0.9964 |
| 17 | GHO | GHO | crypto-backed | $698.14M | $0.9988 |
| 18 | USDX Money USDX | USDX | crypto-backed | $683.44M | — |
| 19 | Usual USD | USD0 | fiat-backed | $547.02M | $0.9989 |
| 20 | Ethena USDtb | USDTB | fiat-backed | $527.43M | $0.9998 |
| 21 | YLDS | YLDS | fiat-backed | $517.67M | $0.9997 |
| 22 | Multipli rwaUSDi | rwaUSDi | crypto-backed | $487.32M | $0.9997 |
| 23 | TrueUSD | TUSD | fiat-backed | $484.08M | $0.9992 |
| 24 | Polymarket USD | pUSD | crypto-backed | $477.29M | $0.9997 |
| 25 | Neutrino USD | USDN | algorithmic | $408.89M | — |
| 26 | First Digital USD | FDUSD | fiat-backed | $325.97M | $0.9989 |
| 27 | SoFiUSD | SOFID | fiat-backed | $319.76M | $0.9997 |
| 28 | Gate USD | GUSD | fiat-backed | $319.52M | $0.9985 |
| 29 | apxUSD | apxUSD | crypto-backed | $315.04M | $0.9777 |
| 30 | USD.AI | USDai | crypto-backed | $295.70M | $0.9997 |
| 31 | Agora Dollar | AUSD | fiat-backed | $274.92M | $0.9997 |
| 32 | Re Protocol reUSD | reUSD | crypto-backed | $247.20M | $1.1011 |
| 33 | Solstice USX | USX | crypto-backed | $235.00M | $0.9993 |
| 34 | crvUSD | crvUSD | crypto-backed | $233.40M | $0.9995 |
| 35 | Binance Peg BUSD | BUSD | crypto-backed | $231.11M | $0.9920 |
| 36 | HUSD | HUSD | fiat-backed | $192.31M | — |
| 37 | USAT | USAT | fiat-backed | $184.16M | $0.9992 |
| 38 | M by M0 | M | fiat-backed | $182.74M | — |
| 39 | flexUSD | FLEXUSD | crypto-backed | $166.31M | $0.9997 |
| 40 | River Stablecoin | satUSD | crypto-backed | $158.23M | $0.9940 |
| 41 | Mustang Finance | MUST | crypto-backed | $154.35M | $0.9997 |
| 42 | Frax | FRAX | algorithmic | $150.51M | $0.9917 |
| 43 | Avalon USDa | USDA | crypto-backed | $145.58M | — |
| 44 | Avant USD | avUSD | fiat-backed | $128.52M | $0.9994 |
| 45 | CASH | CASH | fiat-backed | $127.01M | $0.9994 |
| 46 | Astherus | USDF | crypto-backed | $116.26M | $0.9991 |
| 47 | CFX MoveUSD | MOVEUSD | fiat-backed | $115.12M | $0.9997 |
| 48 | Frax USD | FRXUSD | fiat-backed | $103.55M | $0.9996 |
| 49 | Dola | DOLA | crypto-backed | $103.42M | $0.9957 |
| 50 | Valtorum USD | USDV | fiat-backed | $99.46M | — |
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.