What does “% off peg” mean?

It shows how far a coin's current market price has drifted from its target peg (for a USD stablecoin, $1.00). Small deviations of a fraction of a percent are normal market noise; a persistent, large gap can signal stress or a loss of confidence in the backing.

What's the difference between fiat-backed, crypto-backed and algorithmic?

Fiat-backed stablecoins hold cash and cash-equivalents in reserve for each token issued. Crypto-backed stablecoins are over-collateralised with other crypto assets. Algorithmic stablecoins use on-chain rules to expand or contract supply to defend the peg, without full external collateral.

Which are the largest stablecoins?

By circulating market cap, Tether (USDT) and USD Coin (USDC) are by far the largest and together make up the majority of the total stablecoin market. The full ranking, updated continuously, is in the table above.

How is market cap calculated?

Market cap is the circulating supply multiplied by the current price. For a coin trading near its $1 peg, the market cap is therefore very close to the number of tokens in circulation.

Where does this data come from?

Supply, price, peg and on-chain distribution are sourced from DefiLlama's open stablecoins API; 24-hour trading volume is sourced from CoinGecko. Figures refresh continuously and may differ slightly from other trackers depending on snapshot timing.

Live market data

Stablecoins

Name: Stablecoin Market Data
Creator: DefiLlama
Keywords: stablecoins, market cap, peg, supply

Every stablecoin in one place — market cap, peg health, supply growth and where it lives on-chain. Sourced live from DefiLlama & CoinGecko.

Total Market Cap

$310.46B

+0.35%

24h Net Flow

+$1.09B

mint − burn

Stablecoins

388

tracked

Networks

207

chains

Top Asset

USDT

59.2% dominance

Total Market Cap

Aggregate stablecoin supply over time

$320.17B

$260.97B

Jul 23, 2025

Jul 17, 2026

Market Cap by Chain

Where stablecoin value lives

Ethereum

$149.27B 49.4%

Tron

$91.09B 30.2%

Solana

$14.69B 4.9%

BSC

$14.06B 4.7%

Hyperliquid L1

$6.28B 2.1%

Base

$4.81B 1.6%

Arbitrum

$3.75B 1.2%

Polygon

$3.35B 1.1%

X Layer

$1.93B 0.6%

Avalanche

$1.84B 0.6%

Aptos

$1.16B 0.4%

Plasma

$970.45M 0.3%

Others (167)

