In a nutshell: The largest stablecoin by far is Tether (USDT), with a market cap of about $184 billion, followed by Circle’s USDC at about $73 billion. Together they make up most of the stablecoin market. Next come Sky Dollar (USDS), Ethena USDe, Dai (DAI) and World Liberty Financial’s USD1. Educational only; not financial advice.
Last updated: October 13, 2026. Market caps as of October 13, 2026.
This list ranks the largest stablecoins by market cap, with each coin’s ticker, issuer, backing and main blockchains. New to the topic? Start with our guide to what stablecoins are.
Table of contents
Top 10 Stablecoins by Market Cap
As of October 13, 2026. Market caps are rounded and change daily as coins are minted and redeemed. All 10 are pegged to the US dollar.
| Rank | Name | Ticker | Issuer | Market cap (approx.) | Peg type / backing | Main chains |
|---|---|---|---|---|---|---|
| 1 | Tether | USDT | Tether | $184.1B | Fiat-backed (mostly US Treasury bills) | Tron, Ethereum, BNB Chain, Solana |
| 2 | USD Coin | USDC | Circle | $72.6B | Fiat-backed (cash and short-term Treasuries) | Ethereum, Solana, Base, Arbitrum |
| 3 | Sky Dollar | USDS | Sky (formerly MakerDAO) | $10.3B | Crypto-backed (plus real-world assets) | Ethereum, Solana, Base, Arbitrum |
| 4 | Ethena USDe | USDe | Ethena Labs | $4.8B | Synthetic dollar (crypto collateral hedged with futures) | Ethereum, Solana, Base, TON |
| 5 | Dai | DAI | Sky (formerly MakerDAO) | $4.5B | Crypto-backed (overcollateralized) | Ethereum, Polygon, BNB Chain, Arbitrum |
| 6 | USD1 | USD1 | World Liberty Financial | $4.2B | Fiat-backed (Treasuries and cash equivalents) | Ethereum, BNB Chain, Solana, Tron |
| 7 | Global Dollar | USDG | Paxos (Global Dollar Network) | $3.1B | Fiat-backed | Ethereum, Solana, Ink, X Layer |
| 8 | PayPal USD | PYUSD | Paxos, for PayPal | $2.9B | Fiat-backed | Ethereum, Solana, Arbitrum |
| 9 | Ripple USD | RLUSD | Ripple | $2.4B | Fiat-backed | Ethereum, XRP Ledger |
| 10 | Falcon USD | USDf | Falcon Finance | $1.8B | Synthetic dollar (overcollateralized crypto) | Ethereum, BNB Chain |
Just outside the top 10 are USDD and United Stables (U). Market caps come from CoinGecko, cross-checked with DefiLlama and CoinMarketCap; sites can differ, especially for USDS. Tokenized Treasury funds such as BlackRock’s BUIDL and Ondo’s USDY are left out because they pay yield and are not used like regular stablecoins.
The Stablecoins, One by One
1. Tether (USDT)
Launched in 2014, USDT is the oldest and largest stablecoin. Tether says its reserves are mostly US Treasury bills, plus cash, gold and bitcoin, and it publishes quarterly attestations on its transparency page. Most USDT sits on Tron and Ethereum.
2. USD Coin (USDC)
Circle launched USDC in 2018. Its reserves are held in cash and short-dated US Treasuries, mostly through the BlackRock-managed Circle Reserve Fund, with monthly reports on Circle’s transparency page. It runs natively on many chains, including Ethereum, Solana and Base.
3. Sky Dollar (USDS)
USDS is the upgraded version of DAI, launched in 2024 when MakerDAO rebranded as Sky. Holders can swap DAI and USDS 1:1 on Sky. It is backed by crypto collateral and real-world assets such as Treasuries. For recent moves in Sky’s governance token, see why SKY is dropping.
4. Ethena USDe (USDe)
USDe is a “synthetic dollar” launched by Ethena Labs in 2024. Instead of bank deposits, it holds crypto such as ETH and BTC and offsets their price moves with short futures positions, per Ethena’s docs. This makes its risks different from fiat-backed coins.
5. Dai (DAI)
DAI launched in 2017 and is created when users lock more crypto in smart contracts than the DAI they borrow. It is one of the oldest DeFi stablecoins. Its supply has shrunk as many holders moved to USDS.
6. USD1 (USD1)
USD1 launched in 2025 from World Liberty Financial, a company linked to the Trump family. It says it is backed by US Treasuries, dollars and cash equivalents held with BitGo, per World Liberty Financial.
7. Global Dollar (USDG)
USDG is issued by Paxos and launched in late 2024 under Singapore’s stablecoin rules. It is backed by the Global Dollar Network, a group of partners that includes Robinhood and Kraken, per Paxos.
8. PayPal USD (PYUSD)
PayPal launched PYUSD in August 2023, making it the first stablecoin from a big US payments company. It is issued by Paxos and backed by dollar deposits, Treasuries and similar cash equivalents, per PayPal.
9. Ripple USD (RLUSD)
Ripple launched RLUSD in December 2024 on Ethereum and the XRP Ledger. It is issued under a New York trust charter and backed by dollar deposits and short-term Treasuries, per Ripple.
10. Falcon USD (USDf)
USDf is a synthetic dollar from Falcon Finance, minted when users deposit more crypto or stablecoins than the USDf they receive, per Falcon Finance. On October 13, 2026 it traded slightly below $1, at about $0.995, on CoinGecko.
Types of Stablecoins
Stablecoins are either fiat-backed (USDT, USDC, PYUSD, RLUSD), crypto-backed (DAI, USDS), synthetic dollars that pair crypto with hedges (USDe, USDf), or algorithmic, like TerraUSD (UST), which collapsed in May 2022. Our guide to what stablecoins are explains how each type holds its peg and the risks involved.
Most stablecoins live on Ethereum and other smart contract chains, and you can hold them in any compatible crypto wallet or on a centralized exchange.
FAQ
What is the largest stablecoin?
Tether (USDT), with a market cap of about $184 billion as of October 13, 2026.
What is the largest crypto-backed stablecoin?
Sky Dollar (USDS), the successor to DAI, at about $10 billion on CoinGecko.
Are all stablecoins pegged to the US dollar?
No, but nearly all large ones are. Smaller stablecoins track the euro, gold and other assets.
Which stablecoin is safest?
No stablecoin is risk-free, and safety depends on what backs it and how openly that is reported. Fiat-backed coins such as USDT and USDC hold cash and short-term US Treasuries: Tether publishes quarterly attestations on its transparency page, while Circle publishes monthly reserve reports on its transparency page. Crypto-backed coins like DAI and USDS publish collateral on-chain instead. This is not advice; check each issuer’s latest reports.
What is the difference between USDT and USDC?
Both aim to stay at $1. USDT, from Tether, is larger (about $184 billion) and most used on Tron and Ethereum; its reserves include Treasury bills plus some gold and bitcoin, with quarterly attestations. USDC, from Circle, is about $73 billion, holds cash and short-dated Treasuries mostly in a BlackRock-managed fund, and reports monthly.
Can a stablecoin lose its peg?
Yes. TerraUSD (UST), an algorithmic stablecoin, lost its peg in May 2022; investors lost an estimated $40 billion or more across UST and its sister token Luna, Reuters reported. In March 2023, USDC briefly fell to about $0.87 after Circle disclosed $3.3 billion of reserves at the failed Silicon Valley Bank, before recovering once depositors were made whole, per CNBC.
This article is for education only and is not financial advice. Stablecoins can lose their peg; check each issuer’s reserve reports.
