Crypto can be a wild ride. If you've ever traded cryptocurrency before, you've likely experienced prices that seem to swing up and down like a rollercoaster. Sometimes, you just need a safer place to park your funds. That’s where stablecoin
By Corey Barchat
Published on Aug 5, 2025
Last modified on Oct 23, 2025
Crypto can be a wild ride. If you've ever traded cryptocurrency before, you've likely experienced prices that seem to swing up and down like a rollercoaster. Sometimes, you just need a safer place to park your funds. That's where stablecoins come in.
Stablecoins are cryptocurrencies built to hold a fixed value, almost always one US dollar. They are the asset people use to park money between trades, send dollars across borders, pay suppliers and hold savings in countries where the local currency is unreliable. As of August 13, 2026 the stablecoins tracked by DefiLlama were worth about $308 billion in total, up 14% in a year and a few percent below the record set in May. Two coins, Tether's USDT and Circle's USDC, make up roughly 82% of that.
Whether you're looking to trade without cashing out to fiat, send money across borders instantly, or use DeFi for lending and staking, stablecoins make it all possible. They're fast, cheap to use, and always available when you need a break from market chaos.
But which are the most important stablecoins to know?
There are several hundred stablecoins in circulation, and DefiLlama tracked 382 in June 2026, but a couple of dozen account for nearly all the money. This guide explains what makes stablecoins unique and the various types available, then lists 31 stablecoins you are likely to meet, with the issuer, what backs each one, where it runs and how it is regulated, so you can tell them apart before you hold one.
Stablecoins are a type of cryptocurrency that attempt to maintain a steady value by being pegged to an external asset, such as the US dollar, euros, or gold. They're intended to offer a safe harbor in the often-volatile crypto market, designed to combine the stability of traditional currencies with the advantages of cryptocurrencies.
Think of stablecoins as the bridge between the unpredictable world of digital currencies and the reliability of traditional finance. They're here to help you move money, add to your portfolio (or keep it stable), all without ever leaving the blockchain.
Not all stablecoins are created equal. To maintain a stable value, issuers can use different mechanisms, with a variety of backing assets. Here's a breakdown of the four main types:
Fiat-backed stablecoins have 1:1 backing by fiat currencies like USD, EUR, or GBP. For every unit of the stablecoin, an equivalent amount of fiat (or its equivalent, usually short-dated government debt) is held in reserve by the issuing company. This is by far the largest category: the two biggest stablecoins, USDT and USDC, are both fiat-backed.
Instead of fiat, cryptocurrency-backed stablecoins are backed by cryptocurrencies such as Ethereum or Bitcoin. They're often overcollateralized to account for cryptocurrency price volatility.
Algorithmic stablecoins use algorithms and smart contracts to control supply and demand, attempting to maintain a stable value without relying on collateral. Since the collapse of Terra's UST in 2022, pure algorithmic designs have mostly disappeared. Their place has been taken by synthetic dollars such as Ethena's USDe, which hold crypto collateral and hedge its price with derivatives rather than relying on a supply algorithm alone.
Commodity-backed stablecoins are pegged to tangible commodities like gold, silver, and oil, offering a more classic hedge against inflation and market uncertainty. In practice, gold is the only commodity with stablecoins of any size.
The 31 stablecoins below are grouped by what backs them: dollar coins backed by cash and Treasuries, euro coins, coins backed by crypto collateral, synthetic and hybrid designs, and gold coins. Each entry opens with the issuer, backing, launch year, main chains and regulatory status, so you can compare coins without reading every description.
Chains named are the primary ones; most fiat-backed coins run on more. MoonPay sells USDT, USDC, DAI, USD1, RLUSD and PYUSD in most supported countries.
Tether has issued USDT since 2014 under a license in El Salvador. Its reserves are US Treasuries, cash and a mix of other assets, with daily reserve reports and quarterly attestations. It runs on Tron, Ethereum, Solana and many other chains. USDT is not authorized under MiCA, and Tether is pursuing US registration as a foreign issuer under the GENIUS Act.
