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
$306.94B
US-dollar-pegged issuers only
Issuers tracked
Issuers tracked
80
Chains hosting supply
Chains hosting supply
40
Largest issuer share
Largest issuer share
59.4%
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 | $182.33B | -0.07% | -0.61% | -0.72% | $0.9993 | -7 bp |
| 2 | USD Coin USDC | Fiat Backed | USD | $71.67B | -0.11% | -1.24% | -5.01% | $0.9997 | -3 bp |
| 3 | Sky Dollar USDS | Crypto Backed | USD | $6.81B | +1.37% | -0.39% | +3.70% | $1.0001 | +1 bp |
| 4 | Dai DAI | Crypto Backed | USD | $4.73B | +0.11% | +0.24% | -1.45% | $1.0001 | +1 bp |
| 5 | Ethena USDe USDE | Crypto Backed | USD | $4.58B | -0.19% | -2.10% | -7.06% | $0.9995 | -5 bp |
| 6 | World Liberty Financial USD USD1 | Fiat Backed | USD | $3.95B | -0.07% | -2.07% | -10.32% | $0.9989 | -11 bp |
| 7 | Global Dollar USDG | Fiat Backed | USD | $3.08B | +0.00% | +1.74% | -2.78% | $1.0002 | +2 bp |
| 8 | PayPal USD PYUSD | Fiat Backed | USD | $2.93B | -0.18% | +3.75% | +5.47% | $1.0001 | +1 bp |
| 9 | Ripple USD RLUSD | Fiat Backed | USD | $2.44B | -0.97% | +0.79% | -1.94% | $1.0004 | +4 bp |
| 10 | Circle USYC USYC | Fiat Backed | USD | $2.38B | +0.00% | -0.80% | -8.67% | $1.1402 | +1402 bp |
| 11 | Ondo US Dollar Yield USDY | Fiat Backed | USD | $2.34B | +0.74% | +6.22% | +4.91% | $1.1489 | +1489 bp |
| 12 | BlackRock USD BUIDL | Fiat Backed | USD | $2.17B | +0.00% | -0.23% | +2.55% | $1.0000 | +0 bp |
| 13 | USDD USDD | Crypto Backed | USD | $1.77B | -1.03% | -0.63% | — | $0.9973 | -27 bp |
| 14 | Falcon USD USDF | Crypto Backed | USD | $1.72B | +0.00% | +0.03% | +42.44% | $0.9949 | -51 bp |
| 15 | United Stables U | Crypto Backed | USD | $1.61B | +0.06% | +2.35% | +8.72% | $0.9988 | -12 bp |
| 16 | USDGO USDGO | Fiat Backed | USD | $1.30B | -0.61% | +1.96% | -7.41% | $1.0002 | +2 bp |
| 17 | Open USD OUSD | Fiat Backed | USD | $837.51M | -0.02% | +1.51% | — | $0.9996 | -4 bp |
| 18 | GHO GHO | Crypto Backed | USD | $697.85M | +0.00% | +0.00% | +0.00% | $0.9983 | -17 bp |
| 19 | A7A5 A7A5 | Fiat Backed | RUB | $584.83M | +0.00% | +0.50% | +19.60% | — | — |
| 20 | Usual USD USD0 | Fiat Backed | USD | $540.85M | -0.03% | -0.06% | -0.88% | $0.9982 | -18 bp |
| 21 | Polymarket USD PUSD | Crypto Backed | USD | $520.18M | +10.51% | +5.46% | +9.59% | $0.9997 | -3 bp |
| 22 | Ethena USDtb USDTB | Fiat Backed | USD | $516.84M | +0.00% | -0.08% | -0.65% | $0.9989 | -11 bp |
| 23 | EURC EURC | Fiat Backed | EUR | $508.10M | +0.02% | +2.25% | +12.40% | $1.1214 | +1214 bp |
| 24 | YLDS YLDS | Fiat Backed | USD | $490.53M | +0.39% | -1.63% | -0.25% | $0.9990 | -10 bp |
