Top stablecoins by market cap in 2026

Stablecoins are the part of crypto that is supposed to stay still. They are pegged to the US dollar, the euro, or another asset, so you can move value between markets without exposure to price swings. In 2026, the total supply of stablecoins sits at roughly $300 billion, and two coins account for close to 90% of it.

This guide lists the top stablecoins by market cap, explains how each one holds its peg, and compares them on backing, transparency, and regulatory status. You will also find a short history of depegs and a plain-language summary of the EU's MiCA rules and the US GENIUS Act. Nothing here is a recommendation. The aim is to give you the facts you need to compare stablecoins yourself.

Key takeaways

• The stablecoin market is worth about $300 billion as of September 2026. Tether (USDT) and USD Coin (USDC) together make up roughly 88% of that supply, according to DefiLlama.
• Stablecoins differ in how they are backed: fiat reserves, crypto collateral, hedged derivative positions, or code alone. That design decides how a coin behaves under stress.
• Regulation now shapes availability. USDC is authorized under the EU's MiCA framework; USDT is not, and several EU venues have removed it.
• The US GENIUS Act became law in July 2025 and takes effect on January 18, 2027. From that date, issuing a payment stablecoin in the US will require a federal or state license.
• Every stablecoin on this list has either lost its peg briefly or carries a structural risk that could cause it to. Reserve reports and depeg history are the two things worth checking before you use one.

Why stablecoins still matter in a volatile market

Price swings are part of the crypto landscape. Bitcoin and Ethereum can move sharply within hours, and 2026 has been a difficult year for altcoins. Stablecoins give you a way to stay on-chain without that exposure.

They also do practical work. Most trading pairs on exchanges are quoted in USDT or USDC. DeFi protocols use stablecoins as collateral and as a settlement currency. Cross-border transfers in stablecoins typically settle in minutes rather than days. Increasingly, institutions use them for treasury and payment flows as well.

If you are new to the topic, our glossary entry on fiat vs. crypto covers the basics. Our USDT vs. USDC comparison goes deeper on the two largest coins.

Types of stablecoins

Not every stablecoin holds its value the same way. The backing model is the single most useful thing to understand before you compare individual coins.

Two related categories are sometimes mixed into stablecoin lists. Tokenized money-market funds such as USDY or BUIDL are classified as securities in most jurisdictions, not payment stablecoins, and their availability varies by country. Commodity-backed tokens track gold rather than the dollar. Neither appears in the ranking below.

How we compared these stablecoins

Market cap tells you how much of a coin exists, not how well it is built. For each stablecoin below, we looked at six things:

• Collateral quality: what backs the token, and how liquid that backing is.
• Transparency: whether the issuer publishes reserve reports, how often, and who verifies them.
• Governance: whether a company, a DAO, or code controls minting, redemption, and freezes.
• Regulatory status: authorization under MiCA in the EU, and licensing position ahead of the GENIUS Act in the US.
• Peg history: how the coin behaved during past stress events.
• Chain availability: how many networks the token is issued on natively, which affects fees and where you can move it.

Market cap figures are rounded and taken from CoinMarketCap and DefiLlama in September 2026. Supplies change daily, so check a live tracker before you rely on any figure.

Top stablecoins by market cap in 2026

Figures are approximate as of September 2026 and will change. USD1 and USDe supplies have moved sharply during 2026, so their positions may swap.

1. Tether (USDT)

USDT is the largest stablecoin by a wide margin. Its supply is around $183 billion, close to 60% of the whole market. It is the default quote currency on most exchanges and the dominant stablecoin on the TRON network, where transfers cost a few cents. You can buy USDT with a card through SwapSpace.

Backing and transparency: Tether reports that most of its reserves are held in US Treasury bills, alongside cash equivalents, gold, Bitcoin, and secured loans. It publishes quarterly attestations and a daily reserve dashboard on its transparency page. It has not published a full audit, which is the point analysts raise most often.

Regulation: USDT is not authorized under MiCA. Several exchanges serving EU customers removed USDT trading pairs during 2025. Availability for EU users therefore depends on the provider you choose.

What to check: the reserve mix, which includes assets other than cash and Treasuries; the absence of a full audit; and jurisdiction-specific restrictions.

2. USD Coin (USDC)

Circle's USDC is the second-largest stablecoin at around $74 billion. It is the most widely used stablecoin in regulated environments and the main dollar stablecoin in DeFi protocols such as Aave and Uniswap. Circle became a publicly listed company in 2025. Compare USDC exchange offers or buy USDC through SwapSpace partners.

Backing and transparency: cash and short-dated US Treasuries held at regulated financial institutions. Monthly attestations by an independent accounting firm are published on Circle's transparency page. USDC is issued natively on more than 30 networks, and Circle's Cross-Chain Transfer Protocol moves it between chains without wrapped versions.

Regulation: USDC and Circle's euro stablecoin, EURC, are authorized under MiCA. In the US, Circle is positioned to apply for a federal license once the GENIUS Act takes effect.

