Fundamentals
Stablecoins
Tokens that aim to hold a fixed value against a reference currency. Outstanding supply says how many units exist — not what stands behind them, and not whether redemption works at scale.
Dollar supply outstanding
Dollar supply outstanding
$308.84B
US-dollar-pegged issuers only
Issuers tracked
Issuers tracked
80
Chains hosting supply
Chains hosting supply
40
Largest issuer share
Largest issuer share
59.3%
Tether
Peg deviation is shown in basis points: 100 basis points is one percent. A few basis points either way is ordinary market noise. What matters is a deviation that is one-sided and persistent, not any single reading.
01
By issuer
| # | Stablecoin | Mechanism | Peg | Outstanding | 24h | 7d | 30d | Price | Deviation |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Tether USDT | Fiat Backed | USD | $183.28B | +0.00% | +0.01% | +0.07% | $0.9996 | -4 bp |
| 2 | USD Coin USDC | Fiat Backed | USD | $73.80B | +0.15% | -0.15% | +2.15% | $0.9998 | -2 bp |
| 3 | Sky Dollar USDS | Crypto Backed | USD | $6.64B | +0.13% | -0.43% | +1.15% | $0.9998 | -2 bp |
| 4 | Dai DAI | Crypto Backed | USD | $4.78B | -0.03% | +0.25% | -0.53% | $1.0000 | -0 bp |
| 5 | Ethena USDe USDE | Crypto Backed | USD | $4.24B | +0.61% | +4.94% | +10.07% | $0.9995 | -5 bp |
| 6 | World Liberty Financial USD USD1 | Fiat Backed | USD | $4.21B | +0.00% | +2.69% | +5.17% | $0.9994 | -6 bp |
| 7 | Global Dollar USDG | Fiat Backed | USD | $3.18B | -1.15% | -3.20% | -6.38% | $1.0002 | +2 bp |
| 8 | PayPal USD PYUSD | Fiat Backed | USD | $2.89B | +3.68% | +5.01% | +6.84% | $1.0000 | +0 bp |
| 9 | BlackRock USD BUIDL | Fiat Backed | USD | $2.76B | +0.14% | -1.36% | +2.56% | $1.0000 | +0 bp |
| 10 | Circle USYC USYC | Fiat Backed | USD | $2.70B | -0.08% | -6.22% | -10.28% | $1.1359 | +1359 bp |
| 11 | Ripple USD RLUSD | Fiat Backed | USD | $2.38B | -0.69% | +12.84% | +53.35% | $1.0000 | +0 bp |
| 12 | Ondo US Dollar Yield USDY | Fiat Backed | USD | $2.18B | +0.00% | +0.05% | +1.46% | $1.1422 | +1422 bp |
| 13 | USDD USDD | Crypto Backed | USD | $1.51B | +6.50% | +10.19% | +10.15% | $0.9990 | -10 bp |
| 14 | United Stables U | Crypto Backed | USD | $1.27B | -0.55% | -0.64% | +15.12% | $0.9992 | -8 bp |
| 15 | USDGO USDGO | Fiat Backed | USD | $1.25B | +0.72% | +0.40% | +12.75% | $1.0001 | +1 bp |
| 16 | Falcon USD USDF | Crypto Backed | USD | $1.18B | +0.03% | +0.04% | -6.54% | $0.9964 | -36 bp |
| 17 | GHO GHO | Crypto Backed | USD | $698.19M | +0.00% | +0.00% | +7.70% | $0.9988 | -12 bp |
| 18 | Usual USD USD0 | Fiat Backed | USD | $548.51M | +0.00% | -0.22% | -0.78% | $0.9989 | -11 bp |
| 19 | Ethena USDtb USDTB | Fiat Backed | USD | $528.92M | +0.00% | -0.08% | +31.82% | $1.0000 | -0 bp |
| 20 | Polymarket USD PUSD | Crypto Backed | USD | $492.30M | -1.36% | +2.47% | +0.03% | $0.9996 | -4 bp |
