Stablecoin registry ·

Fiat-backed stablecoins

All 97 fiat-backed stablecoins we track, worth $284B combined, ranked by market cap. Each is backed by cash and short-term government debt held by an issuer.

Combined market cap
$286B
-0.1% in 30 days
Stablecoins tracked
97
With more than $1M in circulation
Largest
USDT
64.3% share of this list
Holding their peg
68
12 off peg right now

Fiat-backed stablecoins make up $286B, or 91% of the $314B stablecoin market, spread across 97 tokens. The largest is Tether (USDT), with $184B in circulation.

Top 10 fiat-backed stablecoins by market cap

  1. Tether (USDT)$184B
  2. USD Coin (USDC)$74.28B
  3. World Liberty Financial USD (USD1)$4.33B
  4. Global Dollar (USDG)$3.09B
  5. PayPal USD (PYUSD)$2.87B
  6. Ripple USD (RLUSD)$2.46B
  7. Circle USYC (USYC)$2.40B
  8. BlackRock USD (BUIDL)$2.21B
  9. Ondo US Dollar Yield (USDY)$2.06B
  10. USDGO (USDGO)$1.30B

Fiat-backed stablecoins by market cap

Methodology
Fiat-backed stablecoins
Peg Type
1 USDTTether $184B +0.5% $0.9992 On peg Fiat-backed 53
2 USDCUSD Coin $74.28B -0.3% $0.9996 On peg Fiat-backed 97
6 USD1World Liberty Financial USD $4.33B +1.5% $0.9990 On peg Fiat-backed 7
12 USDGGlobal Dollar $3.09B -3.4% $0.9998 On peg Fiat-backed 3
7 PYUSDPayPal USD $2.87B +0.1% $0.9992 On peg Fiat-backed 9
8 RLUSDRipple USD $2.46B +1.2% $1.0000 On peg Fiat-backed 2
9 USYCCircle USYC $2.40B -8.6% $1.1396 Accrues yield Fiat-backed % 2
10 BUIDLBlackRock USD $2.21B -21.5% $1.0000 On peg Fiat-backed % 6
11 USDYOndo US Dollar Yield $2.06B -7.0% $1.1485 Accrues yield Fiat-backed % 14
16 USDGOUSDGO $1.30B -4.9% $1.0000 On peg Fiat-backed 2
17 OUSDOpen USD $733M — $0.9981 On peg Fiat-backed 3
19 USD0Usual USD $542M -1.1% $0.9983 On peg Fiat-backed 1
20 EURCEURC $541M +8.5% €0.9999 On peg Fiat-backed 10
21 YLDSYLDS $500M -5.0% $0.9999 On peg Fiat-backed % 3
22 USDTBEthena USDtb $499M -5.3% $0.9991 On peg Fiat-backed 2
24 TUSDTrueUSD $484M 0.0% $0.9988 On peg Fiat-backed 6
27 SOFIDSoFiUSD $339M +4.3% $0.9992 On peg Fiat-backed 2
28 FDUSDFirst Digital USD $324M -2.6% $0.9971 On peg Fiat-backed 5
29 GUSDGate USD $319M 0.0% $0.9978 On peg Fiat-backed 1
32 AUSDAgora Dollar $245M -16.9% $0.9993 On peg Fiat-backed 13
35 EURCVEUR CoinVertible $212M +7.0% €1.0001 On peg Fiat-backed 4
37 MM by M0 $201M +9.5% $0.9976 On peg Fiat-backed 5
38 HUSDHUSD $192M 0.0% — No market price Fiat-backed 3
39 USATUSAT $183M -0.5% $0.9991 On peg Fiat-backed 1
45 CASHCASH $128M +2.6% $0.9990 On peg Fiat-backed 1
46 MOVEUSDCFX MoveUSD $125M +8.7% $0.9991 On peg Fiat-backed 1
47 avUSDAvant USD $125M -6.0% $0.9970 On peg Fiat-backed 1
50 USDVValtorum USD $99.5M -3.9% — No market price Fiat-backed 6
55 USDBUSDBridge $88.8M — — No market price Fiat-backed 1
56 FRXUSDFrax USD $82.2M -26.2% $0.9997 On peg Fiat-backed 13
57 USDSUISui Dollar $80.0M +8.0% $0.9993 On peg Fiat-backed 1
59 USDAAP USDA $78.5M 0.0% $0.9027 Depegged Fiat-backed 1
61 cgUSDCygnus Finance Global USD $75.7M +0.1% $0.9922 Slightly off peg Fiat-backed 1
63 pathUSDPathUSD $71.5M +95.2% $1.0023 On peg Fiat-backed 1
66 USDonOndo U.S. Dollar Token $64.2M -2.5% $1.0000 On peg Fiat-backed 2
71 FIDDFidelity Digital Dollar $50.8M +2.7% $0.9992 On peg Fiat-backed 1
73 USDKGUSDKG $50.0M 0.0% — No market price Fiat-backed 2
77 MNEEMNEE USD $43.9M -25.5% — No market price Fiat-backed 1
79 EURIEurite $41.5M 0.0% €0.9987 On peg Fiat-backed 2
81 XUSDStraitsX XUSD $41.1M 0.0% $1.0000 On peg Fiat-backed 2
85 GUSDGemini Dollar $37.1M -5.4% $0.9975 On peg Fiat-backed 1
86 EUREMonerium EUR emoney $36.7M +2.9% €0.9971 On peg Fiat-backed 4
89 tGBPTokenised GBP $34.9M +0.2% £1.0002 On peg Fiat-backed 5
90 YUSDAegis YUSD $34.4M -1.4% $0.9992 On peg Fiat-backed 2
91 BUSDBinance USD $34.1M 0.0% $0.9907 Slightly off peg Fiat-backed 7
93 USDUUniversal USD $30.8M +0.4% — No market price Fiat-backed 1
96 ZeUSDZoth ZeUSD $27.6M 0.0% $0.9991 On peg Fiat-backed 4
99 USDPPax Dollar $26.0M -10.6% $0.9962 On peg Fiat-backed 3
104 USDXHex Trust USDX $22.0M +0.5% $0.9991 On peg Fiat-backed 3
105 SBCStable Coin $21.7M +110.6% $0.9991 On peg Fiat-backed 6

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. SBC $21.7M+110.6%
  2. pathUSD $71.5M+95.2%
  3. M $201M+9.5%
  4. MOVEUSD $125M+8.7%
  5. EURC $541M+8.5%
Shrinking
  1. FRXUSD $82.2M-26.2%
  2. MNEE $43.9M-25.5%
  3. BUIDL $2.21B-21.5%
  4. AUSD $245M-16.9%
  5. USDP $26.0M-10.6%

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, $184B), USD Coin (USDC, $74.28B), World Liberty Financial USD (USD1, $4.33B), Global Dollar (USDG, $3.09B), PayPal USD (PYUSD, $2.87B).

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.