What to check: USDC lost its peg for about two days in March 2023 after Circle disclosed exposure to Silicon Valley Bank. The peg recovered once US regulators backstopped deposits. The episode showed that a fiat-backed stablecoin carries banking risk. Circle can also freeze addresses when legally required.

3. USDS and DAI (Sky)

Sky, the protocol formerly known as MakerDAO, issues the largest decentralized stablecoins. DAI launched in 2017. USDS launched in 2024 as the successor token and converts 1:1 with DAI. Together they account for roughly $12 billion, which makes Sky the third-largest stablecoin issuer. Several major exchanges migrated their listings from DAI to USDS during 2026.

Backing and transparency: users lock crypto and tokenized Treasury assets in vaults and mint stablecoins against them. Collateral always exceeds supply, and every reserve is visible on-chain in real time. Governance sits with holders of the SKY token. Sky also offers an optional sUSDS token that accrues protocol rewards; that is a separate product with its own risks.

Regulation: there is no legal issuer, so USDS and DAI cannot obtain MiCA authorization. Availability depends on each provider's own policy.

What to check: smart contract risk across the vault system; governance votes that change collateral types; indirect exposure to USDC through the peg stability module; and the ongoing shift of listings from DAI to USDS.

4. USD1

USD1 launched in 2025 and grew quickly through exchange listings and large institutional transactions. It is issued by World Liberty Financial, a US company, with reserves held by a regulated custodian. Its supply is around $4 billion, which has placed it ahead of PYUSD for most of 2026.

Backing and transparency: short-term US Treasuries, dollar deposits, and cash equivalents. The issuer publishes attestation reports.

Regulation: not authorized under MiCA. Like other US-issued stablecoins, its future status depends on licensing under the GENIUS Act.

What to check: a short track record; supply concentrated in a small number of large holders and exchange listings; and the cadence and scope of attestations compared with longer-established issuers.

5. Ethena USDe

USDe is not backed by dollars. Ethena holds staked Ether, Bitcoin, and other assets, then opens short perpetual futures positions of the same size. Gains on one side offset losses on the other, keeping the dollar value flat. The protocol calls this a synthetic dollar.

Backing and transparency: the hedged positions and the collateral behind them are reported on-chain and through custodian attestations. Holders who lock USDe as sUSDe receive a share of the income from staking and funding rates. That design introduces risks a cash-backed stablecoin does not carry.

Regulation: USDe is restricted for EU users under MiCA.

What to check: funding rates can turn negative for long stretches, which erodes the backing; the hedges depend on centralized exchanges and custodians; and USDe traded below $1 on some venues during the sharp market sell-off in October 2025 before recovering.

6. PayPal USD (PYUSD)

PYUSD is PayPal's dollar stablecoin, issued by Paxos under a New York Department of Financial Services (NYDFS) trust charter. It is distributed through PayPal and Venmo in more than 70 markets and is issued on Ethereum, Solana, Arbitrum, and Stellar. Supply peaked near $4.2 billion in early 2026 and now sits around $3 billion.

Backing and transparency: dollar deposits, short-term Treasuries, and cash equivalents, with monthly attestations published by Paxos.

Regulation: issued under a state trust charter. Under the GENIUS Act, state-chartered issuers can operate under a consolidated supply ceiling of $10 billion before federal supervision applies.

What to check: PYUSD shares its issuer with USDG, so holding both does not diversify issuer risk. Its supply also tracks demand inside the PayPal ecosystem more closely than trading-native stablecoins do.

7. Global Dollar (USDG)

USDG is a second Paxos stablecoin, built for platforms rather than individual users. It anchors the Global Dollar Network, a consortium in which exchanges, wallets, and fintech partners that distribute USDG share in reserve revenue. Supply is around $3 billion, and it was the fastest-growing stablecoin among the ten largest in mid-2026, according to DefiLlama.

Backing and transparency: cash and short-term US Treasuries, with monthly attestations.

Regulation: regulated under Singapore's Monetary Authority of Singapore (MAS) framework, with a separate EU issuance authorized under MiCA. This gives USDG a different regulatory footprint from the US-centric issuers.

What to check: secondary-market liquidity is thinner than the headline supply suggests, because much of it sits with partner platforms and a few large holders.

8. Ripple USD (RLUSD)

RLUSD launched in December 2024 and passed $1 billion in supply within a year. Ripple issues it through a subsidiary regulated by NYDFS, natively on the XRP Ledger and Ethereum. It is aimed at institutional settlement and cross-border payments and has been added to Mastercard's stablecoin settlement set alongside USDC and PYUSD.

Backing and transparency: a segregated reserve of cash and cash equivalents, with monthly attestations published on Ripple's transparency page.

Regulation: NYDFS-supervised. Not authorized under MiCA as of writing.

What to check: RLUSD has not yet been through a full market cycle, and its liquidity on retail venues is thinner than the larger coins'.

