Largest Stablecoins 2026: Top 10 by Market Cap Compared

The largest stablecoins hold most of the liquidity in crypto markets, and the ranking has changed a lot since 2023. BUSD has been winding down, TUSD and FRAX have fallen out of the top tier, and newer coins from Sky, Ethena, World Liberty Financial, Paxos, PayPal and Ripple have taken their places.

Total USD-pegged stablecoin supply was about $311.4B on September 28, 2026 (DefiLlama). This guide ranks the 10 largest stablecoins by market cap using DefiLlama data from that date and explains how each one works.

Key Takeaways

• USDT and USDC together account for about $258.9B, more than four fifths of USD stablecoin supply (DefiLlama).
• Most large stablecoins are fiat-backed, holding cash, bank deposits and short-term US Treasuries.
• USDS, USDe, DAI and USDD are crypto-backed, so their risks come from collateral and smart contracts, not bank reserves.
• Newer entrants USD1, USDG, PYUSD and RLUSD each sit between about $2.5B and $4.5B (DefiLlama).
• Market cap tells you about liquidity, not safety. Check reserves, redemption rights and regulation before you choose.

How We Ranked the Largest Stablecoins

We used circulating supply for USD-pegged stablecoins on DefiLlama on September 28, 2026. Tokenized money market and Treasury funds such as Circle USYC, BlackRock BUIDL and Ondo USDY appear in some stablecoin dashboards, but they are investment fund shares with eligibility rules, so we left them out of the top 10.

For a primer on the main designs, see our guides to crypto-collateralized stablecoins and algorithmic stablecoins.

1. USDT (Tether)

Market cap: about $183.7B on September 28, 2026 (DefiLlama).

USDT is issued by Tether. Tether says all its tokens are backed 100% by its reserves and publishes circulation data and reserve reports on its transparency page (Tether).

Backing: Fiat-backed. Reserves are mostly US Treasuries and cash equivalents, with some other assets disclosed in Tether’s reports.

Where it fits: USDT is the deepest trading pair on most exchanges and is widely used on Tron for low-cost transfers. See how to generate yield with USDT.

2. USDC (USD Coin)

Market cap: about $75.2B on September 28, 2026 (DefiLlama).

USDC is issued by Circle, which describes it as a regulated, fully reserved digital dollar redeemable 1:1 for US dollars (Circle).

Backing: Fiat-backed by highly liquid cash and cash-equivalent assets.

Where it fits: USDC is popular with institutions, payment companies and DeFi. For merchants, see how to integrate USDC into an e-commerce platform.

3. USDS (Sky Dollar)

Market cap: about $6.66B on September 28, 2026 (DefiLlama).

USDS is the stablecoin of the Sky ecosystem, the rebrand of MakerDAO. Holders can deposit it into sUSDS to earn the Sky savings rate (Sky).

Backing: Crypto-backed through Sky’s collateral system, which also holds tokenized real-world assets.

Where it fits: USDS is used across Ethereum DeFi, and sUSDS is a common base-rate savings option.

4. USDe (Ethena)

Market cap: about $4.95B on September 28, 2026 (DefiLlama).

USDe is issued by Ethena, which describes itself as a synthetic dollar protocol. Staked USDe, called sUSDe, passes protocol revenue to holders (Ethena).

Backing: Crypto collateral hedged with short perpetual futures positions, plus stablecoin reserves. Returns depend on funding rates.

Where it fits: USDe and sUSDe are widely used as DeFi collateral. Its risks differ from bank-backed coins, so size positions carefully.

5. DAI

Market cap: about $4.82B on September 28, 2026 (DefiLlama).

DAI is the original MakerDAO stablecoin. It still circulates alongside USDS, and holders can upgrade DAI to USDS through Sky (Sky).

Backing: Crypto-backed and overcollateralized, with part of the collateral in tokenized real-world assets.

Where it fits: DAI remains a common pair in older DeFi integrations on Ethereum and other chains.

6. USD1 (World Liberty Financial)

Market cap: about $4.43B on September 28, 2026 (DefiLlama).

USD1 is issued by World Liberty Financial, which says it is 100% backed by US cash, government money market funds and cash equivalents (World Liberty Financial).

Backing: Fiat-backed, with monthly attestation reports published by the issuer.