| 21 | TrueUSD TUSD | Fiat Backed | USD | $484.05M | +0.00% | +0.00% | +0.00% | $0.9991 | -9 bp |
| 22 | Multipli rwaUSDi RWAUSDI | Crypto Backed | USD | $472.55M | -0.72% | -2.24% | +33.08% | $0.9998 | -2 bp |
| 23 | EURC EURC | Fiat Backed | EUR | $463.23M | -0.95% | +2.39% | +1.29% | $1.1592 | +1592 bp |
| 24 | A7A5 A7A5 | Fiat Backed | RUB | $449.40M | +0.00% | +0.00% | +0.02% | — | — |
| 25 | YLDS YLDS | Fiat Backed | USD | $449.00M | +0.28% | -33.34% | -28.60% | $0.9997 | -3 bp |
| 26 | Neutrino USD USDN | Algorithmic | USD | $408.89M | +0.00% | +0.00% | +0.00% | — | — |
| 27 | First Digital USD FDUSD | Fiat Backed | USD | $333.92M | +0.24% | -3.45% | -4.49% | $0.9985 | -15 bp |
| 28 | Gate USD GUSD | Fiat Backed | USD | $319.43M | +0.00% | +0.00% | +0.00% | $0.9982 | -18 bp |
| 29 | SoFiUSD SOFID | Fiat Backed | USD | $313.50M | +0.18% | -0.92% | — | $0.9991 | -9 bp |
| 30 | apxUSD APXUSD | Crypto Backed | USD | $311.37M | +0.00% | +0.04% | -0.02% | $0.9602 | -398 bp |
| 31 | Agora Dollar AUSD | Fiat Backed | USD | $284.33M | +3.06% | +21.38% | +23.85% | $0.9995 | -5 bp |
| 32 | crvUSD CRVUSD | Crypto Backed | USD | $284.09M | -0.03% | -6.08% | +25.58% | $0.9992 | -8 bp |
| 33 | Solstice USX USX | Crypto Backed | USD | $249.84M | +0.00% | -17.54% | -51.65% | $0.9994 | -6 bp |
| 34 | Binance Peg BUSD BUSD | Crypto Backed | USD | $232.51M | +0.00% | +0.00% | +0.00% | $0.9981 | -19 bp |
| 35 | USD.AI USDAI | Crypto Backed | USD | $230.04M | +0.62% | +32.53% | +30.06% | $0.9999 | -1 bp |
| 36 | Re Protocol reUSD REUSD | Crypto Backed | USD | $224.68M | +0.71% | +2.80% | +31.54% | $1.0977 | +977 bp |
| 37 | HUSD HUSD | Fiat Backed | USD | $192.31M | +0.00% | +0.00% | +0.00% | — | — |
| 38 | USAT USAT | Fiat Backed | USD | $184.19M | +0.00% | +0.00% | -0.63% | $0.9993 | -7 bp |
| 39 | M by M0 M | Fiat Backed | USD | $182.48M | -0.21% | -0.35% | -37.98% | — | — |
| 40 | EUR CoinVertible EURCV | Fiat Backed | EUR | $181.56M | +0.15% | +3.29% | +18.14% | $1.1590 | +1590 bp |
| 41 | flexUSD FLEXUSD | Crypto Backed | USD | $166.32M | +0.00% | +0.00% | +0.00% | $0.9998 | -2 bp |
| 42 | River Stablecoin SATUSD | Crypto Backed | USD | $156.54M | +0.00% | +0.00% | +0.00% | $0.9834 | -166 bp |
| 43 | Frax FRAX | Algorithmic | USD | $154.73M | -0.34% | -2.51% | -0.81% | $0.9905 | -95 bp |
| 44 | Mustang Finance MUST | Crypto Backed | USD | $154.36M | +0.00% | +0.00% | +0.01% | $0.9998 | -2 bp |
| 45 | Avalon USDa USDA | Crypto Backed | USD | $145.58M | +0.00% | +0.00% | -1.65% | — | — |
| 46 | Avant USD AVUSD | Fiat Backed | USD | $133.56M | +0.21% | +0.94% | +9.30% | $0.9997 | -3 bp |
| 47 | JPYSC JPYSC | Fiat Backed | JPY | $127.60M | +0.13% | -0.21% | +0.13% | $0.0063 | -9937 bp |
| 48 | CASH CASH | Fiat Backed | USD | $126.06M | +0.89% | +3.07% | +6.37% | $0.9993 | -7 bp |
| 49 | CFX MoveUSD MOVEUSD | Fiat Backed | USD | $114.40M | +0.42% | +1.45% | +0.46% | $0.9998 | -2 bp |