Other stablecoins on the list

A few names appear on most stablecoin lists but sit outside the top eight by supply in 2026:

• First Digital USD (FDUSD) filled the gap left by BUSD in 2023 and remains listed on major Asian exchanges. Compare FDUSD offers.
• TrueUSD (TUSD) publishes real-time reserve attestations but has a much smaller supply than in 2024. Compare TUSD offers.
• GHO is Aave's crypto-backed stablecoin, at around $600 million.
• frxUSD is the successor to Frax Finance's earlier hybrid stablecoin. Compare FRAX offers.
• EURC, Circle's euro stablecoin, holds more than half of the euro stablecoin market and is authorized under MiCA. Other non-dollar coins, including the yen-pegged JPYC and Brazil's BRLA, have grown quickly on local payment rails.

What past depegs tell you

A depeg happens when a stablecoin trades away from its target value. Every backing model has been tested at least once.

The pattern is consistent. Fiat-backed coins carry banking risk. Algorithmic coins have no floor. Synthetic coins depend on derivative markets staying orderly. In every case, how fast a coin recovered depended on whether holders could redeem it at par. That is why reserve quality and redemption terms matter more than the size of the coin.

Stablecoin regulation in 2026: MiCA and the GENIUS Act

Two frameworks now decide which stablecoins you can use and where.

Sources: the European Commission's MiCA page and the US Treasury's GENIUS Act rulemaking notice.

Other jurisdictions, including the UK, Singapore, Hong Kong, and Japan, have their own regimes. Which stablecoins are available to you depends on where you live and which provider you use. Check the rules in your country before you exchange.

Where to exchange stablecoins

SwapSpace is a non-custodial cryptocurrency exchange aggregator. It compares offers from more than 45 exchange providers in one interface so you can pick the rate and provider you prefer and exchange crypto.

To swap between stablecoins or into one from another asset:

1. 1. Choose your pair, for example ETH to USDT.
2. 2. Compare offers and select a provider by rate, ETA, or other conditions.
3. 3. Send ETH from a wallet to the deposit address for exchange.
4. 4. Receive your USDT.

If you are starting from a bank card, the buy crypto section lists partner providers that accept fiat. See how it works for a walkthrough.

Frequently asked questions

What are Tier 1 stablecoins?

Tier 1 is an informal label, not an official category. It usually refers to the largest, most liquid fiat-backed stablecoins with regular reserve attestations, which in practice means USDT and USDC. Some analysts include USDS because of its size and track record.

Which stablecoin is the largest by market cap in 2026?

Tether (USDT), at around $183 billion, or close to 60% of all stablecoin supply. USDC is second at around $74 billion. Together they account for roughly 88% of the market.

Which stablecoin is the most widely used?

USDT leads by supply and by trading volume on centralized exchanges. USDC leads in on-chain transfer volume and in DeFi, according to analytics providers such as DefiLlama. The two are used for different jobs, which is why most exchanges list both.

How can you check what backs a stablecoin?

Start with the issuer's transparency page, which for USDT, USDC, PYUSD, USDG, and RLUSD includes attestation reports from an accounting firm. For crypto-backed coins such as USDS, the collateral is visible on-chain through the protocol's own dashboards. DefiLlama aggregates supply and peg data for every major stablecoin in one place.

Can a stablecoin lose its peg?

Yes. Even well-backed stablecoins can trade below their target during market stress, liquidity crunches, or banking problems. The table above lists the notable cases. Whether a coin recovers depends on whether holders can redeem it at par.

Is USDT MiCA compliant?

No. Tether has not sought MiCA authorization, and several exchanges serving EU customers removed USDT pairs during 2025. USDC, EURC, and the EU issuance of USDG are among the authorized dollar and euro stablecoins.

Do stablecoins pay rewards?

Not on their own. A stablecoin is designed to hold a fixed value. Any rewards come from separate products, such as sUSDS, sUSDe, or lending protocols, and those add smart contract and counterparty risk on top of the stablecoin itself.

Are tokenized Treasury funds stablecoins?

No. Products such as USDY or BUIDL represent shares in a money-market fund and are treated as securities in most jurisdictions. They are often listed next to stablecoins but are a different type of asset with different rules and availability.

Conclusion

The stablecoin market in 2026 is larger, more regulated, and more concentrated than it was a year ago. USDT and USDC dominate by supply, decentralized options such as USDS have grown, and a new group of regulated issuers, including USD1, USDG, and RLUSD, has taken most of the remaining share.

The differences that matter are not in the rankings. They are in what backs each coin, how transparent the issuer is, which regulations it falls under, and how it behaved the last time markets moved sharply. Check the reserve reports, check the live supply data, and compare offers from more than one provider before you exchange.

The following tokens are available on SwapSpace. This is not a recommendation to buy or trade.

This material is provided for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency markets are highly volatile. Cryptocurrency trading involves significant risk and can result in the loss of your invested capital. Always conduct your own research before making any financial decisions.