$8.77B 2.9%

Fastest growing

7d supply

USPD $98.93M +27559.94%

USDV $77.37M +50.61%

SUSD $69.84M +33.17%

EURCV $162.54M +20.03%

USDon $75.85M +16.15%

Fastest shrinking

7d supply

USDTB $500.82M -35.42%

CUSD $61.49M -32.95%

USDS $6.65B -11.67%

USDSUI $62.33M -6.20%

NUSD $64.03M -5.58%

By Mechanism

How each stablecoin holds its peg

Fiat-backed $284.28B 91.6%

Crypto-backed $25.91B 8.3%

Algorithmic $275.74M 0.1%

Other $3.31M 0.0%

#										Type
1	Tether USDT	$0.9991	-0.09%	$183.84B	59.22%	-0.02%	-0.06%	$46.21B	130	Fiat-backed
2	USD Coin USDC	$0.999966	-0.00%	$73.24B	23.59%	+0.09%	-0.27%	$11.18B	154	Fiat-backed
3	Sky Dollar USDS	$0.99983	-0.02%	$6.65B	2.14%	+0.98%	-11.67%	$123.90M	7	Crypto-backed
4	Dai DAI	$0.999808	-0.02%	$4.85B	1.56%	-0.17%	-0.50%	$171.62M	49	Crypto-backed
5	World Liberty Financial USD USD1	$0.998636	-0.14%	$4.28B	1.38%	-1.47%	-4.21%	$872.32M	8	Fiat-backed
6	Ethena USDe USDe	$0.999754	-0.02%	$4.02B	1.29%	-0.20%	-5.07%	$70.56M	31	Crypto-backed
7	Circle USYC USYC	$1.1312	+13.12%	$3.40B	1.09%	+0.00%	-3.42%	—	2	Fiat-backed
8	Global Dollar USDG	$1.003	+0.30%	$3.13B	1.01%	+8.07%	+7.23%	$295.17M	6	Fiat-backed
9	PayPal USD PYUSD	$0.999768	-0.02%	$2.80B	0.90%	-1.25%	-1.28%	$64.78M	19	Fiat-backed
10	BlackRock USD BUIDL	$1.00	0.00%	$2.61B	0.84%	+0.17%	+9.70%	—	8	Fiat-backed
11	Ondo US Dollar Yield USDY	$1.1399	+13.99%	$2.46B	0.79%	-0.02%	+0.12%	—	15	Fiat-backed
12	Ripple USD RLUSD	$1.0001	+0.01%	$1.51B	0.49%	-0.10%	-2.33%	$97.54M	2	Fiat-backed
13	USDD USDD	$0.999108	-0.09%	$1.51B	0.48%	+6.50%	+10.19%	$35.39M	4	Crypto-backed
14	Falcon USD USDf	$0.995263	-0.47%	$1.25B	0.40%	+0.00%	-0.13%	$552.3K	2	Crypto-backed
15	United Stables U	$1.0001	+0.01%	$1.04B	0.34%	+0.14%	+1.31%	$24.81M	3	Crypto-backed
16	USDGO USDGO	$0.999996	-0.00%	$985.65M	0.32%	+0.09%	+15.12%	$11.57M	1	Fiat-backed
17	USDX Money USDX USDX	—	—	$683.44M	0.22%	—	—	$1	3	Crypto-backed
18	GHO GHO	$0.99882	-0.12%	$597.59M	0.19%	0.00%	0.00%	$9.50M	2	Crypto-backed
19	Polymarket USD pUSD	$1.0036	+0.36%	$589.78M	0.19%	-2.97%	-1.01%	$172.6K	1	Crypto-backed
20	Usual USD USD0	$0.998926	-0.11%	$552.00M	0.18%	+0.00%	-0.03%	$898.6K	2	Fiat-backed
21	YLDS YLDS	$0.999913	-0.01%	$548.94M	0.18%	+0.41%	+2.94%	$2.84M	4	Fiat-backed
22	Solstice USX USX	$1.0001	+0.01%	$523.05M	0.17%	+0.02%	+0.98%	$2.80M	1	Crypto-backed
23	Ethena USDtb USDTB	$1.0001	+0.01%	$500.82M	0.16%	+0.10%	-35.42%	$4.24M	2	Fiat-backed
24	EURC EURC	$1.1437	—	$490.77M	0.16%	+0.33%	+0.97%	$35.86M	10	Fiat-backed
25	TrueUSD TUSD	$0.997527	-0.25%	$482.09M	0.16%	0.00%	0.00%	$19.23M	10	Fiat-backed
26	rwaUSDi rwaUSDi	$0.999966	-0.00%	$359.99M	0.12%	0.00%	0.00%	—	4	Crypto-backed
27	First Digital USD FDUSD	$0.997109	-0.29%	$345.15M	0.11%	-0.29%	-0.27%	$151.69M	6	Fiat-backed
28	Gate USD GUSD	$0.998519	-0.15%	$319.05M	0.10%	0.00%	0.00%	$1.56M	1	Fiat-backed
29	M by M0 M	—	—	$296.71M	0.10%	+0.35%	-0.13%	—	8	Fiat-backed
30	apxUSD apxUSD	$0.848385	-15.16%	$252.11M	0.08%	-0.39%	-3.59%	$6.55M	3	Crypto-backed
31	Binance Peg BUSD BUSD	$0.997117	-0.29%	$231.59M	0.07%	+0.00%	+0.00%	$510.4K	27	Crypto-backed
32	crvUSD crvUSD	$0.999385	-0.06%	$223.56M	0.07%	+1.02%	+3.10%	$21.55M	12	Crypto-backed
33	Agora Dollar AUSD	$0.999782	-0.02%	$210.87M	0.07%	+2.42%	+12.79%	$3.71M	14	Fiat-backed
34	USD.AI USDai	$1.0006	+0.06%	$201.97M	0.07%	-0.15%	-0.22%	—	3	Crypto-backed
35	HUSD HUSD	—	—	$192.31M	0.06%	0.00%	0.00%	$2	5	Fiat-backed
36	USAT USAT	$0.998531	-0.15%	$184.94M	0.06%	0.00%	0.00%	$1.39M	1	Fiat-backed
37	Re Protocol reUSD reUSD	$1.089	+8.90%	$173.28M	0.06%	-0.23%	+0.70%	$1.75M	10	Crypto-backed
38	Frax FRAX	$0.989806	-1.02%	$168.51M	0.05%	-0.51%	-0.01%	$253.2K	22	Algorithmic
39	flexUSD FLEXUSD	$0.999966	-0.00%	$166.34M	0.05%	0.00%	0.00%	—	2	Crypto-backed
40	EUR CoinVertible EURCV	$1.1434	—	$162.54M	0.05%	-3.43%	+20.03%	$9.17M	4	Fiat-backed
41	River Stablecoin satUSD	$0.994084	-0.59%	$157.32M	0.05%	0.00%	+0.00%	$2.7K	11	Crypto-backed
42	Mustang Finance MUST	$0.999966	-0.00%	$154.38M	0.05%	0.00%	+0.00%	—	1	Crypto-backed
43	Avalon USDa USDA	—	—	$148.01M	0.05%	0.00%	-0.00%	$5	19	Crypto-backed
44	CASH CASH	$0.999447	-0.06%	$127.67M	0.04%	-0.00%	+1.88%	$6.32M	1	Fiat-backed
45	Avant USD avUSD	$1.044	+4.40%	$126.17M	0.04%	-0.22%	+6.41%	$1.7K	2	Fiat-backed
46	CFX MoveUSD MOVEUSD	$0.999966	-0.00%	$114.46M	0.04%	-0.54%	-1.30%	—	1	Fiat-backed
47	Astherus USDF	$0.998157	-0.18%	$110.81M	0.04%	+0.10%	-1.78%	$98.4K	1	Crypto-backed
48	Frax USD FRXUSD	$0.99958	-0.04%	$107.93M	0.03%	-0.77%	+0.26%	$2.38M	22	Fiat-backed
49	StandX DUSD DUSD	$0.998195	-0.18%	$105.27M	0.03%	-0.12%	-0.47%	$247.8K	2	Crypto-backed
50	Saturn Dollar USDAT	$0.999565	-0.04%	$103.37M	0.03%	+1.81%	-0.77%	$1.66M	2	Crypto-backed

Tether

USDT · #1 · 59.22%

$183.84B

mkt cap

Stablecoins

Total Market Cap

Market Cap by Chain

Fastest growing

Fastest shrinking

By Mechanism

Frequently asked questions

Data sources