Stablecoin supply
Aggregate stablecoin supply is the closest thing crypto has to a money-supply figure. It grows when dollars enter the system and shrinks when they leave.
| Stablecoin | Circulating | 7d change | Price | Backing | Chains |
|---|---|---|---|---|---|
| USDT Tether | $184.08B | +0.10% | $0.9993 | fiat backed | 130 |
| USDC USD Coin | $73.22B | -1.09% | $0.9996 | fiat backed | 157 |
| USDS Sky Dollar | $7.03B | +5.04% | $0.9996 | crypto backed | 7 |
| USDe Ethena USDe | $4.81B | -1.92% | $0.9993 | crypto backed | 31 |
| DAI Dai | $4.76B | -0.40% | $0.9999 | crypto backed | 49 |
| USD1 World Liberty Financial USD | $4.31B | -2.83% | $0.9992 | fiat backed | 8 |
| USDG Global Dollar | $3.05B | -1.32% | $0.9999 | fiat backed | 6 |
| PYUSD PayPal USD | $2.88B | +1.06% | $0.9997 | fiat backed | 19 |
| RLUSD Ripple USD | $2.48B | -1.36% | $1.0001 | fiat backed | 2 |
| USYC Circle USYC | $2.4B | -0.11% | $1.1396 | fiat backed | 2 |
| USDY Ondo US Dollar Yield | $2.31B | +5.36% | $1.1471 | fiat backed | 17 |
| BUIDL BlackRock USD | $2.2B | -2.05% | $1.0000 | fiat backed | 8 |
| USDf Falcon USD | $1.65B | +26.36% | $0.9947 | crypto backed | 2 |
| USDD USDD | $1.6B | +5.01% | $0.9976 | crypto backed | 4 |
| U United Stables | $1.54B | +3.07% | $0.9996 | crypto backed | 4 |
| USDGO USDGO | $1.3B | +9.42% | $0.9999 | fiat backed | 3 |
| OUSD Open USD | $787.17M | +18.12% | $0.9969 | fiat backed | 4 |
| GHO GHO | $698.23M | 0.00% | $0.9989 | crypto backed | 2 |
| USD0 Usual USD | $542.01M | -0.68% | $0.9982 | fiat backed | 2 |
| USDTB Ethena USDtb | $499.24M | -6.38% | $0.9992 | fiat backed | 2 |
| pUSD Polymarket USD | $495.99M | -0.69% | $0.9996 | crypto backed | 1 |
| YLDS YLDS | $494.93M | -4.36% | $1.0000 | fiat backed | 3 |
| rwaUSDi Multipli rwaUSDi | $487.3M | 0.00% | $0.9997 | crypto backed | 7 |
| TUSD TrueUSD | $483.91M | 0.00% | $0.9988 | fiat backed | 10 |
| USDN Neutrino USD | $408.89M | -0.00% | — | algorithmic | 4 |
| USDai USD.AI | $344.53M | +0.24% | $0.9997 | crypto backed | 3 |
| SOFID SoFiUSD | $336.16M | +1.69% | $0.9993 | fiat backed | 5 |
| FDUSD First Digital USD | $324.09M | -0.03% | $0.9973 | fiat backed | 6 |
| GUSD Gate USD | $319.29M | 0.00% | $0.9978 | fiat backed | 1 |
| apxUSD apxUSD | $308.49M | -0.83% | $0.9885 | crypto backed | 3 |
What the three backing models mean
fiat backed
Backed by dollars and short-dated government debt held by an issuer.
crypto
Over-collateralised by crypto locked in smart contracts.
algorithmic
Maintained by a mechanism rather than by reserves — historically the fragile category.
Why supply matters more than price
A stablecoin trading at $1.00 tells you almost nothing — that is its job. The informative number is how much of it exists. Supply grows when someone wires dollars to an issuer and receives tokens, which is dry powder arriving on exchanges. Supply shrinks on redemption, which is capital leaving the ecosystem entirely. Sustained growth in aggregate supply has historically preceded periods of rising prices, though as a coincident measure of flows rather than as a predictor.
Where the risk actually sits
- Issuer risk. A fiat-backed stablecoin is an IOU. It is worth a dollar as long as the issuer can and will redeem it.
- Reserve composition. Treasuries are not the same as commercial paper or loans to affiliates. Read the attestation, not the headline.
- Banking access. USDC briefly lost its peg in March 2023 because reserves sat in a bank that failed. The reserves were real; the access was not.
- Algorithmic designs. Terra's UST was the largest of these and went to zero in days, taking about $40bn with it. Treat any yield-bearing “stable” asset as a credit product.
Source: DefiLlama stablecoin data, refreshed at build time.