Stablecoin List October 2026: Top Stablecoins Compared

A stablecoin is a crypto token whose value is pegged to a fixed reference, usually the US dollar or the euro. One USDC is meant to be worth one dollar at all times, one EURC one euro. Stablecoins are the bridge between bank accounts and blockchains: traders park sale proceeds in them, and most money sent over a blockchain moves as a stablecoin.

The stablecoin market is large and highly concentrated. On 2 October 2026 DefiLlama tracks 429 stablecoins with a combined market cap of $314.5bn. USDT alone accounts for 58.5% of that, USDC for 23.5%. All euro-pegged stablecoins together reach only $813m, or 0.26% of the market. This list compares the top stablecoins by issuer, backing, supply and, for readers in Europe, the question that matters most: is the coin authorised under MiCA?

Stablecoin list: the top stablecoins compared

The seven largest dollar stablecoins and the three most relevant euro stablecoins, sorted by circulating supply. The MiCA column shows whether the issuer is authorised in the EU as an e-money token issuer and in which country.

Circulating supply in US dollar terms according to DefiLlama, retrieved on 2 October 2026 at 01:40 UTC; the EURC token count comes from Circle's API at the same time. Backing type as classified by DefiLlama. MiCA status according to the ESMA register of e-money token issuers, as of 30 September 2026. Chains: number of blockchains on which DefiLlama tracks the coin.

The top stablecoins one by one

1. Tether (USDT)

USDT is by far the largest stablecoin with $184.0bn in circulation across 130 blockchains. It is issued by Tether, which publishes its reserves on its transparency page. Tether has no MiCA authorisation in the EU, which is why regulated providers have dropped USDT, most recently Revolut with a forced conversion on 31 August 2026. What the audit opinion on Tether's reserves does and does not prove is covered in our analysis of the Tether audit by KPMG.

2. USD Coin (USDC)

USDC from Circle ranks second with $74.1bn and is the largest dollar stablecoin with MiCA authorisation. Its EU issuer is Circle Internet Financial Europe SAS, supervised by the French ACPR; its white paper has been notified in the ESMA register since 1 July 2024. Circle discloses the reserves on its transparency page.

3. Sky Dollar (USDS) and DAI

DAI is the best-known stablecoin without a company behind it. It is created by a protocol formerly called MakerDAO and now known as Sky: users lock crypto assets as collateral and mint DAI against them. USDS is the successor token from the same protocol and offers a savings rate through the protocol. DefiLlama tracks $6.7bn USDS and $4.8bn DAI. Because there is no authorised issuer, neither appears in the MiCA register.

4. Global Dollar (USDG)

USDG is the dollar stablecoin that Paxos issues in the EU through Paxos Issuance Europe in Finland, supervised by FIN-FSA and listed in the ESMA register. With $3.1bn in circulation it is the second largest MiCA-authorised dollar stablecoin after USDC.

5. PayPal USD (PYUSD)

PYUSD is PayPal's stablecoin. According to Paxos it is issued by Paxos Trust Company and backed by US dollar deposits, US Treasuries and cash equivalents. $2.9bn is in circulation. There is no EU white paper for PYUSD in the ESMA register.

6. Ripple USD (RLUSD)

RLUSD is Ripple's stablecoin and runs on the XRP Ledger and Ethereum. Ripple names the New York Department of Financial Services and the Dubai Financial Services Authority as its supervisors (Ripple). With $2.5bn in circulation RLUSD has grown quickly, but it has no MiCA authorisation.

7. EURC: the largest euro stablecoin

EURC is Circle's euro-pegged stablecoin. According to Circle, about 418.3 million EURC are in circulation on 2 October 2026, worth $470m. That makes EURC the largest euro stablecoin, but it is small next to USDC. Authorisation and supervisor are the same as for USDC.

8. EUR CoinVertible (EURCV)

EURCV is issued by Société Générale-Forge, the digital asset arm of the French bank, and is authorised in France. $185m is in circulation, making it the second largest euro stablecoin on this list.

9. Revolut EURR

EURR is Revolut's euro stablecoin. The issuer is Bridge Building S.A. in Luxembourg, listed in the ESMA register with a notified white paper since 23 July 2026; Revolut acts as the provider. According to Revolut's announcement EURR is initially available only to selected customers in Denmark, Poland and Portugal. DefiLlama tracks just $1.9m on Ethereum so far. A word of caution: StablR in Malta also issues a euro stablecoin with the ticker EURR, likewise MiCA authorised. The issuer is what matters, not the ticker.

10. Other euro stablecoins with authorisation

Several banks and e-money institutions issue euro tokens with a MiCA white paper: EURe from Monerium, EURI from Banking Circle, EURQ from Quantoz and EURAU from the German AllUnity, supervised by BaFin. Each has a circulating supply in the tens of millions of dollars or less.

Types of stablecoins

Fiat-collateralized stablecoins

The vast majority, including USDT, USDC, EURC, PYUSD, RLUSD and EURR. For every token issued, the issuer holds reserve assets in the reference currency, usually bank deposits, cash equivalents and short-dated treasury bills. The value depends on the issuer: on its reserves, its supervision and whether it reliably honours redemptions.