Tether (USDT), the first stablecoin, remains the most widely used in the crypto space by trading volume and holds roughly 59% of the stablecoin market by value. Pegged to the US dollar, it's commonly used to provide liquidity for trades and DeFi activities, while acting as a more stable store of value than traditional cryptocurrencies. Its widespread adoption across crypto exchanges and wallets makes it a cornerstone of the cryptocurrency market. While Tether has faced scrutiny over the years concerning its reserve transparency, it remains a popular choice for many traders and investors due to its accessibility and reliability. You can buy USDT with MoonPay.
Europe's MiCA (Markets in Crypto-Assets) framework sets strict compliance standards for stablecoins. USDC and EURC are authorized under MiCA, while USDT is not, and most EU exchanges delisted USDT for European customers in early 2025. EU platforms are increasingly prioritizing MiCA-compliant stablecoins as a result.
Circle (NYSE: CRCL) has issued USDC since 2018. It is backed by cash and short-dated Treasuries, most of it in a BlackRock-managed government money market fund, with monthly Deloitte attestations. Circle issues it natively on more than 20 chains including Ethereum, Solana, Base, Arbitrum and Polygon. It is MiCA authorized, regulated by the New York Department of Financial Services, and positioned for permitted-issuer status under the GENIUS Act.
USD Coin (USDC) was initially issued by Circle and Coinbase under the Centre Consortium (now just Circle). USDC stands out for its emphasis on transparency and regulatory compliance. Backed 1:1 by US dollars and Treasuries held in reserves attested monthly, USDC has become one of the top choices for businesses and DeFi platforms and is the second-largest stablecoin, with roughly 23% of the market. Its strong presence in both traditional and decentralized finance makes it one of the most versatile stablecoins around. Read more in our guide to what USDC is, or buy USDC with MoonPay.
USD1 launched in 2025 from World Liberty Financial, with BitGo holding the reserves, and is backed by short-term Treasuries, dollar deposits and cash equivalents. It runs on Ethereum and BNB Chain, with other networks added since. It is aiming for GENIUS Act compliance.
USD1 (World Liberty Financial USD) is a fiat-backed digital asset designed to maintain a stable value relative to the US dollar. The stablecoin was launched in March 2025 by World Liberty Financial Inc. (WLFI), aiming to provide transparency and efficient transfers for enterprises and individuals, and it reached the top ten stablecoins by supply within months of launch.
Paxos Trust has issued PYUSD for PayPal since 2023. Treasuries, cash and cash equivalents back it, the New York Department of Financial Services regulates it, and it runs on Ethereum and Solana, with more networks added since.
PayPal USD (PYUSD) marks PayPal's entry into the stablecoin market, with its token built on top of the company's massive global payments network. Fully backed by USD reserves (and cash equivalents), PYUSD aims to bridge the gap between traditional finance and blockchain-based payments. It's designed for both retail and institutional use, with applications in remittances, e-commerce, and Web3 integrations. PYUSD's backing by an established fintech giant such as PayPal has helped to bring trust and mainstream credibility to a market that has at times been anything but stable.
Ripple launched RLUSD in December 2024 with cash, dollar deposits and short-term Treasuries behind it. It runs on the XRP Ledger and Ethereum under New York Department of Financial Services regulation.
Ripple USD (RLUSD) is Ripple's fiat-backed stablecoin, built on its issuer's blockchain payment network to enable low-cost and fast transfers globally. Like the XRP token on the XRP Ledger, RLUSD is optimized for easy cross-border transactions, and is particularly suited for financial institutions looking to improve remittance services while maintaining regulatory compliance.
USAT launched on January 27, 2026. Anchorage Digital Bank, a federally chartered bank supervised by the OCC, issues it in partnership with Tether, with Treasury bills custodied by Cantor Fitzgerald. It runs on Ethereum and was built for the GENIUS Act from the start.
USAT is a US-only dollar stablecoin and a separate token from USDT, with separate reserves. It is Tether's answer to the question of what happens to USDT on US platforms after the GENIUS Act's July 2028 cutoff for non-permitted issuers: US users get a coin issued by a US bank, while USDT continues to serve the rest of the world.
FDUSD comes from First Digital in Hong Kong. It launched in 2023, is backed by cash and Treasuries under a Hong Kong trust structure, and runs on Ethereum and BNB Chain.
