Stablecoin registry ·

Crypto-backed stablecoins

111 crypto-collateralised and synthetic stablecoins worth $27.40B combined, ranked by market cap, from DAI and USDS to USDe and GHO.

Combined market cap
$27.40B
+6.7% in 30 days
Stablecoins tracked
111
With more than $1M in circulation
Largest
USDS
25.7% share of this list
Holding their peg
72
20 off peg right now

Crypto-backed stablecoins make up $27.40B, or 9% of the $314B stablecoin market, spread across 111 tokens. The largest is Sky Dollar (USDS), with $7.03B in circulation.

Top 10 crypto-backed stablecoins by market cap

  1. Sky Dollar (USDS)$7.03B
  2. Ethena USDe (USDe)$4.84B
  3. Dai (DAI)$4.76B
  4. Falcon USD (USDf)$1.65B
  5. USDD (USDD)$1.58B
  6. United Stables (U)$1.54B
  7. GHO (GHO)$698M
  8. Polymarket USD (pUSD)$496M
  9. Multipli rwaUSDi (rwaUSDi)$383M
  10. USD.AI (USDai)$343M

Crypto-backed stablecoins by market cap

Methodology
Crypto-backed stablecoins
Peg Type
3 USDSSky Dollar $7.03B +6.0% $0.9989 On peg Crypto-backed 7
4 USDeEthena USDe $4.84B +10.4% $0.9994 On peg Crypto-backed 14
5 DAIDai $4.76B -0.7% $0.9999 On peg Crypto-backed 23
13 USDfFalcon USD $1.65B +40.9% $0.9951 On peg Crypto-backed 2
14 USDDUSDD $1.58B — $0.9979 On peg Crypto-backed 4
15 UUnited Stables $1.54B +21.4% $0.9990 On peg Crypto-backed 4
18 GHOGHO $698M 0.0% $0.9993 On peg Crypto-backed 1
23 pUSDPolymarket USD $496M +3.2% $0.9994 On peg Crypto-backed 1
25 rwaUSDiMultipli rwaUSDi $383M -21.3% $0.9991 On peg Crypto-backed 5
26 USDaiUSD.AI $343M +20.8% $0.9997 On peg Crypto-backed 2
30 apxUSDapxUSD $309M -3.8% $0.9903 Slightly off peg Crypto-backed 2
31 reUSDRe Protocol reUSD $288M +20.0% $1.1059 Above peg Crypto-backed 7
33 crvUSDcrvUSD $243M -6.9% $0.9994 On peg Crypto-backed 8
34 BUSDBinance Peg BUSD $233M +0.0% $0.9990 On peg Crypto-backed 5
36 USXSolstice USX $212M -10.9% $0.9992 On peg Crypto-backed 1
40 FLEXUSDflexUSD $166M 0.0% $0.9991 On peg Crypto-backed 2
41 MUSTMustang Finance $154M +0.0% $0.9991 On peg Crypto-backed 1
43 USDAAvalon USDa $138M -5.4% — No market price Crypto-backed 11
44 satUSDRiver Stablecoin $136M -14.1% $0.9949 Slightly off peg Crypto-backed 5
48 USDFAstherus $111M -1.1% $0.9976 On peg Crypto-backed 1
49 DOLADola $108M +4.8% $0.9966 On peg Crypto-backed 5
51 USPDUS Permissionless Dollar $98.9M +30,766.8% — No market price Crypto-backed 2
52 USDATSaturn Dollar $94.4M +46.4% $0.9994 On peg Crypto-backed 1
53 DEUSDElixir deUSD $92.2M 0.0% — No market price Crypto-backed 3
54 fxUSDfxUSD $90.7M +14.5% $0.9999 On peg Crypto-backed 1
58 CUSDCap cUSD $79.9M -5.9% $0.9998 On peg Crypto-backed 3
60 LISUSDLista USD $75.7M +0.9% $0.9972 On peg Crypto-backed 1
62 trUSDTori trUSD $72.3M +9.0% $0.9981 On peg Crypto-backed 1
64 SUSDsUSD $69.8M +33.2% — No market price Crypto-backed 4
65 USPUSP Stablecoin $65.4M 0.0% $0.9991 On peg Crypto-backed 1
67 USDxAxis USD $63.6M — $0.9992 On peg Crypto-backed 1
68 YZUSDYuzu USD $59.0M +1.1% $0.9990 On peg Crypto-backed 2
69 DUSDStandX DUSD $52.8M -3.9% $0.9982 On peg Crypto-backed 2
70 USDUUnitas $52.6M +25.7% $0.9996 On peg Crypto-backed 2
72 ZCHFFrankencoin $50.4M +0.2% CHF 1.0004 On peg Crypto-backed 5
74 REUSDResupply USD $49.6M +8.8% $0.9893 Slightly off peg Crypto-backed 1
75 JUPUSDJupUSD $47.5M +0.7% $0.9989 On peg Crypto-backed 1
76 IUSDinfiniFi USD $46.7M +1.2% $0.9969 On peg Crypto-backed 1
78 SPUSDSoulPeg USD $43.4M +40.8% $0.9913 Slightly off peg Crypto-backed 1
80 UUSDUnity USD $41.4M +46.3% $0.9994 On peg Crypto-backed 1
82 MSUSDMetronome Synth USD $38.1M +0.2% $0.8589 Depegged Crypto-backed 2
83 MUSDMetamask USD $38.0M +50.3% $0.9993 On peg Crypto-backed 3
84 BOLDLiquity BOLD $37.6M +10.0% $0.9945 Slightly off peg Crypto-backed 4
87 USNNoon USN $36.1M +5.7% $0.9990 On peg Crypto-backed 2
88 NUSDNeutrl USD $35.5M -33.5% — No market price Crypto-backed 1
94 MUSDMezo USD $29.8M -1.4% $0.9883 Slightly off peg Crypto-backed 2
95 pmUSDpmUSD $28.3M 0.0% $0.5491 Depegged Crypto-backed 1
97 GYDGyroscope GYD $26.6M 0.0% — No market price Crypto-backed 2
98 LUSDLiquity USD $26.1M -1.0% $1.0016 On peg Crypto-backed 5
100 BUCKBucket Protocol BUCK Stablecoin $25.9M -0.2% $0.9975 On peg Crypto-backed 1

