Top Stablecoins by Market Cap
The 10 largest US dollar stablecoins have a combined market cap of $280.3B. Tether (USDT) leads with 64% of that total, followed by USD Coin (USDC) at 25%. 7 of the 10 are backed by cash and short-term government debt; the rest are backed by crypto collateral or other mechanisms.
| Name | Symbol | Backing | Market cap | 30-day supply change | Price |
|---|---|---|---|---|---|
 | USDT | fiat backed | $179.28B | -2.50% | $0.9990 |
 | USDC | fiat backed | $71.44B | -3.67% | $0.9995 |
U Sky Dollar | USDS | crypto backed | $6.39B | -4.78% | $1.0000 |
 | DAI | crypto backed | $4.72B | -1.54% | $1.0001 |
U Ethena USDe | USDe | crypto backed | $4.54B | -7.12% | $0.9985 |
U World Liberty Financial USD | USD1 | fiat backed | $3.89B | -12.39% | $0.9981 |
U Global Dollar | USDG | fiat backed | $2.86B | -7.66% | $1.0000 |
P PayPal USD | PYUSD | fiat backed | $2.76B | -3.17% | $0.9998 |
R Ripple USD | RLUSD | fiat backed | $2.42B | -3.45% | $1.0001 |
B BlackRock USD | BUIDL | fiat backed | $2.01B | -10.58% | $1.0000 |
Stablecoins explained
A stablecoin is a cryptocurrency designed to hold a steady value, usually one US dollar. Stablecoins let you move dollars on a blockchain at any hour, settle trades between other crypto assets, and hold cash-like balances without leaving the crypto ecosystem. The table above ranks the largest US dollar stablecoins by circulating supply and refreshes every hour.
How stablecoins keep their peg
Every stablecoin needs a mechanism that keeps its market price close to $1. The backing column in the table shows which approach each coin uses.
- Fiat-backed: each token is backed by cash, bank deposits or short-term government debt held by the issuer, e.g. USDT and USDC.
- Crypto-backed: tokens are minted against crypto collateral locked in smart contracts, usually over-collateralised to absorb price swings, e.g. DAI.
- Algorithmic: supply expands and contracts automatically to steer the price. These carry the most risk; TerraUSD (UST) lost its peg in 2022.
How to read the table
Market cap is the number of tokens in circulation multiplied by their price, so for a dollar stablecoin it is close to the total supply. The 30-day supply change shows whether a coin is growing (more tokens issued as people deposit dollars) or shrinking (tokens redeemed for cash).
Price should sit very close to $1.00. Small deviations of a few hundredths of a cent are normal; a sustained move below $0.99 is a warning sign that markets doubt the backing.
What stablecoins are used for
Traders park funds in stablecoins between trades instead of cashing out to a bank. Businesses and families use them to send money across borders in minutes. Savers lend them or buy tokenized Treasury bills to earn a yield on dollar balances.
Risks to understand
A stablecoin is only as sound as its reserves and its issuer. Check how often reserves are attested by an independent accountant, which jurisdiction regulates the issuer, and whether you can redeem tokens for dollars. Smart contract bugs, de-pegging events and frozen addresses are all real risks.
Frequently asked questions
What is the largest stablecoin?+
Tether (USDT) has been the largest stablecoin by market capitalisation for years, followed by USD Coin (USDC). The table on this page shows the current ranking, refreshed hourly.
Are stablecoins safe?+
Stablecoins are designed to be less volatile than other crypto assets, but they are not bank deposits and are not covered by deposit insurance. Their safety depends on the quality of the reserves, the issuer's transparency and regulation, and the security of the blockchain they run on.
What is the difference between USDT and USDC?+
Both are fiat-backed dollar stablecoins. USDT is issued by Tether and is the most traded stablecoin worldwide. USDC is issued by Circle, publishes monthly reserve attestations and is widely used in regulated US products.
Can a stablecoin lose its peg?+
Yes. Prices can briefly fall below $1 when markets doubt an issuer's reserves, as USDC did for a few days in March 2023. Algorithmic stablecoins can collapse entirely, as TerraUSD did in May 2022.
How do I buy stablecoins?+
You can buy USDC, USDT and other stablecoins on Sonic Wallet after signing up and completing identity verification. Fund your account, choose the stablecoin and confirm the purchase.
Related pages
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