First Digital USD (FDUSD) was developed with an emphasis on transparency and compliance. It is backed by USD held in reserves and attested monthly by an independent accountant. FDUSD targets businesses and individuals looking for a reliable, blockchain-based alternative for payments, remittances, and savings.
Paxos Digital Singapore issues USDG under Singapore's MAS framework. It launched in November 2024, is distributed through the Global Dollar Network partners, and runs on Ethereum and Solana.
Global Dollar (USDG) is designed to share the economics of the stablecoin with the companies that distribute it, which is why a group of exchanges, wallets and fintechs promote it as an alternative to USDT and USDC. Its reserves are cash and short-dated US Treasuries held under Singapore's rules for single-currency stablecoins.
TUSD, issued by Techteryx since 2018, is backed by cash and cash equivalents with attestations. It runs on Ethereum and Tron and sits outside US and EU regulation.
TrueUSD (TUSD) is a stablecoin that was created by TrustToken and is now managed by Techteryx. TUSD is backed by USD reserve assets held in third-party accounts and verified through attestations, and it was one of the first stablecoins to publish live reserve data. Its use extends across exchanges, lending platforms, and payment systems, though its market share has fallen well behind the largest coins.
Paxos Trust has issued USDP since 2018. It holds cash and Treasuries, runs on Ethereum, and is regulated by the New York Department of Financial Services.
Previously known as Paxos Standard, Pax Dollar (USDP) is issued by Paxos Trust Company (the same issuer as Pax Gold and PayPal USD). It's fully backed by USD held in FDIC-insured banks and short-term US Treasury bills. As one of the first regulated stablecoins, USDP is used by institutional and retail users alike, with applications in payments, DeFi, and cross-border transactions.
Gemini has issued GUSD since 2018. It holds cash and Treasuries, runs on Ethereum, and is regulated by the New York Department of Financial Services.
Issued by the Gemini Trust Company and the Gemini exchange, Gemini Dollar (GUSD) is a dollar-backed stablecoin that emphasizes regulatory compliance and security. It is one of the first regulated stablecoins, with its reserves examined monthly by an independent accounting firm. GUSD is used primarily within the Gemini exchange but also appears in decentralized applications (dApps) for purposes like lending and staking.
AUSD comes from Agora, launched in 2024, with cash and Treasuries held in VanEck-managed reserves. It runs on Ethereum, Sui and Avalanche, among others, and the issuer is offshore.
Agora Dollar (AUSD) is aimed at businesses and platforms that want to issue or embed a dollar stablecoin without building their own, and it has grown mainly through those partnerships rather than retail trading.
EURC is Circle's euro stablecoin, launched in 2022 and backed by euro cash and short-dated euro instruments. It runs on Ethereum, Solana, Base and Avalanche, is MiCA authorized, and is the largest euro stablecoin.
EURC grew after MiCA authorization made it one of the few euro stablecoins EU exchanges can list without restriction, and it is the euro leg of most euro-to-dollar stablecoin trading pairs.
STASIS has issued EURS since 2018. It is backed by euro reserves with attestations and runs on Ethereum and several other chains.
STASIS EURO (EURS) is a euro-backed stablecoin designed to bring the price stability of the euro to blockchain transactions. It's used for trading in European markets and by businesses seeking a hedge against the volatility of cryptocurrencies and USD-based assets. Its connection to the euro makes it a viable alternative to traditional money transfers for cross-border transactions in the EU.
DAI is governed by Sky (formerly MakerDAO). Multi-collateral since 2019, it is overcollateralized with crypto and real-world assets and runs on Ethereum and most EVM chains. It has no issuer license and is governed through Sky's decentralized process.
Dai (DAI) is a decentralized stablecoin governed by MakerDAO, now rebranded as Sky, a decentralized autonomous organization (DAO). Unlike fiat-backed stablecoins, DAI is backed by a mix of cryptocurrencies and tokenized real-world assets, in an effort to remain resistant to centralization and censorship. Its system adjusts collateral requirements to maintain its peg to the USD at a 1:1 ratio. Dai is a cornerstone of the DeFi ecosystem, powering lending, borrowing, and yield farming applications in the Sky ecosystem and beyond. You can buy DAI with MoonPay.
USDS is the upgraded version of DAI from Sky, launched in 2024 and backed by crypto collateral and tokenized Treasuries, on Ethereum, Base and Solana. Like DAI, it has no issuer license and is governed through Sky's decentralized process.
