Stablecoin registry ·

Crypto-backed stablecoins

109 crypto-collateralised and synthetic stablecoins worth $26.45B combined, ranked by market cap, from DAI and USDS to USDe and GHO.

Combined market cap
$26.45B
+1.3% in 30 days
Stablecoins tracked
109
With more than $1M in circulation
Largest
USDS
24.9% share of this list
Holding their peg
70
23 off peg right now

Crypto-backed stablecoins make up $26.45B, or 9% of the $302B stablecoin market, spread across 109 tokens. The largest is Sky Dollar (USDS), with $6.59B in circulation.

Top 10 crypto-backed stablecoins by market cap

  1. Sky Dollar (USDS)$6.59B
  2. Dai (DAI)$4.76B
  3. Ethena USDe (USDe)$4.53B
  4. Falcon USD (USDf)$1.72B
  5. USDD (USDD)$1.67B
  6. United Stables (U)$1.60B
  7. GHO (GHO)$698M
  8. Polymarket USD (pUSD)$516M
  9. Multipli rwaUSDi (rwaUSDi)$487M
  10. apxUSD (apxUSD)$282M

Crypto-backed stablecoins by market cap

Methodology
Crypto-backed stablecoins
Peg Type
3 USDSSky Dollar $6.59B -0.2% $0.9998 On peg Crypto-backed 7
4 DAIDai $4.76B -0.6% $0.9997 On peg Crypto-backed 35
5 USDeEthena USDe $4.53B -7.6% $0.9992 On peg Crypto-backed 30
11 USDfFalcon USD $1.72B +42.5% $0.9950 On peg Crypto-backed 2
13 USDDUSDD $1.67B +8.0% $0.9982 On peg Crypto-backed 4
12 UUnited Stables $1.60B +3.9% $0.9988 On peg Crypto-backed 4
16 GHOGHO $698M 0.0% $0.9980 On peg Crypto-backed 2
19 pUSDPolymarket USD $516M +4.7% $0.9997 On peg Crypto-backed 1
21 rwaUSDiMultipli rwaUSDi $487M 0.0% $0.9995 On peg Crypto-backed 7
27 apxUSDapxUSD $282M -9.9% $0.9867 Slightly off peg Crypto-backed 4
28 USDaiUSD.AI $269M +19.3% $0.9990 On peg Crypto-backed 3
29 BUSDBinance Peg BUSD $233M +0.0% $0.9980 On peg Crypto-backed 20
30 crvUSDcrvUSD $216M -14.5% $0.9985 On peg Crypto-backed 12
33 USXSolstice USX $202M -6.2% $0.9986 On peg Crypto-backed 1
37 FLEXUSDflexUSD $166M 0.0% $0.9995 On peg Crypto-backed 2
38 MUSTMustang Finance $154M +0.0% $0.9995 On peg Crypto-backed 1
40 USDAAvalon USDa $146M 0.0% — No market price Crypto-backed 18
44 DOLADola $113M +3.8% $0.9967 On peg Crypto-backed 8
45 USDATSaturn Dollar $113M +34.0% $0.9981 On peg Crypto-backed 2
46 USDFAstherus $112M +0.8% $0.9971 On peg Crypto-backed 1
48 USPDUS Permissionless Dollar $98.9M +30,766.8% — No market price Crypto-backed 2
50 satUSDRiver Stablecoin $87.6M -36.0% $0.9949 Slightly off peg Crypto-backed 10
51 fxUSDfxUSD $84.5M -4.5% $0.9999 On peg Crypto-backed 2
53 CUSDCap cUSD $77.6M -10.9% $0.9997 On peg Crypto-backed 3
56 LISUSDLista USD $75.6M -19.4% $0.9957 On peg Crypto-backed 1
58 trUSDTori trUSD $72.2M -7.1% $0.9994 On peg Crypto-backed 3
59 IUSDinfiniFi USD $70.0M +55.0% $0.9997 On peg Crypto-backed 2
60 SUSDsUSD $69.8M +33.2% — No market price Crypto-backed 4
62 USDxAxis USD $68.8M +22.2% $0.9991 On peg Crypto-backed 1
63 USPUSP Stablecoin $65.4M 0.0% $0.9995 On peg Crypto-backed 1
64 YZUSDYuzu USD $55.6M -5.1% $0.9988 On peg Crypto-backed 2
65 USDUUnitas $52.6M +14.2% $0.9994 On peg Crypto-backed 2
66 SPUSDSoulPeg USD $51.4M +42.4% $0.9998 On peg Crypto-backed 1
67 ZCHFFrankencoin $51.0M +1.5% CHF 1.0003 On peg Crypto-backed 8
69 REUSDResupply USD $49.0M +2.4% $0.9910 Slightly off peg Crypto-backed 1
73 JUPUSDJupUSD $42.9M -2.4% $0.9988 On peg Crypto-backed 1
74 MSUSDMain Street USD $42.0M +0.6% $0.5537 Depegged Crypto-backed 2
75 UUSDUnity USD $41.4M +16.5% $0.9993 On peg Crypto-backed 1
77 pmUSDpmUSD $39.7M 0.0% $0.6498 Depegged Crypto-backed 1
78 MSUSDMetronome Synth USD $39.5M -0.2% $0.8749 Depegged Crypto-backed 4
79 BOLDLiquity BOLD $39.3M +8.4% $0.9940 Slightly off peg Crypto-backed 7
80 USNNoon USN $37.9M -2.9% $0.9985 On peg Crypto-backed 3
83 MUSDMetamask USD $34.5M +12.0% $0.9989 On peg Crypto-backed 3
90 MUSDMezo USD $29.2M -2.8% $0.9889 Slightly off peg Crypto-backed 2
91 NUSDNeutrl USD $28.3M -29.7% — No market price Crypto-backed 1
93 GYDGyroscope GYD $26.6M 0.0% — No market price Crypto-backed 2
94 BUCKBucket Protocol BUCK Stablecoin $25.8M 0.0% $0.9974 On peg Crypto-backed 1
95 LUSDLiquity USD $25.8M -1.9% $1.0034 On peg Crypto-backed 8
97 EUSDElectronic USD $24.2M +6.5% $0.9952 On peg Crypto-backed 3
98 HYUSDHylo HYUSD $24.1M -1.1% $0.9980 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. IUSD $70.0M+55.0%
  2. USDf $1.72B+42.5%
  3. SPUSD $51.4M+42.4%
  4. USDAT $113M+34.0%
  5. SUSD $69.8M+33.2%
Shrinking
  1. satUSD $87.6M-36.0%
  2. NUSD $28.3M-29.7%
  3. LISUSD $75.6M-19.4%
  4. crvUSD $216M-14.5%
  5. CUSD $77.6M-10.9%

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, $6.59B), Dai (DAI, $4.76B), Ethena USDe (USDe, $4.53B), Falcon USD (USDf, $1.72B), USDD (USDD, $1.67B).

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.