Fiat-backed stablecoins
All 97 fiat-backed stablecoins we track, worth $276B combined, ranked by market cap. Each is backed by cash and short-term government debt held by an issuer.
Fiat-backed stablecoins make up $276B, or 91% of the $303B stablecoin market, spread across 97 tokens. The largest is Tether (USDT), with $181B in circulation.
Top 10 fiat-backed stablecoins by market cap
- Tether $181B
- USD Coin $71.18B
- World Liberty Financial USD $3.91B
- Global Dollar $3.06B
- PayPal USD $2.99B
- Ripple USD $2.57B
- BlackRock USD $2.18B
- USDGO $1.31B
- Open USD $827M
- Usual USD $541M
Fiat-backed stablecoins by market cap
Methodology| Peg | Type | ||||||
|---|---|---|---|---|---|---|---|
| 1 | USDTTether | $181B | -1.3% | $0.9989 | On peg | Fiat-backed | 103 |
| 2 | USDCUSD Coin | $71.18B | -5.3% | $0.9994 | On peg | Fiat-backed | 126 |
| 6 | USD1World Liberty Financial USD | $3.91B | -11.3% | $0.9989 | On peg | Fiat-backed | 8 |
| 7 | USDGGlobal Dollar | $3.06B | -3.8% | $0.9998 | On peg | Fiat-backed | 8 |
| 8 | PYUSDPayPal USD | $2.99B | +9.1% | $0.9999 | On peg | Fiat-backed | 16 |
| 9 | RLUSDRipple USD | $2.57B | +3.1% | $1.0000 | On peg | Fiat-backed | 2 |
| 10 | BUIDLBlackRock USD | $2.18B | +3.4% | $1.0000 | On peg | Fiat-backed % | 8 |
| 14 | USDGOUSDGO | $1.31B | -7.2% | $1.0000 | On peg | Fiat-backed | 3 |
| 15 | OUSDOpen USD | $827M | $0.9986 | On peg | Fiat-backed | 4 | |
| 17 | USD0Usual USD | $541M | -0.9% | $0.9989 | On peg | Fiat-backed | 2 |
| 18 | EURCEURC | $539M | +8.5% | €1.0006 | On peg | Fiat-backed | 13 |
| 19 | USDTBEthena USDtb | $515M | -4.0% | $0.9988 | On peg | Fiat-backed | 2 |
| 22 | YLDSYLDS | $486M | -0.8% | $0.9993 | On peg | Fiat-backed % | 3 |
| 23 | TUSDTrueUSD | $483M | 0.0% | $0.9977 | On peg | Fiat-backed | 9 |
| 24 | SOFIDSoFiUSD | $347M | +6.5% | $0.9991 | On peg | Fiat-backed | 2 |
| 25 | GUSDGate USD | $319M | 0.0% | $0.9972 | On peg | Fiat-backed | 1 |
| 26 | FDUSDFirst Digital USD | $302M | -6.9% | $0.9975 | On peg | Fiat-backed | 6 |
| 31 | EURCVEUR CoinVertible | $213M | +3.8% | €1.0010 | On peg | Fiat-backed | 4 |
| 32 | MM by M0 | $206M | +2.8% | $1.0000 | On peg | Fiat-backed | 7 |
| 34 | AUSDAgora Dollar | $195M | -24.3% | $0.9986 | On peg | Fiat-backed | 13 |
| 35 | HUSDHUSD | $192M | 0.0% | — | No market price | Fiat-backed | 3 |
| 36 | USATUSAT | $182M | -0.5% | $0.9984 | On peg | Fiat-backed | 1 |
| 41 | CASHCASH | $128M | -3.2% | $0.9988 | On peg | Fiat-backed | 1 |
| 42 | avUSDAvant USD | $116M | -6.9% | $0.9980 | On peg | Fiat-backed | 2 |
| 44 | MOVEUSDCFX MoveUSD | $113M | -1.2% | $0.9993 | On peg | Fiat-backed | 1 |
| 47 | USDVValtorum USD | $99.5M | 0.0% | — | No market price | Fiat-backed | 6 |
| 49 | FRXUSDFrax USD | $96.1M | -5.9% | $0.9997 | On peg | Fiat-backed | 27 |
| 52 | USDBUSDBridge | $84.0M | +0.7% | — | No market price | Fiat-backed | 1 |
| 53 | USDAAP USDA | $83.1M | 0.0% | $0.9560 | Depegged | Fiat-backed | 1 |
| 55 | USDSUISui Dollar | $76.4M | 0.0% | $0.9986 | On peg | Fiat-backed | 1 |
| 56 | cgUSDCygnus Finance Global USD | $75.7M | +0.1% | $0.9921 | Slightly off peg | Fiat-backed | 1 |
| 59 | USDonOndo U.S. Dollar Token | $70.2M | +6.8% | $1.0000 | On peg | Fiat-backed | 2 |
| 68 | USDKGUSDKG | $50.0M | 0.0% | — | No market price | Fiat-backed | 2 |
| 70 | FIDDFidelity Digital Dollar | $46.1M | -9.1% | $0.9990 | On peg | Fiat-backed | 1 |
| 71 | pathUSDPathUSD | $45.9M | -27.5% | $0.9998 | On peg | Fiat-backed | 1 |
