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Stablecoins
Circulating supply and peg mechanism across the largest stablecoins. Not financial advice.
| # | Stablecoin | Circulating | Peg | Mechanism |
|---|---|---|---|---|
| 1 |  Tether USDT |
$184.18B | USD | Fiat Backed |
| 2 |  USD Coin USDC |
$73.24B | USD | Fiat Backed |
| 3 | Sky Dollar USDS | $6.71B | USD | Crypto Backed |
| 4 |  Dai DAI |
$4.87B | USD | Crypto Backed |
| 5 | World Liberty Financial USD USD1 | $4.43B | USD | Fiat Backed |
| 6 | Ethena USDe USDe | $3.85B | USD | Crypto Backed |
| 7 | BlackRock USD BUIDL | $3.68B | USD | Fiat Backed |
| 8 | Circle USYC USYC | $3.01B | USD | Fiat Backed |
| 9 | Global Dollar USDG | $2.91B | USD | Fiat Backed |
| 10 | PayPal USD PYUSD | $2.82B | USD | Fiat Backed |
| 11 | Ondo US Dollar Yield USDY | $2.16B | USD | Fiat Backed |
| 12 | Ripple USD RLUSD | $1.53B | USD | Fiat Backed |
| 13 | USDD USDD | $1.51B | USD | Crypto Backed |
| 14 | Falcon USD USDf | $1.26B | USD | Crypto Backed |
| 15 | United Stables U | $1.04B | USD | Crypto Backed |
Source: DefiLlama. Figures are informational and not financial advice.
What actually backs a stablecoin
Circulating supply tells you size, not safety. The peg mechanism is what matters: fiat-collateralized stablecoins hold cash and short-term Treasuries roughly 1:1; crypto-collateralized ones lock crypto worth more than the stablecoin issued; algorithmic designs rely on incentives and arbitrage rather than a hard reserve — historically the riskiest category (TerraUSD’s 2022 collapse is the clearest example).
What to watch
- A consistent 1:1 peg, with only brief, small deviations.
- Published, independently audited reserve attestations — see Reserve Watch.
- No history of a sustained de-peg.