Stablecoins
Circulating supply of the largest stablecoins, with each issuer linked into the company graph. The size of the instrument, not a claim about its backing.
across 421 tokens · as of 2026-09-02 · refreshed 2026-09-02 12:18 UTC · source: DefiLlama — used under that provider’s terms, not our CC BY 4.0
What this measures
The quantity of each token outstanding on chain, summed across the chains it is issued on. It is the size of the instrument, not a claim about the issuer’s reserves. Price is a poor signal for a stablecoin — they sit at a dollar by construction — so supply is the number that actually moves.
Why it belongs here
These are dollar-denominated liabilities at a scale comparable to a mid-sized money-market complex, and the largest issuers hold much of their backing in US Treasury bills — the same instrument whose yield we carry. Two issuers on this page are companies we cover.
| Stablecoin | Symbol | Issuer | Supply | 7d | 30d |
|---|---|---|---|---|---|
| Tether covered asset → Cash and cash-equivalent reserve, but NOT a pu · 8 chains | USDT | not a covered company | $183.3bn | +0.1% | +0.0% |
| USD Coin covered asset → Cash and short-dated US Treasuries held in res · 8 chains | USDC | Coinbase | $73.9bn | -0.0% | +2.6% |
| Sky Dollar Mixed on-chain balance sheet, NOT simply overc · 7 chains | USDS | not a covered company | $6.6bn | +0.4% | +1.1% |
| Dai covered asset → Legacy claim on the same Sky balance sheet as · 8 chains | DAI | not a covered company | $4.8bn | -0.1% | -0.5% |
| Ethena USDe Delta-neutral synthetic dollar · 8 chains | USDe | not a covered company | $4.2bn | +4.0% | +9.5% |
| World Liberty Financial USD USD1 reserves are, in practice, a single US go · 8 chains | USD1 | not a covered company | $4.2bn | +3.3% | +5.0% |
| Global Dollar Fiat-backed payment stablecoin: 1:1 claim on c · 6 chains | USDG | not a covered company | $3.2bn | -4.9% | -5.9% |
| PayPal USD Fiat-backed payment stablecoin: 1:1 redeemable · 8 chains | PYUSD | not a covered company | $2.8bn | +0.2% | +2.7% |
| BlackRock USD not a stablecoin Tokenised money-market fund SHARE, not a payme · 8 chains | BUIDL | BlackRock | $2.8bn | -1.1% | +2.5% |
| Circle USYC not a stablecoin Tokenised money-market fund SHARE · 2 chains | USYC | not a covered company | $2.7bn | -7.6% | -10.3% |
| Ripple USD Fiat-backed payment stablecoin: 1:1 claim on s · 2 chains | RLUSD | not a covered company | $2.4bn | +15.6% | +64.2% |
| Ondo US Dollar Yield not a stablecoin Tokenised, overcollateralised SECURED NOTE · 8 chains | USDY | not a covered company | $2.2bn | +0.1% | +1.4% |
| USDD Overcollateralised crypto debt positions (a Ma · 4 chains | USDD | not a covered company | $1.5bn | +10.2% | +10.1% |
| United Stables Mixed fiat-and-stablecoin reserve, with compos · 3 chains | U | not a covered company | $1.3bn | -0.8% | +15.4% |
| USDGO Cash plus tokenised money-market fund shares h · 1 chain | USDGO | not a covered company | $1.3bn | +1.2% | +12.7% |
| Falcon USD Overcollateralised multi-asset synthetic dolla · 2 chains | USDf | not a covered company | $1.2bn | +0.1% | -6.5% |
| GHO Overcollateralised crypto debt positions · 2 chains | GHO | not a covered company | $698m | +0.0% | +7.7% |
| USDX Money USDX Delta-neutral synthetic dollar · 3 chains | USDX | not a covered company | $683m | — | — |
| Usual USD A wrapper over OTHER issuers' tokenised Treasu · 2 chains | USD0 | not a covered company | $548m | -0.2% | -0.8% |
| Ethena USDtb Reserve is a tokenised money-market fund share · 2 chains | USDTB | not a covered company | $529m | -0.3% | +31.8% |
| Polymarket USD Not an independently reserved stablecoin · 1 chain | pUSD | not a covered company | $498m | +3.8% | +0.8% |
| TrueUSD Fiat-backed in name · 8 chains | TUSD | not a covered company | $484m | +0.0% | +0.0% |
| Multipli rwaUSDi Overcollateralised crypto/RWA debt position · 7 chains | rwaUSDi | not a covered company | $474m | -2.8% | +33.6% |
| EURC E-money token under MiCA, fully reserved · 8 chains | EURC | not a covered company | $461m | +2.0% | +0.9% |
| A7A5 Fiat-backed, RUB-denominated, 1:1 peg to the R · 2 chains | A7A5 | not a covered company | $452m | +0.0% | +0.0% |
| YLDS not a stablecoin Registered face-amount certificate · 2 chains | YLDS | not a covered company | $448m | -33.9% | -28.9% |
| Neutrino USD Yield-bearing second-order wrapper, not a dire · 4 chains | USDN | not a covered company | $409m | -0.0% | -0.0% |
