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Stablecoins

Circulating supply and peg mechanism across the largest stablecoins. Keine Finanzberatung.

#StablecoinIm UmlaufPegMechanismus
1 TetherTether USDT $183.02B USD Fiat Backed
2 USD CoinUSD Coin USDC $72.17B USD Fiat Backed
3 Sky Dollar USDS $6.56B USD Crypto Backed
4 DaiDai DAI $4.80B USD Crypto Backed
5 World Liberty Financial USD USD1 $4.00B USD Fiat Backed
6 Ethena USDe USDe $3.87B USD Crypto Backed
7 Global Dollar USDG $3.40B USD Fiat Backed
8 Circle USYC USYC $3.01B USD Fiat Backed
9 PayPal USD PYUSD $2.69B USD Fiat Backed
10 BlackRock USD BUIDL $2.69B USD Fiat Backed
11 Ondo US Dollar Yield USDY $2.15B USD Fiat Backed
12 Ripple USD RLUSD $1.55B USD Fiat Backed
13 USDD USDD $1.51B USD Crypto Backed
14 Falcon USD USDf $1.26B USD Crypto Backed
15 United Stables U $1.11B USD Crypto Backed

Quelle: DefiLlama. Die Zahlen dienen der Information und sind keine Finanzberatung.

What actually backs a stablecoin

Circulating supply tells you size, not safety. The peg mechanism is what matters: fiat-collateralized stablecoins hold cash and short-term Treasuries roughly 1:1; crypto-collateralized ones lock crypto worth more than the stablecoin issued; algorithmic designs rely on incentives and arbitrage rather than a hard reserve — historically the riskiest category (TerraUSD’s 2022 collapse is the clearest example).

What to watch

  • A consistent 1:1 peg, with only brief, small deviations.
  • Published, independently audited reserve attestations — see Reserve Watch.
  • No history of a sustained de-peg.