Stablecoins Explained
In-depth overviews of decentralized stablecoin protocols maintaining dollar pegs through on-chain collateral, algorithmic mechanisms, and hybrid models.
Total Stablecoin Market Cap
$321.3B
+0.83%
USDT Dominance
58.16%
Leading
7-Day Inflow
+$2.65B
+0.83%
1-Day Change
-0.01%
Flat
Top Stablecoins by Market Cap
View all on DeFiLlama| # | Name | Price | Market Cap |
|---|---|---|---|
| 1 | TetherUSDT | $1.00 | $186.89B |
| 2 | USD CoinUSDC | $1.00 | $78.58B |
| 3 | Sky DollarUSDS | $1.00 | $8.43B |
| 4 | Ethena USDeUSDe | $1.00 | $5.82B |
| 5 | DaiDAI | $1.00 | $4.60B |
| 6 | World Liberty USDUSD1 | $1.00 | $4.20B |
| 7 | PayPal USDPYUSD | $1.00 | $4.10B |
| 8 | BlackRock USDBUIDL | $1.00 | $3.04B |
| 9 | Circle USYCUSYC | $1.12 | $2.90B |
| 10 | Global DollarUSDG | $1.00 | $2.17B |
Data sourced from DeFiLlama · Approximate · Updated Apr 2025
In-Depth Stablecoin Research
DAI Stablecoin: An Overview
DAI is a decentralized stablecoin created by MakerDAO, backed by on-chain cryptocurrency collateral through an over-collateralized model that maintains a 1:1 peg to the US dollar.
Frax Stablecoin: An Overview
Frax is a unique hybrid stablecoin combining collateral-backed and algorithmic stabilization mechanisms, offering a scalable and partially algorithmic approach to maintaining its dollar peg.
reUSD: Resupply's Native Overcollateralized Stablecoin
reUSD is Resupply's native overcollateralized stablecoin, pegged to the US dollar and backed by yield-bearing stablecoin collateral in Curve Lend and Frax Lend markets — uniquely sharing earned lending fees with borrowers.
crvUSD: Curve Finance's Native CDP Stablecoin
crvUSD is Curve Finance's native collateralized-debt-position stablecoin, using the novel LLAMMA mechanism to enable soft, continuous liquidations — fundamentally rethinking how overcollateralized stablecoins manage risk.
Tether (USDT): The World's Largest Stablecoin
Tether's USDT is the dominant stablecoin by market cap at $186.9B, operating on over 100 blockchain networks and serving as the primary settlement layer for global crypto trading.
USD Coin (USDC): Circle's Regulated Dollar Stablecoin
USDC is a fully regulated, dollar-backed stablecoin issued by Circle, with $78.6B in circulation across 120+ chains and positioned as the institutional-grade alternative to USDT.
Ethena USDe: The Synthetic Dollar Built on Delta-Neutral Hedging
USDe is Ethena's crypto-native synthetic dollar, achieving price stability through delta-neutral hedging across centralized and decentralized venues — offering holders embedded yield without fiat backing.
Sky Dollar (USDS): MakerDAO's Rebranded Stablecoin
USDS is the successor to DAI, issued by Sky Protocol (formerly MakerDAO), with $8.43B in circulation and a yield-sharing model that pays holders the Sky Savings Rate directly on-chain.
PayPal USD (PYUSD): TradFi's Largest Stablecoin Entry
PYUSD is PayPal's dollar-backed stablecoin, representing the largest stablecoin launch by a traditional payments company with $4.1B in circulation across Ethereum, Solana, and Arbitrum.
BlackRock USD (BUIDL): Institutional RWA Meets Blockchain
BUIDL is BlackRock's tokenized US Treasury fund — the world's largest asset manager's entry into on-chain real-world assets, with $3B in circulation and daily yield paid directly to token holders.
DOLA: Inverse Finance's Decentralized Stablecoin — In-Depth Research
DOLA is Inverse Finance's native decentralized stablecoin, minted exclusively through on-chain lending activity in FiRM markets and managed by a network of governance-controlled Fed contracts that actively defend the $1 peg.
apxUSD: An Overview
apxUSD is an over-collateralized, decentralized stablecoin pegged to the U.S. dollar that forms part of the Apyx Finance ecosystem. Holders can earn native yield by deploying the protocol's collateral across various on- and off-chain strategies while using apxUSD in DeFi.