| 50 | Astherus USDF | Crypto Backed | USD | $113.73M | +0.07% | -0.21% | +1.47% | $0.9980 | -20 bp |
| 51 | Frax USD FRXUSD | Fiat Backed | USD | $108.08M | -0.32% | -3.44% | +4.33% | $0.9997 | -3 bp |
| 52 | Valtorum USD USDV | Fiat Backed | USD | $104.96M | +0.00% | +0.00% | -7.90% | — | — |
| 53 | Dola DOLA | Crypto Backed | USD | $102.54M | +0.00% | +0.00% | +1.96% | $0.9969 | -31 bp |
| 54 | US Permissionless Dollar USPD | Crypto Backed | USD | $98.93M | +20,499.77% | +27,559.94% | +30,766.83% | — | — |
| 55 | Cap cUSD CUSD | Crypto Backed | USD | $90.67M | -0.80% | +2.20% | +11.30% | $0.9998 | -2 bp |
| 56 | AP USDA USDA | Fiat Backed | USD | $82.38M | +0.00% | +0.00% | +0.00% | $0.9472 | -528 bp |
| 57 | fxUSD FXUSD | Crypto Backed | USD | $79.21M | +4.15% | +12.95% | +24.22% | $0.9997 | -3 bp |
| 58 | Cygnus Finance Global USD CGUSD | Fiat Backed | USD | $75.77M | +0.00% | +0.00% | +0.04% | $0.9943 | -57 bp |
| 59 | Lista USD LISUSD | Crypto Backed | USD | $74.97M | -0.01% | +0.00% | +0.07% | $0.9972 | -28 bp |
| 60 | Sui Dollar USDSUI | Fiat Backed | USD | $74.17M | +0.00% | -1.88% | +1.74% | $1.0009 | +9 bp |
| 61 | sUSD SUSD | Crypto Backed | USD | $69.84M | +0.06% | +33.17% | +33.17% | — | — |
| 62 | Saturn Dollar USDAT | Crypto Backed | USD | $66.31M | -1.75% | -29.75% | -36.23% | $0.9991 | -9 bp |
| 63 | Tori trUSD TRUSD | Crypto Backed | USD | $66.31M | +0.14% | +0.29% | +20.40% | $0.9995 | -5 bp |
| 64 | USP Stablecoin USP | Crypto Backed | USD | $65.43M | +0.00% | +0.00% | +0.00% | $0.9998 | -2 bp |
| 65 | Ondo U.S. Dollar Token USDON | Fiat Backed | USD | $65.18M | -3.80% | -8.19% | -6.92% | $1.0000 | +0 bp |
| 66 | MNEE USD MNEE | Fiat Backed | USD | $59.94M | -2.82% | -4.17% | -23.94% | — | — |
| 67 | Yuzu USD YZUSD | Crypto Backed | USD | $57.75M | -1.31% | -3.95% | +28.77% | $0.9995 | -5 bp |
| 68 | StandX DUSD DUSD | Crypto Backed | USD | $54.96M | -9.09% | -9.34% | -30.20% | $0.9991 | -9 bp |
| 69 | Neutrl USD NUSD | Crypto Backed | USD | $53.39M | +0.00% | +0.00% | -9.04% | — | — |
| 70 | USDKG USDKG | Fiat Backed | USD | $50.01M | +0.00% | +0.00% | +0.00% | $1.0001 | +1 bp |
| 71 | Fidelity Digital Dollar FIDD | Fiat Backed | USD | $49.27M | +0.00% | -0.60% | +0.83% | $0.9996 | -4 bp |
| 72 | JupUSD JUPUSD | Crypto Backed | USD | $48.25M | +0.00% | -0.10% | -8.66% | $0.9993 | -7 bp |
| 73 | infiniFi USD IUSD | Crypto Backed | USD | $47.66M | -1.04% | -0.68% | -8.10% | $0.9985 | -15 bp |
| 74 | pmUSD PMUSD | Crypto Backed | USD | $47.42M | +0.00% | +0.00% | +0.00% | $0.5045 | -4955 bp |
| 75 | Unitas USDU | Crypto Backed | USD | $44.49M | +0.42% | -5.83% | -16.00% | $0.9998 | -2 bp |
| 76 | Resupply USD REUSD | Crypto Backed | USD | $43.75M | -0.83% | +0.79% | +35.32% | $0.9893 | -107 bp |
| 77 | Frankencoin ZCHF | Crypto Backed | CHF | $42.78M | +0.00% | +1.54% | +1.60% | $1.2319 | +2319 bp |