| 72 | MNEEMNEE USD | $45.7M | -11.1% | — | No market price | Fiat-backed | 1 |
| 75 | EURIEurite | $40.4M | -1.5% | €1.0002 | On peg | Fiat-backed | 2 |
| 80 | GUSDGemini Dollar | $35.7M | -9.1% | $0.9982 | On peg | Fiat-backed | 1 |
| 81 | tGBPTokenised GBP | $35.2M | -1.0% | £0.9991 | On peg | Fiat-backed | 8 |
| 83 | YUSDAegis YUSD | $34.4M | -1.2% | $0.9980 | On peg | Fiat-backed | 2 |
| 84 | BUSDBinance USD | $34.3M | 0.0% | $0.9976 | On peg | Fiat-backed | 9 |
| 85 | XUSDStraitsX XUSD | $34.1M | -17.0% | $1.0001 | On peg | Fiat-backed | 2 |
| 87 | EUREMonerium EUR emoney | $33.0M | -10.8% | €1.0009 | On peg | Fiat-backed | 8 |
| 88 | USDUUniversal USD | $30.8M | 0.0% | $1.0012 | On peg | Fiat-backed | 1 |
| 91 | ZeUSDZoth ZeUSD | $27.6M | 0.0% | $0.9993 | On peg | Fiat-backed | 4 |
| 95 | USDXHex Trust USDX | $24.5M | +12.4% | $0.9923 | Slightly off peg | Fiat-backed | 3 |
| 99 | USDPPax Dollar | $22.5M | -19.9% | $0.9980 | On peg | Fiat-backed | 4 |
| 102 | EUROPSchuman EUROP | $18.8M | +4.3% | €0.9998 | On peg | Fiat-backed | 6 |
| 103 | REURRoyal Euro | $18.6M | 0.0% | — | No market price | Fiat-backed | 3 |
| 104 | SBCStable Coin | $18.4M | +29.6% | $0.9987 | On peg | Fiat-backed | 11 |
| 106 | USDPTWestern Union USDPT | $17.6M | +4.8% | $0.9999 | On peg | Fiat-backed | 1 |
| 108 | AIDGAIB AID | $16.9M | -9.9% | $0.9949 | Slightly off peg | Fiat-backed | 4 |
| 112 | USDSMStable Mint USD | $15.6M | +13.7% | $1.0004 | On peg | Fiat-backed | 4 |
| 114 | USDOOpenDollar USDO | $14.5M | -0.2% | $0.9962 | On peg | Fiat-backed | 4 |
| 119 | USDMMoneta USDM | $11.4M | -14.9% | $0.9912 | Slightly off peg | Fiat-backed | 1 |
| 120 | USDCVUSD CoinVertible | $10.9M | -12.9% | $0.9989 | On peg | Fiat-backed | 2 |
| 125 | EURQQuantoz EURQ | $10.3M | -4.1% | €0.9707 | Depegged | Fiat-backed | 4 |
| 126 | eUSDTelcoin eUSD | $10.2M | +1.8% | $0.9998 | On peg | Fiat-backed | 4 |
| 127 | XSGDXSGD | $9.9M | -1.8% | S$0.9991 | On peg | Fiat-backed | 7 |
| 131 | USDLLift Dollar | $9.0M | — | No market price | Fiat-backed | 1 | |
| 132 | RUSDRoyal Dollar | $9.0M | 0.0% | — | No market price | Fiat-backed | 3 |
| 136 | EURSStasis Euro | $8.5M | 0.0% | €0.9988 | On peg | Fiat-backed | 5 |
| 137 | USDQQuantoz USDQ | $8.0M | -1.1% | $0.9981 | On peg | Fiat-backed | 4 |
| 138 | USDzAnzen USDz | $7.8M | 0.0% | $0.9680 | Depegged | Fiat-backed | 4 |
| 141 | A7A5A7A5 | $7.2M | +19.8% | 0.9746 RUB | Depegged | Fiat-backed | 2 |
| 142 | BRLABRLA Digital | $7.2M | +25.0% | R$1.0029 | On peg | Fiat-backed | 3 |
| 146 | USDRStablR USD | $6.7M | 0.0% | — | No market price | Fiat-backed | 1 |
| 149 | USDHUSDH Stablecoin | $6.3M | -15.5% | $0.9922 | Slightly off peg | Fiat-backed | 1 |
| 151 | USDRFRealFi USDrf | $5.4M | $0.9993 | On peg | Fiat-backed | 1 | |
| 154 | USDSTUSDST | $4.9M | -1.3% | $0.9986 | On peg | Fiat-backed | 1 |
| 156 | AUDDAUDD | $4.8M | -21.9% | A$0.9996 | On peg | Fiat-backed | 8 |
| 158 | USDSCStartale USD | $4.5M | -0.3% | $1.0021 | On peg | Fiat-backed | 1 |
| 162 | USDAAnzens USDA | $3.9M | -4.2% | $0.9962 | On peg | Fiat-backed | 1 |
| 163 | VCHFVNX Swiss Franc | $3.6M | +18.0% | CHF 0.9985 | On peg | Fiat-backed | 11 |
| 164 | ctUSDCitrea USD | $3.6M | -13.7% | $0.9986 | On peg | Fiat-backed | 1 |
| 165 | PUSDPalm USD | $3.5M | 0.0% | $0.9993 | On peg | Fiat-backed | 4 |
| 166 | GBPAAgant GBP | $3.3M | -3.2% | £0.9987 | On peg | Fiat-backed | 5 |
| 167 | DLUSDDeel USD | $3.2M | -11.5% | — | No market price | Fiat-backed | 1 |
