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- Tether (USDT)
- USD Coin (USDC)
- Binance USD (BUSD)
- Dai (DAI)
- TrueUSD (TUSD)
- USDe (USDE)
- Pax Dollar (USDP)
- USDD
- Frax (FRAX)
- PayPal USD (PYUSD)
- FDUSD (First Digital USD)
- Gemini Dollar (GUSD)
- Liquity USD (LUSD)
- HUSD
- sUSD (Synthetix USD)
- USDK
- EURT (Euro Tether)
- EUROC (Euro Coin)
- XSGD (Singapore Dollar Stablecoin)
- BIDR (Binance IDR)
- IDRT (Rupiah Token)
- XIDR (StraitsX Indonesian Rupiah)
- TRYB (BiLira)
- USDP (Pax Dollar)
- DOLA
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key observations
Market Dominance: Tether (USDT) remains the most dominant stablecoin with the largest market cap of approximately $114.08 billion (1).
Growth and Adoption: The stablecoin market has shown significant growth, reaching a total market cap of about $165.93 billion as of July 2024 (1).
Usage in Transactions: Stablecoins account for 65% of crypto payroll transactions, indicating their growing importance in the crypto ecosystem (1).
Diverse Pegs: While most top stablecoins are pegged to the US dollar, there are also stablecoins pegged to other currencies like the Euro (EURT, EUROC) and Asian currencies (XSGD, BIDR, IDRT) (1, 2).
Emerging Players: New entrants like PayPal USD (PYUSD) and First Digital USD (FDUSD) are gaining traction, with PYUSD having a market cap of approximately $398.62 million as of July 2024 (1, 2).
Stability and Trust: TrueUSD (TUSD) has shown to be one of the most stable among USD-pegged stablecoins, even surpassing more well-known options like Tether and USDC in terms of price stability (1).
Regulatory Compliance: Stablecoins like USDC and FDUSD are focusing on regulatory compliance and transparency, which is becoming increasingly important in the crypto space (1).
This ranking reflects the current state of the stablecoin market, but it’s important to note that the cryptocurrency landscape is dynamic and subject to rapid changes. Conduct your own research and consider factors such as regulatory compliance, backing mechanisms, and overall stability when choosing a stablecoin.