Algorithmic stablecoins
The 12 algorithmic stablecoins still tracked, worth $257M combined, with live peg status. Most of this design has failed since TerraUSD.
Algorithmic stablecoins make up $257M, or 0.08% of the $314B stablecoin market, spread across 12 tokens. The largest is Frax (FRAX), with $152M in circulation.
Top 10 algorithmic stablecoins by market cap
- Frax $152M
- Bean $33.4M
- SpiceUSD $18.0M
- Mento Dollar $13.6M
- Alchemix USD $9.9M
- Real USD $7.8M
- Frax Price Index $7.0M
- Neutrino USD $6.4M
- Fei USD $4.0M
- Mento Euro $1.8M
Algorithmic stablecoins by market cap
Methodology| Peg | Type | ||||||
|---|---|---|---|---|---|---|---|
| 42 | FRAXFrax | $152M | -3.4% | $0.9879 | Slightly off peg | Algorithmic | 9 |
| 92 | BEANBean | $33.4M | 0.0% | — | No market price | Algorithmic | 1 |
| 110 | USDSSpiceUSD | $18.0M | 0.0% | $0.9991 | On peg | Algorithmic | 4 |
| 119 | USDmMento Dollar | $13.6M | -18.7% | $1.0007 | On peg | Algorithmic | 3 |
| 134 | ALUSDAlchemix USD | $9.9M | -0.1% | $0.9429 | Depegged | Algorithmic | 3 |
| 141 | USDRReal USD | $7.8M | 0.0% | $0.4205 | Depegged | Algorithmic | 1 |
| 147 | FPIFrax Price Index | $7.0M | 0.0% | $1.1410 | Index-linked | Algorithmic | 2 |
| 150 | USDNNeutrino USD | $6.4M | 0.0% | $0.0158 | Depegged | Algorithmic | 4 |
| 165 | FEIFei USD | $4.0M | +2.1% | $0.9991 | On peg | Algorithmic | 1 |
| 187 | EURmMento Euro | $1.8M | +7.1% | €0.9980 | On peg | Algorithmic | 4 |
| 202 | DJEDDjed StableCoin | $1.4M | -1.3% | $0.9845 | Slightly off peg | Algorithmic | 1 |
| 203 | USNUSN | $1.4M | 0.0% | $0.9991 | On peg | Algorithmic | 2 |
Biggest supply changes, last 30 days
Supply changes show where money is moving. Growth means tokens are being minted against new deposits, and shrinking supply means holders are redeeming. Only coins with more than $20M in circulation and at least 60 days of history are included.
- FRAX $152M-3.4%
Stablecoins off their peg right now
Coins trading more than 0.5% from their target at the last update. A brief wobble on a thin market is common for small coins. A deep, lasting gap usually means the backing or the redemption route has broken.
Why algorithmic stablecoins keep breaking
An algorithmic stablecoin promises $1 without holding $1. The usual mechanism lets holders swap one stablecoin for $1 worth of a volatile companion token. That works while the companion token is valuable. When confidence slips, redemptions flood the market with the companion token, its price falls, each redemption needs more tokens, and the loop feeds itself. This is the "death spiral" that destroyed TerraUSD and LUNA in May 2022.
Several coins in this list have since lost their peg permanently. They are kept here, with live prices, because people still hold and search for them.
Frequently asked questions
What is an algorithmic stablecoin?
An algorithmic stablecoin tries to hold its peg mainly through code and market incentives, such as minting and burning a companion token, rather than full reserves. The model broke spectacularly when TerraUSD (UST) collapsed in May 2022, and most surviving designs are now partly collateralised.
What is the largest algorithmic stablecoin?
Frax (FRAX) is the largest by market cap. The top five are Frax (FRAX, $152M), Bean (BEAN, $33.4M), SpiceUSD (USDS, $18.0M), Mento Dollar (USDm, $13.6M), Alchemix USD (ALUSD, $9.9M).
How is this list ranked and updated?
Coins are ranked by circulating supply in US dollars, with non-dollar coins converted at daily FX rates. Data comes from DefiLlama and refreshes twice a day. A coin appears once it has more than $1 million in circulation.
How we track stablecoins
- Coverage: every stablecoin with more than $1 million in circulation in the open DefiLlama stablecoins dataset.
- Supply is circulating supply, excluding unreleased issuer inventory, summed across chains. Non-dollar coins are converted to US dollars at the day's FX rate.
- Peg status compares the latest market price with one unit of the peg currency. Some feeds return a generic placeholder price, and we show those as "no reliable price" rather than guessing.
- Issuer, backing and yield notes are written and checked by CoinScoop editors. Everything else updates automatically twice a day.
- Found an error? Tell us via our contact page. See our corrections policy.