Where it fits: USD1 is most active on BNB Chain and Ethereum. See our USD1 yield guide.

7. USDG (Global Dollar)

Market cap: about $3.17B on September 28, 2026 (DefiLlama).

USDG is issued by Paxos and backs the Global Dollar Network, a consortium of exchanges and fintechs that share its reserve income (Paxos).

Backing: Fiat-backed. Paxos markets USDG as compliant with MiCA in the EU.

Where it fits: USDG is growing on exchanges and chains such as X Layer, Robinhood Chain, Solana and Ethereum.

8. PYUSD (PayPal USD)

Market cap: about $2.71B on September 28, 2026 (DefiLlama).

PYUSD is PayPal’s stablecoin. PayPal says it is issued by Paxos Trust Company, which publishes monthly reserve reports and attestations (PayPal).

Backing: Fiat-backed by US dollar deposits, Treasuries and cash equivalents.

Where it fits: PYUSD suits users already inside the PayPal and Venmo ecosystem, and it runs on Ethereum, Solana, Arbitrum and other chains.

9. RLUSD (Ripple USD)

Market cap: about $2.49B on September 28, 2026 (DefiLlama).

RLUSD is Ripple’s stablecoin. Ripple says it is issued one-to-one against reserves and has approval from the New York Department of Financial Services (Ripple).

Backing: Fiat-backed by US dollar deposits, US Treasuries and cash equivalents.

Where it fits: RLUSD runs on Ethereum and the XRP Ledger and targets institutional payments and settlement.

10. USDD

Market cap: about $1.51B on September 28, 2026 (DefiLlama).

USDD is a stablecoin from the Tron ecosystem (USDD).

Backing: Crypto-backed and overcollateralized, according to DefiLlama’s classification.

Where it fits: USDD is used mainly on Tron. Its supply is far smaller than USDT on the same chain, which limits liquidity.

Largest Stablecoins Compared

Chain lists show where each coin has the most supply, based on DefiLlama.

What Happened to BUSD, TUSD and FRAX?

Paxos no longer mints new BUSD but still lets customers redeem it for US dollars or convert it to USDP (Paxos). TrueUSD and FRAX lost their places in the top tier as newer coins grew, which is why earlier rankings that listed them are out of date.

How to Choose Among the Largest Stablecoins

• Reserves and attestations: Fiat-backed issuers should publish regular reserve reports. Read them rather than relying on marketing claims.
• Redemption: Check who can redeem directly with the issuer and on what terms. Most retail users exit through exchanges instead.
• Regulation: In the US the GENIUS Act created a federal framework for payment stablecoins (GovInfo). In the EU, MiCA rules affect which coins exchanges can list. Our stablecoin compliance guide covers the details.
• Chain and liquidity: Pick a coin with deep liquidity on the chain you actually use, or you will pay more in spreads and bridging.
• Design risk: Crypto-backed and synthetic coins can offer yield, but they carry collateral, liquidation and smart contract risks that bank-backed coins do not.

Risks to Keep in Mind

Even the largest stablecoins can briefly trade away from one dollar during market stress or banking problems. Issuer freezes, sanctions screening and chain outages can also affect access to funds. Spreading holdings across more than one issuer and chain reduces the damage if any single coin runs into trouble.

Conclusion

USDT and USDC still dominate the stablecoin market, but the rest of the top 10 has been reshaped by Sky, Ethena and a new wave of fiat-backed coins from World Liberty Financial, Paxos, PayPal and Ripple. Use market cap as a guide to liquidity, then check reserves, redemption and regulation before you commit funds.

FAQs

1. What is the largest stablecoin?

USDT is the largest stablecoin, with about $183.7B in circulation on September 28, 2026 (DefiLlama).

2. Is USDC safer than USDT?

Both are fiat-backed. Circle describes USDC as regulated and fully reserved in cash and cash equivalents, while Tether publishes its own reserve reports. Many institutions prefer USDC for its disclosures, but neither is risk-free.

3. Are yield-bearing stablecoins in the top 10?

USDe is in the top 10 and can be staked as sUSDe for yield. USDS can be deposited into sUSDS. Tokenized Treasury funds pay yield too, but we excluded them because they are fund shares.

4. How often does this ranking change?

Supply changes daily. Check DefiLlama for live figures, since coins near the bottom of the top 10 can swap places within weeks.