| 25 | Multipli rwaUSDi RWAUSDI | Crypto Backed | USD | $487.31M | +0.00% | +0.00% | +0.00% | $0.9997 | -3 bp |
| 26 | TrueUSD TUSD | Fiat Backed | USD | $484.10M | +0.00% | +0.00% | +0.00% | $0.9992 | -8 bp |
| 27 | SoFiUSD SOFID | Fiat Backed | USD | $349.89M | +0.00% | -2.28% | +7.41% | $0.9991 | -9 bp |
| 28 | Gate USD GUSD | Fiat Backed | USD | $319.16M | +0.00% | +0.00% | +0.00% | $0.9974 | -26 bp |
| 29 | Re Protocol reUSD REUSD | Crypto Backed | USD | $306.90M | +0.91% | +6.83% | +23.98% | $1.1072 | +1072 bp |
| 30 | First Digital USD FDUSD | Fiat Backed | USD | $303.68M | -0.01% | -3.59% | -6.29% | $0.9970 | -30 bp |
| 31 | apxUSD APXUSD | Crypto Backed | USD | $284.38M | +0.00% | -0.91% | -8.81% | $0.9837 | -163 bp |
| 32 | USD.AI USDAI | Crypto Backed | USD | $264.79M | +0.05% | +1.30% | +24.96% | $0.9991 | -9 bp |
| 33 | Binance Peg BUSD BUSD | Crypto Backed | USD | $232.94M | +0.00% | +0.00% | +0.00% | $0.9999 | -1 bp |
| 34 | crvUSD CRVUSD | Crypto Backed | USD | $224.79M | -2.61% | -6.95% | -11.15% | $0.9988 | -12 bp |
| 35 | M by M0 M | Fiat Backed | USD | $208.27M | +0.49% | -0.18% | +6.24% | — | — |
| 36 | Solstice USX USX | Crypto Backed | USD | $201.78M | +0.00% | -3.57% | -6.61% | $0.9991 | -9 bp |
| 37 | Agora Dollar AUSD | Fiat Backed | USD | $198.31M | +0.00% | -7.34% | -23.18% | $0.9989 | -11 bp |
| 38 | HUSD HUSD | Fiat Backed | USD | $192.31M | +0.00% | +0.00% | +0.00% | — | — |
| 39 | EUR CoinVertible EURCV | Fiat Backed | EUR | $188.79M | -0.26% | +0.53% | +1.02% | $1.1224 | +1224 bp |
| 40 | USAT USAT | Fiat Backed | USD | $183.14M | +0.00% | +0.00% | +0.00% | $0.9990 | -10 bp |
| 41 | flexUSD FLEXUSD | Crypto Backed | USD | $166.31M | +0.00% | +0.00% | +0.00% | $0.9997 | -3 bp |
| 42 | Mustang Finance MUST | Crypto Backed | USD | $154.35M | +0.00% | +0.00% | +0.01% | $0.9997 | -3 bp |
| 43 | Frax FRAX | Algorithmic | USD | $148.59M | +0.52% | -0.13% | -1.66% | $0.9911 | -89 bp |
| 44 | Avalon USDa USDA | Crypto Backed | USD | $145.56M | +0.00% | +0.00% | -0.01% | — | — |
| 45 | JPYSC JPYSC | Fiat Backed | JPY | $131.92M | -0.12% | +1.49% | +3.29% | $0.0064 | -9936 bp |
| 46 | CASH CASH | Fiat Backed | USD | $128.28M | -0.33% | -0.13% | -3.14% | $0.9989 | -11 bp |
| 47 | Avant USD AVUSD | Fiat Backed | USD | $117.26M | -0.24% | -2.12% | -5.78% | $0.9967 | -33 bp |
| 48 | CFX MoveUSD MOVEUSD | Fiat Backed | USD | $113.13M | +0.00% | -4.37% | -1.42% | $0.9997 | -3 bp |
| 49 | Dola DOLA | Crypto Backed | USD | $112.77M | +0.00% | +0.00% | +8.85% | $0.9974 | -26 bp |
| 50 | Astherus USDF | Crypto Backed | USD | $112.20M | +0.73% | +0.80% | +0.54% | $0.9979 | -21 bp |