USDS can be swapped 1:1 with DAI and is the token Sky promotes going forward. Its yield-bearing version, sUSDS, earns the Sky Savings Rate, which comes from the protocol's lending and Treasury income rather than from a bank.
GHO is Aave DAO's overcollateralized dollar, launched in 2023 on Ethereum and since expanded to Arbitrum and Base.
GHO is minted by borrowers who lock collateral in the Aave lending protocol, and the interest they pay goes to the Aave DAO treasury. It is mostly used inside Aave and the DeFi protocols connected to it.
crvUSD is Curve's dollar, launched in 2023 on Ethereum, with automated soft liquidation built in.
Instead of liquidating a borrower's collateral all at once when prices fall, crvUSD's lending mechanism gradually converts collateral into crvUSD and back as the price moves, which is designed to limit losses during sharp drops.
Liquity issued LUSD in 2021. It is backed exclusively by ETH, runs on Ethereum, and is governed by immutable contracts with no admin keys.
Liquity USD (LUSD) is issued through the Liquity protocol, a decentralized lending platform. It is backed exclusively by Ethereum and maintains a high collateralization ratio to support stability. Unlike traditional stablecoins, LUSD doesn't rely on centralized entities, making it a preferred option among some DeFi purists.
BOLD is Liquity's 2025 dollar on Ethereum, backed by ETH and liquid-staked ETH only and run by immutable contracts.
BOLD is the successor to LUSD from the same protocol. Borrowers set their own interest rates, and that interest is paid to BOLD holders who deposit into the protocol's stability pools, which is where its yield comes from.
USDD, from the Tron DAO Reserve since 2022, is crypto-collateralized on Tron and Ethereum. It is decentralized in name, with the reserve managed by a Tron entity.
USDD 2.0, launched in 2025, is overcollateralized; the original 2022 version started with a mechanism similar to Terra's UST before adding collateral. It is used mainly within the Tron ecosystem.
Synthetix has issued sUSD since 2018. It is backed by overcollateralized crypto, mainly the SNX token, and runs on Ethereum and Optimism.
sUSD is a synthetic stablecoin created on the Synthetix platform. It is pegged to the US dollar and backed by overcollateralized cryptocurrency assets. Designed for use in the Synthetix ecosystem, sUSD allows users to trade synthetic assets like commodities and stocks without relying on traditional financial systems. It traded well below one dollar for a stretch of 2025 while Synthetix reworked its collateral system.
USDX is created by the Kava blockchain, launched in 2020 and backed by a variety of crypto assets locked in Kava's lending protocol.
USDX supports lending and borrowing in the Kava ecosystem, enabling users to lock their crypto as collateral and mint USDX for use in other applications. It is a small stablecoin by market value and mostly stays within Kava.
cUSD launched in 2020 on the Celo blockchain and is backed by a diversified crypto reserve managed by the Mento protocol.
Built on the Celo blockchain, Celo Dollar (cUSD) is optimized for mobile-first transactions and aims to promote financial inclusion globally. By building on Celo's lightweight blockchain, cUSD provides fast and low-cost transactions, making it an option for remittances and microtransactions in developing countries.
Origin Protocol launched OUSD in 2020 on Ethereum. It is backed by other stablecoins deployed in DeFi lending protocols.
Origin Dollar (OUSD) is a yield-generating stablecoin backed by other stablecoins such as USDT, USDC, and DAI. The perk of OUSD is that it allows holders to earn passive income by automatically accruing interest through DeFi lending protocols. However, it suffered a major de-peg in November 2020 after an exploit, falling to as low as $0.1455 per token instead of its $1 target.
USDe is Ethena's synthetic dollar, launched in 2024 on Ethereum. It is not fiat-backed: it holds staked ETH, Bitcoin and other collateral hedged with short futures positions, and its yield-bearing version is sUSDe. It is unregulated.
Ethena USDe (USDe) combines crypto collateral with a derivatives hedge that keeps the value of the collateral flat in dollar terms. The yield paid to sUSDe holders comes from staking rewards and the funding rate on those hedges, both of which move with the market. USDe became the largest synthetic dollar and one of the largest stablecoins overall, but it should be judged as a trading strategy wrapped in a token rather than as a bank deposit.