| First Digital USD Fiat-backed reserve stablecoin · 6 chains | FDUSD | not a covered company | $333m | -4.0% | -4.7% |
| Gate USD Cash and T-bills held in reserve against a par · 1 chain | GUSD | not a covered company | $319m | +0.0% | +0.0% |
| SoFiUSD Cash and cash equivalents held by an OCC-chart · 5 chains | SOFID | not a covered company | $313m | -0.8% | — |
| apxUSD crypto-backed · 3 chains | apxUSD | not a covered company | $312m | +0.0% | -0.0% |
What actually stands behind each one
4 of these are not payment stablecoins
BUIDL, USYC, USDY, YLDS are registered funds or notes that happen to trade near a dollar — a share price, not a redemption promise. They are listed because the supply aggregator lists them, and marked because a table that puts them beside USDC without saying so is misleading.
| Token | What backs it | Reserve attestation | Issuer |
|---|---|---|---|
| USDT | Cash and cash-equivalent reserve, but NOT a pure cash-and-T-bills book: majority US Treasury bills and overnight repo, plus material allocations to gold bullion, bitcoin and secured loans th | Quarterly agreed-upon-procedures/attestation reports by BDO (BDO Italia / | Tether International, S.A. de C.V.El Salvador |
| USDC | Cash and short-dated US Treasuries held in reserve — a genuine payment stablecoin; the bulk sits in the Circle Reserve Fund, a registered Rule 2a-7 government money market fund, with the res | Monthly EXAMINATION (not merely agreed-upon procedures) by Deloitte & Touc | Circle Internet Financial, LLC United States |
| USDS | Mixed on-chain balance sheet, NOT simply overcollateralised crypto debt: majority is USDC held in the Peg Stability Module plus tokenised US Treasuries and allocator/agent strategies, with o | none published | None — no legal issuing entity. USDS is mint |
| DAI | Legacy claim on the same Sky balance sheet as USDS — historically overcollateralised crypto debt positions, but in practice now backed by the shared Sky collateral pool (PSM USDC, tokenised | none published | None — no legal issuing entity. DAI is minte |
| USDe | Delta-neutral synthetic dollar — volatile spot assets paired with roughly equal-notional SHORT perpetual futures so the combined position is delta-neutral, alongside unhedged liquid stableco | Continuous transparency dashboard plus proof-of-reserves reporting rather | Ethena BVI LimitedBritish Virgin Islands |
| USD1 | USD1 reserves are, in practice, a single US government money market fund (CUSIP 31607A703) plus US dollar demand deposits — the fund has been roughly 75-100% of reserves in every monthly rep | Monthly limited-scope reserve attestation — an independent accountant's ex | BitGo Bank & Trust, National Association United States — OCC-chartered |
| USDG | Fiat-backed payment stablecoin: 1:1 claim on cash and cash-equivalent reserve assets (USD deposits and short-dated US government instruments) held in segregated accounts, redeemable at par f | Monthly third-party attestation, publicly posted at paxos | Paxos Digital Singapore Pte. Ltd. Singapore — Major Payment Inst |
| PYUSD | Fiat-backed payment stablecoin: 1:1 redeemable claim backed by US dollar deposits, short-term US Treasuries, Treasury repurchase agreements and cash equivalents | Monthly attestation under AICPA standards, published at paxos | Paxos Trust Company, N.A. United States — OCC-chartered |
| BUIDLregistered fund or note | Tokenised money-market fund SHARE, not a payment stablecoin. Each token is one share of a BVI private fund investing 100% of assets in cash, US Treasury bills and repurchase agreements, seek | No stablecoin-style reserve attestation exists — do not record a reserve-a | BlackRock USD Institutional Digital LiquiditBritish Virgin Islands — the f |
| USYCregistered fund or note | Tokenised money-market fund SHARE — not a payment stablecoin. The fund invests in short-dated US Treasury bills and reverse repurchase agreements collateralised by US government securities; | No stablecoin reserve attestation is published | Hashnote International Short Duration Yield Cayman Islands — mutual fund l |
| RLUSD | Fiat-backed payment stablecoin: 1:1 claim on segregated reserves of US dollar deposits, short-dated US Treasury bills, government money market funds and overnight reverse repurchase agreemen | Monthly reserve report by an independent US-licensed CPA firm under AICPA | Standard Custody & Trust Company, LLC New York, United States — char |