| 51 | River Stablecoin SATUSD | Crypto Backed | USD | $111.40M | +0.00% | -10.61% | -25.05% | $0.9936 | -64 bp |
| 52 | Saturn Dollar USDAT | Crypto Backed | USD | $111.14M | +0.06% | +7.67% | +35.92% | $0.9984 | -16 bp |
| 53 | Valtorum USD USDV | Fiat Backed | USD | $99.46M | +0.00% | +0.00% | +0.00% | — | — |
| 54 | US Permissionless Dollar USPD | Crypto Backed | USD | $98.93M | +20,499.77% | +27,559.94% | +30,766.83% | — | — |
| 55 | Frax USD FRXUSD | Fiat Backed | USD | $97.95M | +0.93% | -0.80% | — | $1.0001 | +1 bp |
| 56 | USDBridge USDB | Fiat Backed | USD | $92.84M | +0.07% | -4.33% | +10.73% | — | — |
| 57 | fxUSD FXUSD | Crypto Backed | USD | $89.04M | +13.88% | +10.09% | +2.48% | $0.9993 | -7 bp |
| 58 | AP USDA USDA | Fiat Backed | USD | $84.59M | +0.00% | +0.00% | +0.00% | $0.9727 | -273 bp |
| 59 | Sui Dollar USDSUI | Fiat Backed | USD | $79.09M | +0.00% | +2.09% | +3.42% | $0.9990 | -10 bp |
| 60 | Cygnus Finance Global USD CGUSD | Fiat Backed | USD | $76.26M | +0.00% | +0.00% | +0.07% | — | — |
| 61 | Lista USD LISUSD | Crypto Backed | USD | $75.55M | +0.00% | +0.00% | -9.83% | $0.9955 | -45 bp |
| 62 | Cap cUSD CUSD | Crypto Backed | USD | $75.43M | +0.02% | -5.46% | -13.38% | $0.9999 | -1 bp |
| 63 | Tori trUSD TRUSD | Crypto Backed | USD | $71.97M | -0.28% | +0.72% | -1.32% | $0.9984 | -16 bp |
| 64 | sUSD SUSD | Crypto Backed | USD | $69.84M | +0.06% | +33.17% | +33.17% | — | — |
| 65 | infiniFi USD IUSD | Crypto Backed | USD | $69.18M | +0.00% | +4.08% | +37.21% | $0.9989 | -11 bp |
| 66 | Axis USD USDX | Crypto Backed | USD | $67.06M | +0.10% | +0.13% | +18.84% | $0.9990 | -10 bp |
| 67 | USP Stablecoin USP | Crypto Backed | USD | $65.42M | +0.00% | +0.00% | +0.00% | $0.9997 | -3 bp |
| 68 | Ondo U.S. Dollar Token USDON | Fiat Backed | USD | $63.56M | +1.63% | -1.72% | -2.95% | $1.0000 | +0 bp |
| 69 | pmUSD PMUSD | Crypto Backed | USD | $59.54M | +0.00% | +0.00% | +0.00% | $0.6334 | -3666 bp |
| 70 | Yuzu USD YZUSD | Crypto Backed | USD | $55.65M | +0.00% | -5.89% | -5.24% | $0.9988 | -12 bp |
| 71 | Unitas USDU | Crypto Backed | USD | $52.39M | +0.30% | -1.71% | +19.68% | $0.9997 | -3 bp |
| 72 | Resupply USD REUSD | Crypto Backed | USD | $51.67M | -0.95% | -1.08% | +8.48% | $0.9904 | -96 bp |
| 73 | SoulPeg USD SPUSD | Crypto Backed | USD | $50.15M | +0.80% | +5.87% | +42.39% | — | — |
| 74 | USDKG USDKG | Fiat Backed | USD | $50.00M | +0.00% | +0.00% | +0.00% | — | — |
| 75 | BRLA Digital BRLA | Fiat Backed | REAL | $48.31M | +4.52% | +18.52% | +67.98% | $0.1926 | -8074 bp |
| 76 | Fidelity Digital Dollar FIDD | Fiat Backed | USD | $46.07M | +0.00% | -10.57% | -9.12% | $0.9990 | -10 bp |
