A summary of stablecoins with a market capitalization (MC) exceeding $100 million, divided into centralized and decentralized categories, with the decentralized category further subdivided into over-collateralized, delta-neutral, collateralized, and algorithmic + collateralized categories.

The total market capitalization of centralized stablecoins is significantly higher than that of decentralized ones.

USDT ($155 billion) and USDC ($61 billion) dominate, together controlling a large portion of the centralized stablecoin market (about 85%).

Other centralized stablecoins (such as USD1, FDUSD, PYUSD, etc.) have market capitalizations ranging from $100 million to $2.2 billion, indicating that small and medium-sized projects are also trying to enter the market. PayPal's PYUSD ($1 billion) suggests that traditional financial giants are beginning to venture into the stablecoin space.

Over-collateralized: Represented by USDS + DAI ($7.1 billion + $3.7 billion), this category relies on over-collateralized crypto assets (such as ETH) to maintain stability, with a relatively balanced market capitalization distribution.

Delta-neutral: USDe ($5.6 billion) leads this category, which achieves price stability through hedging strategies (such as perpetual futures) and has high capital efficiency.

The total market capitalization of centralized stablecoins far exceeds that of decentralized ones, reflecting the current market's preference for stable solutions backed by institutions.

The diverse mechanisms of decentralized stablecoins, such as delta-neutral and algorithmic stability, demonstrate the potential for technological innovation.