Crypto-collateralized stablecoins

DAI and USDS are minted against locked crypto assets, with more collateral than the value issued. If the collateral falls in value, positions are liquidated automatically. This works without a company in the middle, but it ties the coin to crypto market volatility and to smart contracts.

Algorithmic and synthetic stablecoins

Algorithmic stablecoins try to hold their peg through supply and demand without full backing. The collapse of TerraUSD in May 2022 showed how fast this can fail. Synthetic dollars such as Ethena's USDe hedge their value with derivatives and form a separate risk class.

Commodity-backed stablecoins

These tokens are tied to a physical asset, most often gold, for example Tether Gold (XAUT) or Pax Gold (PAXG). Their price moves with the commodity, so they are stable against gold, not against the dollar. Under MiCA they are not e-money tokens and fall under separate rules.

Which stablecoins are MiCA compliant?

Since June 2024 the EU Markets in Crypto-Assets Regulation (MiCA) governs stablecoins in the EU. A stablecoin pegged to a single official currency counts as an e-money token. Under Article 48, only an authorised bank or electronic money institution that has notified a white paper to its supervisor may offer such a token to the public in the EU or seek its admission to trading. ESMA lists these issuers in a public register that it updates weekly.

Two rules matter most for holders. Under Article 49, the issuer must redeem an e-money token at any time and at par value, without a fee. Under Article 50, neither the issuer nor crypto-asset service providers may pay interest on it. That is why offers of seven percent on stablecoins deserve a close look, as explained in our article on the MiCA interest ban.

According to the register, USDC, EURC, Revolut's EURR, EURCV, USDG, EURe, EURI, EURQ and EURAU are among the authorised tokens on 30 September 2026. There is no entry for USDT, PYUSD, RLUSD, DAI, USDS, USDe, USD1 or FDUSD. Which exchanges hold a MiCA licence themselves is shown in our comparison of MiCA-regulated exchanges.

Outside the EU, the United States set its own federal rules for payment stablecoins with the GENIUS Act, signed in July 2025. How US supervisors approach backing and redemption is covered in our piece on the Fed rules for stablecoins.

Why is USDT hard to find in the EU?

USDT is not banned. If you own USDT you may hold it and transfer it to your own wallet. But because Tether has no authorisation as an electronic money institution in the EU, regulated platforms may no longer offer USDT to the public here. Many have closed their USDT markets for EU customers or limited them to selling. That has knock-on effects: on many exchanges altcoins only trade against USDT and have no euro pair, as our analysis of euro trading pairs shows.

USDT vs USDC: which is better?

For investors in the EU the authorisation speaks for USDC: Circle is supervised in France as an electronic money institution, holders have a MiCA right to redemption at par, and regulated exchanges may keep offering USDC. USDT on the other hand has the larger supply and is the main trading pair on more exchanges outside the EU. One USDT and one USDC are both meant to be worth one dollar, but they are separate tokens from separate issuers; swapping one for the other is a trade, not a conversion. If you mainly buy, sell and cash out in the EU, USDC or a euro stablecoin is the simpler choice.

What is the safest stablecoin? Five checks

No stablecoin is risk free. These five questions separate solid offerings from shaky ones:

• Issuer and supervision: Is there an authorised company behind the coin, and in which country? For the EU, the ESMA register answers this.
• Redemption: Can you return the token to the issuer for dollars or euros, and on what terms?
• Reserves: What are they made of, where are they held and who audits them? An audit is worth more than a monthly attestation.
• Freeze function: The issuer of a fiat-backed stablecoin can freeze individual addresses. How Tether does this is shown in our guide to the USDT blacklist and to USDT key control.
• Liquidity: A large supply and many trading venues make it easier to sell close to par even in turbulent market conditions.

How to buy stablecoins

You can buy authorised stablecoins such as USDC and EURC on exchanges with a MiCA licence, usually directly with euros by bank transfer or card. Compare fees and available trading pairs in our crypto exchange comparison. Interest on e-money tokens is prohibited under MiCA; anyone promising a yield is usually lending the tokens on and adds a risk of their own. In most countries stablecoins are taxed like other crypto assets, so even swapping USDT for USDC can be a taxable disposal.

Frequently asked questions about stablecoins

What is a stablecoin?

A crypto token whose value is pegged to a fixed reference, usually the US dollar or the euro. An issuer holds reserves for it, or a protocol holds collateral.

What is the largest stablecoin?

Tether's USDT with $184.0bn in circulation on 2 October 2026, ahead of USDC with $74.1bn (DefiLlama).

Is USDC safer than USDT?

For EU users USDC has the stronger legal position: an authorised issuer in France, a right to redemption at par and continued availability on regulated exchanges. USDT has no MiCA authorisation.

Which stablecoins are MiCA compliant?

Among others USDC, EURC, Revolut's EURR, EURCV, USDG, EURe, EURI, EURQ and EURAU, according to the ESMA register as of 30 September 2026.

Is there a euro stablecoin?

Yes, several. The largest is Circle's EURC with about 418.3 million tokens, followed by EURCV from Société Générale-Forge. Revolut launched EURR in 2026.