| USDYregistered fund or note | Tokenised, overcollateralised SECURED NOTE — a debt claim on a bankruptcy-remote SPV, secured by a first-priority perfected security interest in short-term US Treasuries, shares of the iShar | Daily and monthly attestation / transparency reports on USDY holdings and | Ondo Global Markets British Virgin Islands special |
| USDD | Overcollateralised crypto debt positions (a MakerDAO-fork CDP system: users lock collateral in vaults and mint USDD as debt), plus a Peg Stability Module that swaps USDD 1:1 against USDT and | none published | not established |
| U | Mixed fiat-and-stablecoin reserve, with composition undisclosed and not contractually fixed. Per the issuer's Terms, reserves may consist of cash, U.S. Treasury bills, and/or fiat-referenced | Very weak — weaker than the claim states | United Stables LimitedBritish Virgin Islands |
| USDGO | Cash plus tokenised money-market fund shares held in reserve. This is a fiat-redeemable payment stablecoin, but its reserve is not directly-held Treasury bills — it is overwhelmingly compose | Monthly reserve attestations by an independent Big Four accounting firm un | Anchorage Digital Bank, National AssociationUnited States — an OCC-charter |
| USDf | Overcollateralised multi-asset synthetic dollar whose reserves are then run delta-neutral. Both mechanisms operate at once — the mint side imposes a collateral buffer, the reserve side runs | Real, and among the better regimes here | Falcon Digital LimitedBritish Virgin Islands |
| GHO | Overcollateralised crypto debt positions — GHO is minted as debt by users borrowing against Aave v3 collateral, with no reserve pool and no issuer redemption promise; supplemented by a Stabi | none published | not established |
| USDX | Delta-neutral synthetic dollar — spot crypto collateral hedged with short perpetual futures across centralised and decentralised exchanges. This is NOT overcollateralised crypto debt, and th | none published | not established |
| USD0 | A wrapper over OTHER issuers' tokenised Treasury products, not a directly reserved fiat stablecoin. USD0 is minted 1:1 against tokenised T-bill and repo tokens deposited by third-party 'Coll | none published | Up Only Co France |
| USDTB | Reserve is a tokenised money-market fund share plus a small bank-cash buffer, held by the issuing bank in segregated fiduciary trust accounts for the benefit of holders. Per Anchorage's 30 J | Monthly reserve attestations published by Anchorage Digital Bank at anchor | Anchorage Digital Bank, N.A. United States — OCC-chartered |
| pUSD | Not an independently reserved stablecoin — a non-yield-bearing 1:1 wrapper around Circle's USDC. USDC is deposited into a Nucleus BoringVault on Plume and pUSD is minted against it, redeemab | none published | Plume — brand for Plume Foundation SEZC, a C |
| TUSD | Fiat-backed in name — USD cash and cash equivalents held by third-party fiduciaries and banking partners, with no direct issuer custody. In practice a material share of reserves was placed i | Daily attestations by Moore Hong Kong, published at tusd | Techteryx, Ltd - a British Virgin Islands coHong Kong-based |
| rwaUSDi | Overcollateralised crypto/RWA debt position — a MakerDAO/DSS-style CDP system, not a reserved stablecoin. The published contract suite is a Maker fork (Vat, Spotter, Jug, Vow, Dog, Cure, End | No accountant attestation published | Issuer: BRS Tech Services |
| EURC | E-money token under MiCA, fully reserved. Reserve is held entirely as cash in segregated euro-denominated accounts at regulated financial institutions (bankruptcy-remote from Circle's corpor | Monthly reserve attestation reports published by Circle at circle | Circle Internet Financial Europe SAS France |
| A7A5yield-bearing | Fiat-backed, RUB-denominated, 1:1 peg to the Russian rouble, and yield-bearing — but reserves are held as a rouble balance in a CURRENT (demand) bank account at a sanctioned major Russian st | Not an audit | Old Vector LLC Kyrgyz Republic |
| YLDSregistered fund or note | Registered face-amount certificate — a debt security of the issuer, not a payment token. Holders are unsecured creditors of Figure Certificate Company and are backed by FCC's own balance-she | No crypto-style reserve attestation | Figure Certificate Company United States — registered wit |
