The largest stablecoins

Circulating supply of the eight largest dollar-pegged tokens.

The largest stablecoins

Circulating supply of the eight largest dollar-pegged tokens.

CryptoTicker
  • USDT$183.5B
  • USDC$76B
  • USDS$6.6B
  • USDe$4.9B
  • DAI$4.8B
  • USD1$4.4B
  • USDG$3.2B
  • PYUSD$2.7B
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How to read the chart

Stablecoins are tokens whose price is pegged to a currency, usually the US dollar. They are the cash of the crypto market: traders who close a position often park the proceeds in stablecoins, and buyers frequently pay with them. The circulating supply therefore shows how much capital is ready in the market.

When the supply grows, new tokens have been issued against dollars. When it shrinks, holders have returned tokens and had dollars paid out. The ranking also shows how much the market depends on a few issuers. The values come from DefiLlama, summed across all chains, and are fetched again every 30 minutes.

How this number is produced

Circulating supply of the eight largest US-dollar-pegged tokens, summed across all chains.

What it does not say

Circulating supply says nothing about backing. How a stablecoin is collateralised — bank deposits, government bonds or other cryptocurrencies — is not in this number and differs considerably between issuers.

Source
DefiLlama
Update interval
30 min
CC BY 4.0
CC BY 4.0

Frequently asked questions

Which stablecoin is the largest?

Tether (USDT) has led by a wide margin for years, followed by USD Coin (USDC) from Circle. The chart shows the current order and supply. The count covers all chains on which a stablecoin is issued.

How are stablecoins backed?

That differs from issuer to issuer. Some hold bank deposits and short-term government bonds, others lock up cryptocurrencies with a surplus as collateral, still others keep the price stable through trading strategies. The circulating supply says nothing about this, the reports of the respective issuer are what counts.

Why does the chart only show dollar stablecoins?

Tokens pegged to the US dollar make up by far the largest part of all stablecoins. Stablecoins in euros and other currencies are still small and would not appear in a ranking of the eight largest. Leaving them out therefore does not distort the picture.

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