| 77 | MNEE USD MNEE | Fiat Backed | USD | $45.74M | +0.00% | +0.95% | -11.10% | — | — |
| 78 | Metronome Synth USD MSUSD | Crypto Backed | USD | $45.35M | +0.00% | -0.28% | -0.14% | $0.8783 | -1217 bp |
| 79 | PathUSD PATHUSD | Fiat Backed | USD | $44.29M | +0.00% | -17.08% | -27.81% | $1.0127 | +127 bp |
| 80 | JupUSD JUPUSD | Crypto Backed | USD | $42.89M | +0.01% | -2.10% | -3.10% | $0.9987 | -13 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 — 841.78M units across 17 issuers; RUB — 586.96M units across 2 issuers; JPY — 156.99M units across 3 issuers; REAL — 51.09M units across 2 issuers; CHF — 45.32M units across 2 issuers; GBP — 29.15M units across 2 issuers; AUD — 13.36M units across 3 issuers; SGD — 12.67M units across 1 issuers; VAR — 10.91M units across 3 issuers; ARS — 9.27M units across 1 issuers; CAD — 4.95M units across 3 issuers; PHP — 3.54M units across 1 issuers; CNY — 3.07M units across 1 issuers; TRY — 2.87M units across 1 issuers; HKD — 2.05M units across 1 issuers; MXN — 1.05M 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 (150)
$282.57B
Crypto Backed (254)
$27.24B
Algorithmic (26)
$272.84M
Crytpo Backed (1)
$1.69M
03
By chain
where the supply actually sits
| Chain | Hosted supply | Share | Issuers |
|---|---|---|---|
| Ethereum | $144.95B | 47.2% | 229 |
| Tron | $94.59B | 30.8% | 19 |
| Solana | $16.00B | 5.2% | 69 |
| BSC | $14.33B | 4.7% | 76 |
| Hyperliquid L1 | $6.90B | 2.2% | 20 |
| Base | $5.15B | 1.7% | 83 |
| Arbitrum | $3.88B | 1.3% | 81 |
| Polygon | $3.42B | 1.1% | 81 |
| Avalanche | $1.49B | 0.5% | 52 |
| X Layer | $1.48B | 0.5% | 8 |
| Plasma | $1.39B | 0.5% | 11 |
| Robinhood Chain | $1.08B | 0.4% | 5 |
| XRPL | $1.03B | 0.3% | 9 |
| Arc | $970.07M | 0.3% | 3 |
| Aptos | $865.95M | 0.3% | 6 |
| Monad | $714.33M | 0.2% | 27 |
| Tempo | $706.98M | 0.2% | 15 |
| TON | $631.15M | 0.2% | 3 |
| Mantle | $553.21M | 0.2% | 7 |
| Provenance | $465.31M | 0.2% | 1 |
| OP Mainnet | $445.89M | 0.1% | 45 |
| Sui | $444.36M | 0.1% | 7 |
| Stellar | $439.24M | 0.1% | 13 |
| Fantom | $337.53M | 0.1% | 18 |
| Kaia | $225.61M | 0.1% | 7 |
| Saga | $164.73M | 0.1% | 2 |
| Celo | $160.07M | 0.1% | 29 |
| Ink | $154.09M | 0.1% | 8 |
| Cronos | $137.94M | 0.0% | 4 |
| Near | $129.38M | 0.0% | 7 |
| Sonic | $108.96M | 0.0% | 15 |
| Algorand | $101.17M | 0.0% | 9 |
| Noble | $82.69M | 0.0% | 4 |
| Omni | $79.99M | 0.0% | 1 |
| smartBCH | $73.74M | 0.0% | 1 |
| Flow | $71.61M | 0.0% | 3 |
| Cardano | $69.09M | 0.0% | 12 |
| Polkadot | $67.83M | 0.0% | 2 |
| Berachain | $58.54M | 0.0% | 13 |
| XDC | $56.58M | 0.0% | 4 |