Neutrl: An Overview
Neutrl is a decentralized finance protocol that issues NUSD, a market-neutral synthetic dollar designed to generate yield through hedged trading strategies. The protocol provides staked token holders with on-chain yield opportunities by employing delta-neutral positioning across various markets.
reUSDe: An Overview
reUSDe is the higher-risk ERC-20 performance token of the Re Protocol, representing the junior capital layer that takes first losses in a reinsurance portfolio. Holders accept underwriting risk in exchange for a claim on surplus profits and value that accrues via a target net asset value.
mEVUSD: An Overview
mEVUSD is a tokenized investment vehicle that tracks a market-neutral strategy denominated in USDC, developed by Everstake, Apollo Crypto, and Midas. Its market value moves with the strategy’s net asset value (NAV) and it is not intended to operate as a conventional stablecoin.
thBILL: An Overview
thBILL is a tokenized financial instrument offering on-chain access to a diversified collection of short-duration, institutional-grade U.S. Treasury bills. Built on the Theo tokenization platform, it delivers regulated exposure with integrated liquidity, cross-chain functionality, and DeFi compatibility.
Monstro DeFi: An Overview
Monstro DeFi represents a decentralized finance ecosystem operating on the Base blockchain, centered around its native $MONSTRO token. The platform emphasizes transparency, long-term sustainability, and community-based governance to unite its user community and facilitate ecosystem expansion.
Sai: An Overview
Sai is a decentralized perpetuals trading platform built on the Nibiru blockchain that merges the execution speed of traditional exchanges with on-chain transparency and user-controlled assets. Launched February 18, 2026, it delivers a hybrid model emphasizing the platform's philosophy of "Trade, Earn, Burn."
Hopeum: An Overview
Hopeum is a comprehensive DeFi application serving Sub-Saharan Africa, merging GameFi elements, small-scale lending, community savings mechanisms, and real-world asset tokenization. The platform generates returns through revenue from tokenized tangible assets and digital gaming activities.
SuiUSDe: An Overview
SuiUSDe is a yield-producing synthetic dollar built on the Sui blockchain through collaboration between the Sui Foundation, SUI Group Holdings, and Ethena Labs. Announced in October 2025, it serves as a foundational asset for Sui's DeFi infrastructure and marks the first Ethena-backed stablecoin deployed outside EVM-compatible networks.
Internet Token: An Overview
Internet Token (INT) is a decentralized lottery system built on the Base network. It functions as a self-contained economic model where lottery prizes and token holder rewards are funded exclusively through trading fees generated by the $INT token.
Buck Token: An Overview
Buck Token (BUCK) is an ERC-20 token operating on Ethereum marketed as a 'SavingsCoin'. Established by Travis VanderZanden, the project seeks to deliver passive income to token holders through an investment-backed yield mechanism without requiring staking or asset lockups.
Yuzu Money: An Overview
Yuzu Money is a decentralized finance platform offering users access to yield-generating strategies through yzUSD, an overcollateralized stablecoin. The protocol combines diverse yield strategies with institutional-level risk management, enabling participants to earn returns on a stable-value asset.
Defi.money: An Overview
Defi.money was a cross-chain stablecoin protocol built on Curve Finance's crvUSD architecture, enabling creation of the MONEY USD-pegged token through collateralized debt positions. The platform shut down in mid-2025 after failing to establish sufficient market adoption.
Metronome Synth USD: An Overview
Metronome Synth USD (msUSD) is a synthetic stablecoin denominated in USD that is minted through the Metronome Synth protocol. It is created when users provide approved cryptocurrency assets as collateral, with issuance controlled by collateral-specific factors and protocol-wide supply limits set by the Metronome DAO.
Sigma Money: An Overview
Sigma Money is a DeFi yield engine operating on the BNB Chain that employs Volatility Tranching to partition assets into a stable, yield-generating component (bnbUSD) and a volatile, leveraged component. This mechanism enables different users to select risk profiles matching their investment preferences.
Origin Dollar: An Overview
Origin Dollar (OUSD), introduced in 2020, is a yield-generating stablecoin operating on the Ethereum network. It maintains a stable value tied to the U.S. dollar while automatically accruing returns in users' wallets.
mStable USD: An Overview
mStable is a decentralized finance protocol operating on Ethereum that seeks to consolidate multiple stablecoins, lending capabilities, and liquidity provision under a unified framework. The protocol's initial product, mUSD, represents a fiat-pegged stablecoin designed to address market fragmentation.