| USDNyield-bearing | Yield-bearing second-order wrapper, not a directly reserve-backed stablecoin. USDN is an extension of M^0's $M: $M is locked on Ethereum through M^0's Portal (Wormhole NTT) and USDN is minte | No reserve attestation published by Noble for USDN itself that I could loc | NASD, Inc. |
| FDUSD | Fiat-backed reserve stablecoin. Reserves are short-dated US Treasury bills (~85%), Treasury-backed overnight reverse repurchase agreements (~10-12%), plus bank cash balances and fixed deposi | Monthly point-in-time attestation reports by Prescient Assurance | FD121 British Virgin Islands, follow |
| GUSD | Cash and T-bills held in reserve against a par-redeemable payment stablecoin, issued by a state-chartered trust company. Reserves are held for the benefit of holders at third-party instituti | Monthly attestation examinations by BPM LLP, an independent registered pub | Gemini Trust Company, LLC New York, United States — a li |
| SOFID | Cash and cash equivalents held by an OCC-chartered national bank against a 1:1 redeemable payment stablecoin. Distinct from the trust-company and offshore models elsewhere in this batch: the | Regular attestations performed by an independent Certified Public Accounta | SoFi Bank, N.A. Parent: SoFi Technologies, IUnited States — a national ban |
Where the reserve is not what the label says
USDT — Per Tether's own Q2 2026 disclosure (as of 30 June 2026): ~$115B in US Treasuries, ~$18.8B in gold (over 146 tonnes), a bitcoin position (~98.9k BTC per press coverage of the same report), plus secured lending (reduced by ~$2.38B in the quarter) and other investments. Total assets ~$187.75B against ~$184.6B USD₮ outstanding, lea
USDGO — Issuer's transparency page, 28 Aug 2026: JPMorgan OnChain Liquidity-Token Money Market Fund (JLTXX) $679.08M / 54.17%; BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $462.41M / 36.89%; Goldman Sachs Stablecoin Reserves Fund (STBXX) $99.66M / 7.95%; plain USD $12.43M / 0.99%. Reserve data is supplied by Anchorage Digi
USDf — Stablecoin deposits (USDT, USDC, DAI, USD1) mint roughly 1:1; volatile collateral (BTC, ETH, selected altcoins, and tokenised RWAs) requires an explicit overcollateralisation buffer. Reserves are then deployed into positive and negative funding-rate arbitrage, cross-exchange arbitrage and collateral staking. LlamaRisk's assessme
rwaUSDi — Per Multipli's docs, rwaUSD accepts only deeply liquid institutional collateral (tokenised T-bills, tokenised stablecoins, spot-verified tokenised gold), while rwaUSDi is deliberately segmented into isolated liquidity classes for private-markets assets with defined redemption schedules and explicit counterparty relationships. Mu
GUSD — Each GUSD corresponds to one US dollar held as deposits at FDIC-insured US banks, as money market funds invested in US Treasury obligations, or as US Treasury obligations directly. Gemini names State Street Bank and Trust Company, Goldman Sachs and Fidelity among the institutions holding reserves.
From each issuer's own most recent disclosure. A one-word backing label cannot carry any of this, which is the reason not to rely on the label alone.
Every contract address above carries a tick because it was checked against Ethereum mainnet itself on 2026-08-31 — symbol(), decimals() and totalSupply() called at the address, and the symbol matched. A wrong address here would be worse than none, so none is published on trust. Tokens with no address are not on Ethereum mainnet; the chain they are native to is shown instead.
The backing column is not the aggregator's three-way label, which is wrong about several of these — it calls USDe crypto-backed when it is a delta-neutral position, and BUIDL fiat-backed when BUIDL is a fund share. Each description was researched from the issuer's own material and then put to a second reader whose task was to refute it; 30 of these survived that. Reserve attestation, where one exists, is on the token's own line in the API.
Supply figures are aggregated by DefiLlama from on-chain issuance across each token’s deployed chains, and are reproduced here under that provider’s terms rather than our CC BY 4.0. Seven- and thirty-day changes come from the provider’s own prior-period figures, not from a series we store. A token being large says nothing about whether it is safe: mechanism (fiat-backed, crypto-backed, algorithmic) is shown because it is the part that decides how it behaves under stress, and we publish no view on reserves or attestations we have not read. Provenance.