MARKETS / GLOBAL DATAStablecoin markets,
Stablecoin markets,
made legible.
Issuer scale, supply momentum, reserves, transparency and regulatory posture — the signals that matter for operating decisions.
ASSET / ISSUERMARKET CAP30D SUPPLYCHAINSRESERVEATTESTATIONREGULATIONPEG
ISSUER / REDEMPTION
Tether Holdings
Direct for verified customers. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
USD-denominated. Yield profile: No.
TRANSPARENCY
Quarterly assurance
Cash, T-bills + other assets; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Tether transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, assurance, redemption
ISSUER / REDEMPTION
Circle
Direct via Circle Mint. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
USD-denominated. Yield profile: No.
TRANSPARENCY
Monthly assurance
Cash, T-bills + overnight repo; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Circle transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, assurance, redemption, native networks
ISSUER / REDEMPTION
Sky Ecosystem
Protocol conversion routes. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Crypto + RWA-backed
USD-denominated. Yield profile: Optional via sUSDS.
TRANSPARENCY
Onchain accounting
Protocol collateral; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Sky USDS documentation ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: mechanism, collateral, yield separation
ISSUER / REDEMPTION
Sky Ecosystem
Protocol conversion routes. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Crypto + RWA-backed
USD-denominated. Yield profile: Optional.
TRANSPARENCY
Onchain accounting
Crypto + RWA collateral; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Sky protocol data ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: collateral, supply
ISSUER / REDEMPTION
Ethena Labs
Protocol-based for eligible users. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Synthetic / hedged
USD-denominated. Yield profile: Optional via sUSDe.
TRANSPARENCY
Onchain dashboard
Crypto collateral + derivatives hedges; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Ethena transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: backing, custody, hedging
ISSUER / REDEMPTION
Paxos Digital Singapore
Direct via Paxos. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
USD-denominated. Yield profile: No; partner rewards.
TRANSPARENCY
Monthly attestation
Cash + cash equivalents; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Paxos USDG transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, attestation, issuer, redemption
ISSUER / REDEMPTION
Paxos
Direct via Paxos. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
USD-denominated. Yield profile: No.
TRANSPARENCY
Monthly report
Cash + T-bills; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Paxos PYUSD transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, attestation, redemption
ISSUER / REDEMPTION
Standard Custody / Ripple
Approved partners. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
USD-denominated. Yield profile: No.
TRANSPARENCY
Monthly attestation
USD + cash equivalents; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Ripple transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, attestation, issuer
ISSUER / REDEMPTION
Aave DAO
Market + protocol mechanisms. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Crypto-backed
USD-denominated. Yield profile: No.
TRANSPARENCY
Onchain accounting
Aave protocol collateral; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Aave GHO documentation ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: mechanism, collateral, governance
ISSUER / REDEMPTION
Usual DAO
Protocol routes; eligibility can apply. Availability and settlement windows vary by counterparty.
MODEL / UNIT
RWA-backed
USD-denominated. Yield profile: Optional via bUSD0 / sUSD0.
TRANSPARENCY
Onchain reserve view
Tokenized short-term sovereign assets; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Usual USD0 documentation ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: collateral, redemption, networks, yield separation
ISSUER / REDEMPTION
Circle
Direct via Circle Mint. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
EUR-denominated. Yield profile: No.
TRANSPARENCY
Monthly assurance
Euro-denominated reserves; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
Circle EURC transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, assurance, redemption, native networks
ISSUER / REDEMPTION
First Digital Labs
Verified customer redemption. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
USD-denominated. Yield profile: No.
TRANSPARENCY
Monthly attestation
Cash, T-bills + reverse repo; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
FDUSD transparency ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, attestation, custody, redemption
ISSUER / REDEMPTION
Société Générale-FORGE
Issuer + distribution partners. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Bank-issued fiat-backed
EUR-denominated. Yield profile: No.
TRANSPARENCY
Daily reserve disclosure
Segregated cash; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
SG-FORGE CoinVertible ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, daily disclosure, regulation, networks
ISSUER / REDEMPTION
StraitsX
Via StraitsX subject to terms. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Fiat-backed
SGD-denominated. Yield profile: No.
TRANSPARENCY
Reserve attestations
Segregated SGD reserves; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
StraitsX token terms ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, issuer, redemption, regulation
ISSUER / REDEMPTION
Société Générale-FORGE
Issuer + distribution partners. Availability and settlement windows vary by counterparty.
MODEL / UNIT
Bank-issued fiat-backed
USD-denominated. Yield profile: No.
TRANSPARENCY
Daily reserve disclosure
Segregated cash; reporting cadence and asset detail differ by issuer.
SOURCE / STATUS
Source-linked
SG-FORGE CoinVertible ↗
DeFiLlama stablecoin supply ↗
Observed 2026-07-17 · review by 2026-07-24
Fields supported: reserve, daily disclosure, issuer, networks
DATA QUALITY / MIXED
Issuer and protocol pages support reserve, transparency, redemption and mechanism claims. Supply, 30-day change and indicative peg data use a dated DeFiLlama snapshot. This is not a live trading feed.
INLINE ANALYSIS
Compare core structure
Compare issuer, scale, distribution, reserves and primary use without leaving the dataset.
VS
| CRITERIA | USDT | USDC |
|---|---|---|
| MODEL / ISSUER | Fiat-backed / Tether Holdings | Fiat-backed / Circle |
| SCALE / MOMENTUM | $184.0B · −1.2% 30D | $73.3B · −2.3% 30D |
| NETWORKS / RAILS | 17 native | 34 native |
| RESERVE / ASSET | Cash, T-bills + other assets | Cash, T-bills + overnight repo |
| UNIT / OVERSIGHT | USD · Global / mixed | USD · US / MiCA |