| 168 | USDsoUSD Somnia | $3.1M | -2.9% | $1.0001 | On peg | Fiat-backed | 1 |
| 170 | DUSDDigitalDollar | $3.0M | 0.0% | $0.9993 | On peg | Fiat-backed | 1 |
| 173 | USDGLOGlo Dollar | $2.8M | +224.0% | $0.9952 | On peg | Fiat-backed | 8 |
| 174 | AUDFForte AUD | $2.7M | +8.4% | A$0.9952 | On peg | Fiat-backed | 4 |
| 178 | EURRRevolut Euro | $2.1M | +0.7% | — | No market price | Fiat-backed | 1 |
| 179 | HKDAPHKD At Par | $2.1M | +1,499.6% | — | No market price | Fiat-backed | 1 |
| 182 | FUSDFinChain Dollar | $1.9M | +0.3% | $0.9993 | On peg | Fiat-backed | 4 |
| 183 | USDHHermetica USDh | $1.9M | -5.8% | $1.0020 | On peg | Fiat-backed | 1 |
| 188 | AUDMMacropod | $1.6M | -27.5% | A$0.9967 | On peg | Fiat-backed | 4 |
| 189 | USD+Streamflow USD+ | $1.6M | +5.6% | $0.9986 | On peg | Fiat-backed | 1 |
| 198 | USDNNoble Dollar | $1.4M | -11.5% | — | No market price | Fiat-backed | 1 |
| 200 | USDMUSDM | $1.4M | 0.0% | $0.9971 | On peg | Fiat-backed | 6 |
| 203 | USDnrNerona USD | $1.3M | -16.5% | $0.9993 | On peg | Fiat-backed | 2 |
| 205 | beatUSDHyperbeat USD | $1.3M | -26.7% | — | No market price | Fiat-backed | 1 |
| 206 | QCADStablecorp QCAD | $1.3M | +39.5% | C$1.0018 | On peg | Fiat-backed | 2 |
| 208 | CADCCAD Coin | $1.2M | -3.0% | C$1.0015 | On peg | Fiat-backed | 4 |
| 212 | VEURVNX EURO | $1.2M | -0.5% | — | No market price | Fiat-backed | 10 |
| 216 | EURRStablR Euro | $1.1M | 0.0% | €0.0674 | Depegged | Fiat-backed | 1 |
| 218 | CADDCAD Digital | $1.0M | +62.2% | C$1.0002 | On peg | Fiat-backed | 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.
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 fiat-backed stablecoins work
A fiat-backed stablecoin is an IOU from an issuer. When a verified customer sends $1, the issuer mints one token and adds the dollar to its reserves. When the customer redeems, the token is burned and the dollar paid out. Everyone else buys and sells the token on exchanges, and arbitrage between the market and the redemption window keeps the price near $1.
Reserves are usually a mix of bank deposits, short-term US Treasury bills, overnight reverse repos and money market fund shares. The issuer keeps the interest, which is why issuing stablecoins is so profitable when rates are high and why most fiat-backed coins pay holders nothing.
What to check before holding one
- Who is the issuer, where is it licensed, and does it publish regular reserve attestations or audits?
- Which banks and custodians hold the reserves? USDC briefly lost its peg in March 2023 when $3.3 billion of its reserves were stuck at Silicon Valley Bank.
- Can the issuer freeze your tokens? Almost all fiat-backed coins can blacklist addresses, which matters for self-custody users.
Frequently asked questions
What is a fiat-backed stablecoin?
A fiat-backed stablecoin is issued by a company that holds reserves (cash, bank deposits and short-term government debt) equal to the tokens in circulation, and redeems tokens 1:1 for verified customers. USDT, USDC, PYUSD and RLUSD are examples. The main risks are the issuer, its banks and custodians, and how transparent the reserves are.
What is the largest fiat-backed stablecoin?
Tether (USDT) is the largest by market cap. The top five are Tether (USDT, $181B), USD Coin (USDC, $71.18B), World Liberty Financial USD (USD1, $3.91B), Global Dollar (USDG, $3.06B), PayPal USD (PYUSD, $2.99B).
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.