The most popular stablecoins are primarily those pegged to the US Dollar, and their popAs of July 2025, the top stablecoins are:
* Tether (USDT):
* Market Cap: By far the largest, consistently over $150 billion.
* Volume: Experiences immense daily trading volume, often exceeding $100 billion, making it the most used stablecoin for trading and settlement in the crypto ecosystem.
* Type: Fiat-collateralized, primarily backed by US dollar reserves and other liquid assets.
* Key Features: First-mover advantage, widespread adoption across numerous blockchains and exchanges. Despite past controversies regarding its reserve transparency, it remains dominant.
* USD Coin (USDC):
* Market Cap: Second largest, typically in the range of $60-65 billion.
* Volume: Significant daily trading volume, though less than USDT.
* Type: Fiat-collateralized, issued by Circle (with Coinbase as a co-founder of the Centre consortium). Backed 1:1 by US dollars and highly liquid assets.
* Key Features: Strong emphasis on regulatory compliance and transparency, with monthly attestations of reserves by a Big Four accounting firm. It has focused on integration into traditional financial systems.
* Dai (DAI):
* Market Cap: Ranks third, generally in the range of $3-5 billion.
* Type: Crypto-collateralized, backed by a basket of other cryptocurrencies (primarily Ethereum) in an over-collateralized manner.
* Key Features: Decentralized and governed by the MakerDAO community, offering a more censorship-resistant alternative to centralized stablecoins.
* Ethena USDe (USDe):
* Market Cap: Has seen rapid growth, currently in the $5 billion range.
* Type: Synthetically backed stablecoin, deriving its stability from delta-hedging strategies using Ether (ETH) and ETH liquid staking tokens.
* Key Features: A relatively newer player, offering a different approach to stability compared to traditional fiat-backed models.
* First Digital USD (FDUSD):
* Market Cap: Emerging stablecoin, typically around $1.4 - $1.8 billion.
