Most fragile score
Ethena USDe sits at the bottom of the current defensive ranking.
Stable reference layer
Stablecoin Monitor turns pegs into a weekly decision map and not a lazy watchlist.
Use the live monitor for supply, chain reach and drift. Use the defensive layer to separate treasury-grade stables from issuer-heavy or structurally opaque risk.
Total supply
$319.0B
tracked USD pegs
Dominance
+59.5%
USDT of tracked supply
Reach
127
max chain reach across top pegs
Off-peg
3
top pegs outside +/-0.2%
Live monitor
Source: DefiLlama Stablecoins
Supply, chain reach and peg drift form the first read. The table is useful because it stays close to distribution reality instead of pretending every stable is the same dollar.
Live monitor
| # | Asset | Supply | 24h | 7d | Chains | Price | Model |
|---|---|---|---|---|---|---|---|
| 1 | Tether (USDT) | $189.7B | +0.5% | +2.1% | 107 | $1.0002 | fiat-backed |
| 2 | USD Coin (USDC) | $78.1B | -0.4% | -0.8% | 127 | $0.9998 | fiat-backed |
| 3 | Sky Dollar (USDS) | $8.3B | +0.7% | -4.1% | 6 | $0.9998 | crypto-backed |
| 4 | Dai (DAI) | $4.7B | -0.2% | +1.5% | 48 | $0.9997 | crypto-backed |
| 5 | World Liberty Financial USD (USD1) | $4.3B | +1.3% | +4.8% | 8 | $0.9999 | fiat-backed |
| 6 | Ethena USDe (USDe) | $4.0B | -7.4% | -32.1% | 23 | $0.9994 | crypto-backed |
| 7 | PayPal USD (PYUSD) | $3.5B | -2.8% | -15.0% | 7 | $0.9999 | fiat-backed |
| 8 | Circle USYC (USYC) | $2.9B | -0.0% | +3.0% | 2 | $1.123 | fiat-backed |
| 9 | BlackRock USD (BUIDL) | $2.7B | -9.8% | -9.6% | 8 | $1.000 | fiat-backed |
| 10 | Global Dollar (USDG) | $2.3B | +2.4% | +6.3% | 4 | $0.9999 | fiat-backed |
| 11 | Ondo US Dollar Yield (USDY) | $2.1B | -0.1% | -2.0% | 14 | $1.1318 | fiat-backed |
| 12 | Falcon USD (USDf) | $1.6B | -0.0% | +0.0% | 2 | $0.9969 | crypto-backed |
Synthetic is not cash
Carry is attractive, but basis, custody and counterparty design are core risk, not side notes.
Defensive base
USD Coin is the strongest defensive read across the curated set.
Taxonomy
Do not compare every stable in the same bucket. Separate fiat-backed, crypto-backed, synthetic and hybrid structures before deciding limits.
Fiat-backed
4Centralized reserves and regulatory risk.
Crypto-backed
2More on-chain design, more parameter dependence.
Synthetic
1Stability depends on structure and market regime.
Hybrid
1Mixed families, less readable as pure cash.
Defensive ranking
Higher scores mean cleaner reserve posture, cleaner redemption path and less structural opacity under stress.
USDC - Fiat-backed 91%
Low depeg / Medium issuer
DAI - Crypto-backed 79%
Medium depeg / Medium issuer
PYUSD - Fiat-backed 78%
Low depeg / Medium issuer
USDT - Fiat-backed 76%
Medium depeg / High issuer
crvUSD - Crypto-backed 69%
Medium depeg / Medium issuer
FRAX - Hybrid 69%
Medium depeg / Medium issuer
FDUSD - Fiat-backed 65%
Medium depeg / High issuer
USDe - Synthetic 59%
High depeg / High issuer
Operational routes
Move from stable posture into risk, carry and execution surfaces.
Risk layer
Risk Lab
Move from issuer posture into scenario scoring, collateral contamination and protocol dependency.
Yield lane
Yield Lab
Switch from defensive stable posture into carry design only after the reserve lane is clear.
Governance
Protocol compass
Bridge stable posture back to protocol quality, chain dependency and governance risk.
Execution
Bridge compare
Check settlement lanes and bridging posture before using a stable outside its native comfort zone.
Comparative matrix
Comparative matrix
A serious comparison is not only APY or market cap. What matters is how each stable behaves as reserve collateral, operating cash and protocol dependency.
Comparative matrix
| Stablecoin | Taxonomy | Score | Depeg risk | Issuer risk | Backing | Watch |
|---|---|---|---|---|---|---|
| USD Coin (USDC) | Fiat-backed | 91/100 | Low | Medium | Cash and short-duration Treasuries | Cleaner reserve story than USDT, but still a regulated issuer with blacklist power. |
| DAI (DAI) | Crypto-backed | 79/100 | Medium | Medium | Crypto collateral plus governance-controlled parameters | More decentralized posture than fiat stables, but still partly dependent on USDC and governance design. |
| PayPal USD (PYUSD) | Fiat-backed | 78/100 | Low | Medium | Centralized cash and Treasury reserves | Cleaner brand and reserve story than smaller exchange stables, but still thin in DeFi depth. |
| Tether (USDT) | Fiat-backed | 76/100 | Medium | High | Cash, T-bills and centralized reserves | Huge distribution and liquidity, but issuer opacity still dominates the read. |
| crvUSD (crvUSD) | Crypto-backed | 69/100 | Medium | Medium | Crypto collateral via LLAMMA liquidation design | More interesting as a protocol-native research stable than as a universal reserve asset. |
| FRAX (FRAX) | Hybrid | 69/100 | Medium | Medium | Hybrid design with changing collateral and product mix | Treat as an evolving design family, not as a boring cash equivalent. |
| FDUSD (FDUSD) | Fiat-backed | 65/100 | Medium | High | Centralized reserves | Read it as venue-linked liquidity, not as a neutral defensive base. |
| Ethena USDe (USDe) | Synthetic | 59/100 | High | High | Delta-neutral basis trade plus custody and exchange counterparties | Carry is attractive, but basis, custody and counterparty design are core risk, not side notes. |
Monitor notes
What matters here
Supply, growth and chain reach say more about real distribution than price alone.
Useful read
A stablecoin gaining supply while losing chain reach or drifting off peg deserves extra context.
Editorial highlights
Four names worth tracking for very different reasons.
USD Coin (USDC)
The most defensible centralized stable for institutional-style reading.
DAI (DAI)
Useful defensive alternative when the user wants less issuer concentration and accepts design complexity.
PayPal USD (PYUSD)
Interesting if distribution grows. Not yet a primary base stable for serious on-chain work.
Tether (USDT)
Best network reach. Weakest comfort on transparency versus its size.