USDtb, from Ethena with Securitize, launched in 2024 on Ethereum and is backed mainly by BlackRock's BUIDL tokenized Treasury fund. It is aimed at institutions.
USDtb gives Ethena a fully collateralized dollar alongside USDe, and Ethena can move collateral into it when the derivatives markets that back USDe become unfavorable.
Frax launched FRAX in 2020 as a partly algorithmic dollar and moved to full collateralization after the Terra collapse. Its current dollar, frxUSD, launched in 2025 on Ethereum and Fraxtal, backed by Treasuries through tokenized funds, with decentralized governance over centralized backing.
Frax (FRAX) originally combined partial collateralization with algorithmic mechanisms to maintain its peg to the USD, though it reduced its algorithmic backing after the Terra collapse and later removed it. Frax remains a popular stablecoin option in DeFi ecosystems for lending, borrowing, and liquidity provision.
Ampleforth launched AMPL in 2019 on Ethereum. It has no collateral; instead, its supply expands and contracts daily to target the purchasing power of a 2019 dollar.
Ampleforth (AMPL) uses an elastic supply mechanism to maintain stable purchasing power rather than a fixed peg to the USD. Its supply adjusts daily based on demand, in an attempt to ensure that each AMPL token represents the same value over time. This makes AMPL a tool for hedging against inflation and market volatility, though its price can be volatile itself, which is why some people do not count it as a stablecoin at all.
Paxos Trust launched PAXG in 2019. Each token represents one troy ounce of gold held in London vaults, it runs on Ethereum, and it is regulated by the New York Department of Financial Services.
Pax Gold (PAXG) is a stablecoin backed by physical gold stored in LBMA vaults in London. Issued by Paxos, each PAXG token represents one troy ounce of gold, combining a long-established asset with the flexibility of blockchain technology. It's a common choice for investors seeking exposure to the price of gold without the complexities of storage and transport. PAXG is stable relative to gold, not to the dollar.
Tether launched XAUt in 2020. Each token represents one troy ounce of gold held in Swiss vaults, and it runs on Ethereum.
Another stablecoin pegged to gold, Tether Gold (XAUt) represents ownership of physical gold stored in Swiss vaults. Each token is tied to one troy ounce of gold and divisible by increments of 0.000001. At any time, users can track allocations or redeem tokens for gold. XAUt appeals to investors looking to gain both physical and digital exposure to gold as a hedge against inflation while benefitting from blockchain's speed and transparency.
In-app dollar balances such as Phantom Cash are stablecoins under the hood (Bridge issues the token behind Phantom's), but you do not buy them on the open market, so they are left out of this list.
This list is provided for informational purposes only and does not represent an endorsement of any asset.
A wave of new dollar coins arrived in 2025 and 2026, and the reason is regulation. Once the GENIUS Act became law in July 2025, banks and payment companies had a rulebook for issuing dollars on a blockchain, and several used it.
USD1 launched in March 2025 from World Liberty Financial and reached the top ten by supply within months. USAT launched on January 27, 2026: a US-only stablecoin issued by Anchorage Digital Bank, a federally chartered bank, in partnership with Tether, with Cantor Fitzgerald holding the reserves. It is a separate token from USDT with separate reserves, which is Tether's answer to the question of what happens to USDT on US platforms after the GENIUS Act's July 2028 cutoff for non-permitted issuers. Ripple's RLUSD (December 2024) and Paxos's USDG (November 2024) both came in under New York and Singapore rules respectively. Circle's euro coin EURC grew after MiCA authorization made it one of the few euro stablecoins EU exchanges can list without restriction. Ethena's USDe, which is not fiat-backed at all, became the largest synthetic dollar.
Notice what the new entrants have in common. Most of them hold reserves in Treasury bills and publish attestations, because the law now requires it for US issuers. And several are aimed at institutions rather than retail, so you may hold them inside a product without ever choosing them.
BUSD, the exchange-branded dollar issued by Paxos Trust, stopped being minted in February 2023 after the New York Department of Financial Services ordered Paxos to halt it. The exchange that sponsored it ended support in December 2023 and Paxos ran redemptions into 2024.