Hylo Leveraged SOL: An Overview
XSOL is a Solana-based token that offers leveraged long exposure to SOL while taking on collateral volatility to help back the hyUSD stablecoin. It functions as one of Hylo protocol's two native tokens on the Solana network.
Hylo USD (hyUSD): An Overview
Hylo USD (hyUSD) is a decentralized stablecoin on Solana maintaining a US dollar peg through overcollateralization with yield-bearing Liquid Staking Tokens. It functions as part of the Hylo protocol's dual-token ecosystem, designed to provide censorship-resistant, on-chain stable value.
Staked YUSD: An Overview
sYUSD is a yield-bearing token representing a holder's stake in the Aegis protocol's staking pool. It automatically accumulates value through a delta-neutral Bitcoin trading strategy, with each token appreciating relative to YUSD over time.
Function FBTC: An Overview
Function FBTC is an omnichain yield-generating asset completely collateralized by Bitcoin at a 1:1 ratio. It allows BTC holders to earn returns through managed yield strategies while maintaining direct Bitcoin backing across multiple blockchain networks.
xUSD: An Overview
xUSD is a yield-bearing stablecoin created by Overnight Finance that maintains a 1:1 peg with USDC. Holders receive passive income through an automated daily rebase mechanism that expands token balances, and the asset operates across multiple blockchains via Chainlink's cross-chain infrastructure.
Pleasing Golden: An Overview
Pleasing Golden is a financial platform that links tangible precious metals with blockchain-based financial systems. It provides tokenized gold (PGOLD), a supporting stablecoin (PUSD), and spot trading capabilities across multiple blockchain networks.
Weekly Stable: An Overview
Weekly Stable is a news and analysis publication issued weekly by This Week in Fintech (TWIF) that covers developments in the stablecoin sector. Written by Chuk Okpalugo, it delivers reporting and commentary on stablecoin-related industry trends.
Money Code: An Overview
Money Code is a weekly podcast hosted by Chuk Okpalugo and Raj Parekh that explores stablecoins and programmable money for developers, investors, and industry leaders. Produced by Stablecon Media and powered by BVNK, the show features conversations with key figures in digital finance.
Avant: An Overview
Avant is a decentralized finance platform operating on the Avalanche blockchain, providing the avUSD stable value token that generates returns through market-neutral blockchain-based investment strategies.
Wrapped Solana: An Overview
Wrapped Solana (wSOL) is an SPL-standard token representation of native SOL that preserves a 1:1 exchange ratio, enabling SOL to function within decentralized finance applications and smart contracts across Solana and other blockchains.
Ether.Fi Liquid ETH: An Overview
Ether.Fi Liquid ETH (LIQUIDETH) is a liquid staking receipt token from the Ether.fi protocol that allows users to earn Ethereum staking rewards while maintaining a tradable asset across decentralized finance applications.
XStocks: An Overview
xStocks are tokenized U.S. equities and ETFs issued on the Solana blockchain by Backed Finance and are backed 1:1 by actual shares held with licensed custodians. They are intended to link traditional securities markets and DeFi, offering global, round-the-clock access and DeFi use.
HyperSui: An Overview
HyperSui is a DeFi protocol built on the Sui blockchain that provides perpetual futures trading with leverage up to 100x, instant token exchanges, and staking capabilities. The platform is currently in pre-launch, with mainnet deployment scheduled for 2026.
GAIB AI Dollar USDC: An Overview
AIDAUSDC is a stablecoin receipt token for USDC deposits in the GAIB AI ecosystem. It generates yield from real-world AI infrastructure financing and U.S. Treasury bills and is issued as part of GAIB's AID Alpha program.
sUSDa: An Overview
sUSDa is a yield-generating token created by Avalon Labs that represents staked positions in USDa, a Bitcoin-collateralized stablecoin. Users obtain sUSDa by depositing USDa and earn passive returns accrued through the Avalon Finance ecosystem.
Reservoir srUSD: An Overview
Reservoir srUSD is a yield-generating stablecoin issued by the Reservoir protocol that enables holders to accumulate interest on their stablecoin balances. Supported by a diversified collection of digital and real-world assets, it functions on the Ethereum network with additional availability on other blockchains.
Kinetiq Staked HYPE: An Overview
kHYPE is a liquid staking token developed by the Kinetiq protocol on the Hyperliquid blockchain. It represents staked HYPE tokens and enables holders to accumulate staking rewards while retaining the ability to engage in other DeFi activities.