Price is shown in the coin's peg currency. "On peg" means within 0.5% of target; "slightly off" 0.5–2%; "depegged" more than 2% below. Click a column to sort.

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.

Growing
  1. MUSD $38.0M+50.3%
  2. HYUSD $25.6M+49.7%
  3. USDAT $94.4M+46.4%
  4. UUSD $41.4M+46.3%
  5. USDf $1.65B+40.9%
Shrinking
  1. NUSD $35.5M-33.5%
  2. rwaUSDi $383M-21.3%
  3. satUSD $136M-14.1%
  4. USX $212M-10.9%
  5. crvUSD $243M-6.9%

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.

How crypto-backed stablecoins work

Users lock crypto collateral in a smart contract and mint stablecoins against it, usually borrowing well below the collateral's value. If the collateral falls too far, the position is liquidated and the debt repaid, which keeps every token backed. Protocols set interest (stability fees) to nudge supply and the peg.

A newer branch, synthetic or "delta-neutral" dollars, holds crypto and shorts the same amount in futures markets so the position is worth a stable dollar amount. These can pay attractive yields from futures funding, but they depend on exchanges and on funding rates staying positive.

Key risks

  • Collateral crashes faster than liquidations can clear (Black Thursday, March 2020).
  • Smart-contract or oracle failures.
  • Growing reliance on off-chain assets, such as USDC or tokenized Treasuries, brings back issuer risk through the side door.

Frequently asked questions

What is a crypto-backed stablecoin?

A crypto-backed stablecoin is minted against crypto collateral locked in smart contracts, usually over-collateralised so a fall in collateral prices can be absorbed by liquidations. DAI, USDS, GHO and crvUSD work this way. Synthetic dollars such as USDe instead hedge crypto collateral with short futures positions.

What is the largest crypto-backed stablecoin?

Sky Dollar (USDS) is the largest by market cap. The top five are Sky Dollar (USDS, $7.03B), Ethena USDe (USDe, $4.84B), Dai (DAI, $4.76B), Falcon USD (USDf, $1.65B), USDD (USDD, $1.58B).

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.

Data: DefiLlama. Not investment advice.