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

$320.01B

+0.26%

24h Net Flow

+$816.62M

mint − burn

Stablecoins

360

tracked

Networks

200

chains

Top Asset

USDT

58.6% dominance

Total Market Cap

Aggregate stablecoin supply over time

$320.83B

$247.85B

Jun 4, 2025

Jun 2, 2026

Market Cap by Chain

Where stablecoin value lives

Ethereum

$159.92B 51.2%

Tron

$89.98B 28.8%

Solana

$14.79B 4.7%

BSC

$13.90B 4.4%

Hyperliquid L1

$6.96B 2.2%

Base

$4.59B 1.5%

Arbitrum

$3.94B 1.3%

Polygon

$3.68B 1.2%

Aptos

$1.85B 0.6%

X Layer

$1.48B 0.5%

Avalanche

$1.34B 0.4%

Plasma

$922.44M 0.3%

Others (168)

$8.97B 2.9%

Fastest growing

7d supply

USPD $98.93M +27559.94%

GUSD $318.71M +94.09%

USX $500.98M +25.89%

BRZ $88.31M +11.65%

M $370.49M +11.62%

Fastest shrinking

7d supply

TBILL $78.09M -59.62%

USDU $64.94M -21.70%

USDH $57.19M -17.32%

PYUSD $3.03B -15.20%

FDUSD $338.49M -9.21%

By Mechanism

How each stablecoin holds its peg

Fiat-backed $291.22B 91.0%

Crypto-backed $28.38B 8.9%

Algorithmic $411.79M 0.1%

Other $4.81M 0.0%

#										Type
1	Tether USDT	$0.998397	-0.16%	$187.61B	58.63%	+0.00%	-0.73%	$77.29B	127	Fiat-backed
2	USD Coin USDC	$0.999534	-0.05%	$75.95B	23.73%	+0.16%	-0.57%	$17.18B	151	Fiat-backed
3	Sky Dollar USDS	$0.999442	-0.06%	$8.77B	2.74%	-0.50%	-0.54%	$60.30M	7	Crypto-backed
4	World Liberty Financial USD USD1	$0.998088	-0.19%	$4.71B	1.47%	-0.29%	-1.51%	$1.86B	8	Fiat-backed
5	Dai DAI	$0.999584	-0.04%	$4.60B	1.44%	+0.46%	+0.31%	$229.62M	49	Crypto-backed
6	Ethena USDe USDe	$0.998639	-0.14%	$4.49B	1.40%	-0.17%	+1.03%	$97.06M	28	Crypto-backed
7	Circle USYC USYC	$1.1268	+12.68%	$3.33B	1.04%	-0.00%	-0.91%	—	2	Fiat-backed
8	PayPal USD PYUSD	$0.999707	-0.03%	$3.03B	0.95%	-0.82%	-15.20%	$101.28M	17	Fiat-backed
9	BlackRock USD BUIDL	$1.00	0.00%	$2.97B	0.93%	-0.31%	-2.71%	—	8	Fiat-backed
10	Global Dollar USDG	$0.999837	-0.02%	$2.58B	0.81%	+1.30%	-2.00%	$54.86M	5	Fiat-backed
11	Ondo US Dollar Yield USDY	$1.1226	+12.26%	$2.38B	0.74%	+0.00%	-0.05%	$2.58M	15	Fiat-backed
12	Ripple USD RLUSD	$0.999752	-0.02%	$1.81B	0.57%	+6.79%	+4.15%	$177.62M	2	Fiat-backed
13	Falcon USD USDf	$0.995156	-0.48%	$1.49B	0.47%	0.00%	-5.02%	$1.94M	2	Crypto-backed
14	USDD USDD	$0.999977	-0.00%	$1.42B	0.45%	-1.29%	-6.66%	$3.70M	4	Crypto-backed
15	Ethena USDtb USDTB	$0.999255	-0.07%	$1.10B	0.34%	+0.02%	-2.46%	$6.38M	2	Fiat-backed
16	United Stables U	$0.999401	-0.06%	$968.70M	0.30%	-9.35%	-8.75%	$10.29M	3	Crypto-backed
17	USDX Money USDX USDX	—	—	$683.44M	0.21%	—	—	$7	3	Crypto-backed
18	GHO GHO	$0.999215	-0.08%	$583.08M	0.18%	0.00%	0.00%	$5.36M	1	Crypto-backed
19	YLDS YLDS	$0.999804	-0.02%	$571.95M	0.18%	+2.79%	+5.23%	$21.00M	4	Fiat-backed