| 78 | StraitsX XUSD XUSD | Fiat Backed | USD | $41.14M | +0.00% | -10.84% | -8.86% | $1.0001 | +1 bp |
| 79 | Gemini Dollar GUSD | Fiat Backed | USD | $39.41M | +0.25% | -0.71% | +2.11% | $0.9991 | -9 bp |
| 80 | Noon USN USN | Crypto Backed | USD | $38.73M | +0.32% | -0.61% | +15.55% | $0.9989 | -11 bp |
Not counted in the total above:
supply pegged to a currency other than the US dollar. Adding it to a dollar total would be a units error, so it is listed separately:
EUR — 789.27M units across 16 issuers; RUB — 451.36M units across 2 issuers; JPY — 148.30M units across 3 issuers; CHF — 45.57M units across 2 issuers; GBP — 26.93M units across 1 issuers; REAL — 24.17M units across 2 issuers; AUD — 13.67M units across 3 issuers; SGD — 12.74M units across 1 issuers; VAR — 10.93M units across 3 issuers; ARS — 8.13M units across 1 issuers; TRY — 6.94M units across 1 issuers; PHP — 3.60M units across 1 issuers; CNY — 3.05M units across 1 issuers; CAD — 2.95M units across 2 issuers; MXN — 1.15M units across 1 issuers.
02
By mechanism
How the peg is meant to hold. Fiat-backed means reserves held off-chain by an issuer; crypto-backed means over-collateralized on-chain positions; algorithmic means the peg depends on a market mechanism rather than on assets set aside.
Fiat Backed (143)
$285.49B
Crypto Backed (251)
$25.47B
Algorithmic (26)
$680.17M
Crytpo Backed (1)
$2.51M
03
By chain
where the supply actually sits
| Chain | Hosted supply | Share | Issuers |
|---|---|---|---|
| Ethereum | $149.67B | 48.5% | 230 |
| Tron | $93.68B | 30.3% | 19 |
| BSC | $17.13B | 5.5% | 78 |
| Solana | $16.09B | 5.2% | 69 |
| Hyperliquid L1 | $6.80B | 2.2% | 20 |
| Base | $4.96B | 1.6% | 80 |
| Arbitrum | $3.78B | 1.2% | 81 |
| Polygon | $3.63B | 1.2% | 79 |
| X Layer | $1.78B | 0.6% | 9 |
| Avalanche | $1.59B | 0.5% | 52 |
| Aptos | $1.23B | 0.4% | 7 |
| XRPL | $1.13B | 0.4% | 9 |
| Plasma | $912.65M | 0.3% | 12 |
| Stellar | $898.40M | 0.3% | 14 |
| Robinhood Chain | $875.99M | 0.3% | 4 |
| Monad | $774.87M | 0.3% | 25 |
| TON | $759.23M | 0.2% | 3 |
| Mantle | $578.11M | 0.2% | 7 |
| OP Mainnet | $508.31M | 0.2% | 44 |
| Sui | $424.10M | 0.1% | 8 |
| Provenance | $423.83M | 0.1% | 1 |
| Waves | $402.49M | 0.1% | 4 |
| Fantom | $337.55M | 0.1% | 18 |
| Sei | $302.22M | 0.1% | 11 |
| Kaia | $215.57M | 0.1% | 7 |
| Cronos | $188.14M | 0.1% | 4 |
| Ink | $172.24M | 0.1% | 9 |
| Saga | $164.75M | 0.1% | 2 |
| Sonic | $154.87M | 0.1% | 15 |
| Starknet | $149.94M | 0.0% | 6 |
| Celo | $135.28M | 0.0% | 23 |
| Noble | $104.86M | 0.0% | 5 |
| Omni | $80.01M | 0.0% | 1 |
| Kava | $77.40M | 0.0% | 7 |
| Tempo | $75.79M | 0.0% | 13 |
| smartBCH | $73.75M | 0.0% | 1 |
| Flow | $72.62M | 0.0% | 3 |
| Berachain | $70.25M | 0.0% | 13 |
| Polkadot | $67.87M | 0.0% | 2 |
| XDC | $67.30M | 0.0% | 4 |