Cap: An Overview
Cap is a stablecoin protocol that offers two products: cUSD, a dollar-backed stablecoin, and stcUSD, which generates yield. The protocol functions as a decentralized marketplace utilizing smart contracts and financial incentives to coordinate lending, collateral oversight, and yield creation.
Agora: An Overview
Agora is a crypto startup developing AUSD, a fully collateralized, freely tradeable digital dollar stablecoin, focused on security, transparency, and efficient partner-oriented economics to serve international markets outside the United States.
USX: An Overview
USX is a fully collateralized stablecoin built on the Solana blockchain, maintaining a 1:1 peg with the U.S. dollar. It provides access to institutional-grade, delta-neutral yield generation through its integrated YieldVault mechanism.
Kinetiq Staked HYPE (kHYPE): An Overview
Kinetiq Staked HYPE (kHYPE) is a liquid staking token produced by the Kinetiq protocol operating on the Hyperliquid blockchain. It enables holders to earn staking rewards on their HYPE tokens while maintaining the flexibility to engage in other DeFi activities.
BFUSD: An Overview
BFUSD is a platform-exclusive margin asset from Binance that generates daily USDT rewards for users through investment techniques including delta-hedging operations and Ethereum staking activities.
USD.AI: An Overview
USD.AI is a decentralized finance (DeFi) protocol developed by Permian Labs that issues USDai, a yield-bearing synthetic dollar. The protocol produces yield by originating hardware-backed loans to companies building AI infrastructure and by deploying that capital into DeFi lending venues.
Mantle Restaked Ether (cmETH): An Overview
cmETH is a yield-generating receipt token representing mETH that has been restaked across multiple platforms including EigenLayer, Symbiotic, and Karak, providing users with exposure to restaking opportunities.
clBTC: An Overview
clBTC serves as a bridge connecting Bitcoin to decentralized finance opportunities, enabling yield generation through both custodial methods and blockchain-based tactics, boosting asset utility and protective measures.
OUSG: An Overview
OUSG is a tokenized U.S. Treasury bill product created by Ondo Finance that enables investors to obtain exposure to short-term government securities via blockchain. It integrates with the Ondo Finance ecosystem to deliver consistent yield opportunities through digital tokens.
Jupiter Perpetuals Liquidity Provider Token: An Overview
JLP is a liquidity provider token for Jupiter Perpetuals that represents ownership in a diversified pool of digital assets including SOL, ETH, WBTC, USDC, and USDT.
ETHPlus: An Overview
ETHPlus (ETH+) is a reward-generating basket of Ethereum liquid staking tokens constructed on the Reserve Protocol, designed to deliver diversified yield from staked ETH. It combines exposure to multiple LSTs while employing over-collateralized protection mechanisms via RSR stakers.
Drift Staked SOL (dSOL): An Overview
Drift Staked SOL (dSOL) is a liquid staking derivative on Solana that enables users to earn network staking rewards while retaining the ability to deploy their capital across other DeFi applications. The token represents a user's staked SOL position and automatically increases in value as underlying rewards accumulate.
BENQI Liquid Staked AVAX (sAVAX): An Overview
BENQI Liquid Staked AVAX is a DeFi solution on Avalanche that enables users to stake AVAX in exchange for sAVAX, a liquid derivative token that generates staking rewards while remaining usable across DeFi applications, addressing the liquidity constraints of conventional staking.
aBTC: An Overview
aBTC is a cross-chain liquid Bitcoin token created by Echo Protocol on the Aptos blockchain, maintaining a 1:1 backing with BTC assets.
MAIV: An Overview
MAIV is a regulated European platform that merges decentralized and traditional finance, granting institutional-quality investment access to a broader audience through blockchain-based real-world asset opportunities.
Decentralized Stablecoin Comparison
| Stablecoin | Type | Collateral | Governance | Market Cap | Decentralized |
|---|---|---|---|---|---|
| DAI | Over-collateralized | ETH, USDC, others | MKR | $4.60B | Yes |
| FRAX | Fractional-algorithmic | USDC + Algorithmic | FXS | ~$0.7B | Yes |
| reUSD | Overcollateralized | crvUSD, frxUSD | RSUP | $36.6M | Yes |
| USDT | Fiat-backed | USD reserves | Tether Ltd. | $186.89B | No |
| USDC | Fiat-backed | USD reserves | Circle | $78.58B | No |