20	Usual USD USD0	$0.998405	-0.16%	$552.29M	0.17%	+0.00%	-0.17%	$79.4K	2	Fiat-backed
21	apxUSD apxUSD	$0.99953	-0.05%	$509.49M	0.16%	-2.80%	+1.55%	$2.80M	1	Crypto-backed
22	Solstice USX USX	$0.99977	-0.02%	$500.98M	0.16%	+0.00%	+25.89%	$5.52M	1	Crypto-backed
23	EURC EURC	$1.1632	—	$495.71M	0.15%	-1.50%	-2.81%	$32.11M	10	Fiat-backed
24	TrueUSD TUSD	$0.998177	-0.18%	$482.72M	0.15%	0.00%	0.00%	$14.39M	10	Fiat-backed
25	M by M0 M	—	—	$370.49M	0.12%	+0.00%	+11.62%	—	8	Fiat-backed
26	rwaUSDi rwaUSDi	$0.999522	-0.05%	$359.67M	0.11%	+1.10%	+7.06%	—	4	Crypto-backed
27	First Digital USD FDUSD	$0.998238	-0.18%	$338.49M	0.11%	-4.23%	-9.21%	$236.08M	6	Fiat-backed
28	Gate USD GUSD	$0.997978	-0.20%	$318.71M	0.10%	0.00%	+94.09%	$484.6K	1	Fiat-backed
29	USDGO USDGO	$0.999852	-0.01%	$313.40M	0.10%	-3.09%	-6.02%	—	1	Fiat-backed
30	USD.AI USDai	$0.999567	-0.04%	$287.71M	0.09%	-0.00%	-0.24%	—	3	Crypto-backed
31	Avalon USDa USDA	—	—	$270.84M	0.08%	0.00%	0.00%	$9	19	Crypto-backed
32	crvUSD crvUSD	$0.99823	-0.18%	$242.59M	0.08%	-1.11%	-4.25%	$15.87M	12	Crypto-backed
33	Binance Peg BUSD BUSD	$0.998885	-0.11%	$232.40M	0.07%	0.00%	+0.00%	$3.71M	27	Crypto-backed
34	MegaUSD USDM	—	—	$226.38M	0.07%	-4.90%	-4.15%	$2.46M	2	Crypto-backed
35	Frax FRAX	$0.990967	-0.90%	$201.77M	0.06%	-0.27%	+3.56%	$675.6K	22	Algorithmic
36	Re Protocol reUSD reUSD	$1.0804	+8.04%	$195.49M	0.06%	-3.52%	-5.89%	—	9	Crypto-backed
37	HUSD HUSD	—	—	$192.31M	0.06%	0.00%	0.00%	$1	5	Fiat-backed
38	flexUSD FLEXUSD	$0.999522	-0.05%	$166.19M	0.05%	0.00%	0.00%	—	2	Crypto-backed
39	River Stablecoin satUSD	$0.998876	-0.11%	$158.86M	0.05%	0.00%	+0.00%	$4.1K	11	Crypto-backed
40	USAT USAT	$0.998169	-0.18%	$157.00M	0.05%	0.00%	-0.67%	$3.54M	1	Fiat-backed
41	Mustang Finance MUST	$0.999522	-0.05%	$154.22M	0.05%	0.00%	+0.00%	—	1	Crypto-backed
42	Agora Dollar AUSD	$0.999427	-0.06%	$141.36M	0.04%	-3.02%	-1.40%	$17.21M	14	Fiat-backed
43	Neutrl USD NUSD	$0.998636	-0.14%	$140.72M	0.04%	-1.18%	-2.97%	$3.16M	1	Crypto-backed
44	Frax USD FRXUSD	$0.999299	-0.07%	$130.22M	0.04%	-0.52%	-1.92%	$5.05M	22	Fiat-backed
45	CFX MoveUSD MOVEUSD	$0.999522	-0.05%	$119.49M	0.04%	-0.03%	+2.29%	—	1	Fiat-backed
46	CASH CASH	$0.999975	-0.00%	$119.46M	0.04%	+2.73%	+1.51%	$16.19M	1	Fiat-backed
47	Astherus USDF	$0.996914	-0.31%	$115.90M	0.04%	-0.14%	-0.36%	$331.7K	1	Crypto-backed
48	Frax Price Index FPI	$1.1334	—	$109.23M	0.03%	0.00%	0.00%	—	2	Algorithmic
49	EUR CoinVertible EURCV	$1.162	—	$106.62M	0.03%	0.00%	-0.37%	$19.61M	2	Fiat-backed
50	Avant USD avUSD	$0.998295	-0.17%	$101.35M	0.03%	+4.13%	+7.76%	$7.8K	1	Fiat-backed

Tether

USDT · #1 · 58.63%

$187.61B

mkt cap

Stablecoins

Total Market Cap

Market Cap by Chain

Fastest growing

Fastest shrinking

By Mechanism

Frequently asked questions

Data sources