Market Intelligence
Stablecoins, in focus
The dollar-pegged assets at the center of crypto trading and DeFi — ranked by circulating supply, with their peg type and how they hold it.
| # | Stablecoin | Peg | Mechanism | Chains | Price | Market Cap |
|---|---|---|---|---|---|---|
| 1 | Tether USDT | USD | Fiat backed | 127 | $0.9992 | $184.10B |
| 2 | USD Coin USDC | USD | Fiat backed | 152 | $0.9998 | $73.07B |
| 3 | Sky Dollar USDS | USD | Crypto backed | 7 | $0.9997 | $8.01B |
| 4 | Dai DAI | USD | Crypto backed | 49 | $0.9999 | $4.84B |
| 5 | World Liberty Financial USD USD1 | USD | Fiat backed | 8 | $0.9988 | $4.61B |
| 6 | Ethena USDe USDe | USD | Crypto backed | 29 | $0.9987 | $4.44B |
| 7 | Circle USYC USYC | USD | Fiat backed | 2 | $1.1298 | $3.10B |
| 8 | BlackRock USD BUIDL | USD | Fiat backed | 8 | $1.0000 | $3.05B |
| 9 | Global Dollar USDG | USD | Fiat backed | 5 | $0.9999 | $2.88B |
| 10 | PayPal USD PYUSD | USD | Fiat backed | 17 | $1.0002 | $2.84B |
| 11 | Ondo US Dollar Yield USDY | USD | Fiat backed | 15 | $1.1408 | $2.16B |
| 12 | Ripple USD RLUSD | USD | Fiat backed | 2 | $0.9992 | $1.57B |
| 13 | USDD USDD | USD | Crypto backed | 4 | $0.9985 | $1.40B |
| 14 | Falcon USD USDf | USD | Crypto backed | 2 | $0.9965 | $1.26B |
| 15 | United Stables U | USD | Crypto backed | 3 | $0.9999 | $1.02B |
Supply and peg data via DefiLlama. Pegs are monitored, not guaranteed — a stablecoin can trade away from its target.
Why stablecoins matter
Stablecoins aim to hold a steady value — usually one US dollar — so they can serve as everyday money within crypto: a place to sit between trades, a unit for pricing, and the settlement layer for much of decentralized finance. They fall into a few designs: fiat-backed tokens held against cash and short-term reserves, crypto-collateralized tokens over-collateralized on-chain, and algorithmic designs that lean on mechanisms rather than reserves.
Read each through The Aperture: the near lens is the current peg and supply; the wide lens is the quality of the backing, the concentration of issuers, and the regulatory questions that shape them. Learn more in our explainer on how stablecoins keep their peg and the risks behind them, or browse all stablecoin coverage. This is informational, not financial advice.