UST, Terra's algorithmic dollar, lost its peg in May 2022 and did not recover. Once a top algorithmic stablecoin, UST (TerraUSD) was pegged to the US dollar through the Terra blockchain's dual-token system. Despite its design, UST faced a collapse in 2022, losing its peg from a peak supply of about $18 billion and contributing to widespread market instability. It is the case study for why "stable" needs a definition: UST was backed by a mechanism rather than by assets, and the mechanism failed under selling pressure. The token still trades as TerraClassicUSD (USTC) at a small fraction of a dollar.
Several smaller algorithmic coins from 2021 and 2022 followed the same path. If a stablecoin's page cannot tell you what assets sit behind it, that is the answer.
The right stablecoin depends on where you will use it, not on which one is biggest.
For trading and liquidity, USDT has the most pairs on the most exchanges and about three quarters of stablecoin trading volume on centralized exchanges.
For payments, treasury and anything touching US or EU regulation, USDC is the default: regulated issuer, monthly attestations, MiCA authorization, and native issuance on more than 20 chains so you rarely need a bridge. Our USDT vs USDC comparison goes deeper on the two.
In the EU, use a MiCA-authorized coin (USDC, EURC) if you want to hold it on an EU-regulated platform. USDT was delisted from most EU exchanges in early 2025.
For a specific network, use the coin that dominates there. USDT on Tron for cheap dollar transfers in much of Asia, Africa and Latin America; USDC on Solana and Base; RLUSD on the XRP Ledger; PYUSD if you move money through PayPal or Venmo.
For yield, understand that a coin paying you to hold it is doing something with your money, and that GENIUS Act issuers are not allowed to pay interest simply for holding. Yield products like sUSDe or sUSDS carry the risks of the strategy behind them, which are not the risks of a bank deposit.
If you're ready to explore stablecoins, MoonPay makes it easy to buy, sell, and swap tokens like USDT, USDC, DAI, RLUSD, USD1, and PYUSD in most jurisdictions, and you choose the network at checkout. Checkout using your preferred payment method like credit/debit cards, bank transfer, PayPal, and Venmo. And when you decide it's time to cash out to your bank account, you can easily sell stablecoins for fiat currency.
To buy stablecoins even faster, just use your MoonPay Balance. Simply top up your account with fiat and use your balance for faster transactions, lower fees, higher approval rates, and zero-fee withdrawals when you decide to cash out to fiat currency.
USDT and USDC are by far the two largest stablecoins by market capitalization and trading volume, and together they hold roughly 82% of the market. The next places rotate among USDe, USDS (together with DAI), USD1 and PYUSD; check DefiLlama's stablecoin dashboard for the current order.
No stablecoin can be deemed 100% safe, as they are all subject to risks that include de-pegging and total collapse. Users should only look towards stablecoins that implement transparency such as audits, reports, and attestations from independent third-party firms, that are issued by a regulated company, and that can be redeemed for one dollar directly with the issuer.
Several hundred. DefiLlama tracked 382 stablecoins in June 2026, each catering to different use cases and preferences, though a couple of dozen hold nearly all the value.
USDT, USDC, PYUSD, RLUSD, USD1, USAT, FDUSD, USDG, TUSD, USDP, GUSD and AUSD all hold US dollar cash and US Treasuries in reserve. BUSD used to, but it is no longer issued.
Increasingly, yes. In the US, the GENIUS Act, signed in July 2025, sets reserve, disclosure and licensing rules for dollar stablecoin issuers, with final regulations still being written. In the EU, MiCA has applied to stablecoins since June 2024, and only authorized coins such as USDC and EURC can be freely offered on EU platforms. USDC, PYUSD, RLUSD, USDP and GUSD are regulated by the New York Department of Financial Services, USAT is issued by a federally chartered bank, and USDG is issued under Singapore's MAS framework. USDT is licensed in El Salvador and is not authorized under MiCA. Users should consult the token issuer's website to verify the extent of a stablecoin's regulatory compliance.
Yes, under extreme market conditions or poor collateral management, even popular stablecoins can de-peg, as seen in the case of UST. Fiat-backed coins are not immune: USDC briefly fell to about $0.87 in March 2023 when $3.3 billion of its reserves were stuck at Silicon Valley Bank, and recovered once the deposits were guaranteed.
