Stablecoins appear to have passed from novelty to niche uses. We remain skeptical of legit use cases, but when you hear PayPal, JP Morgan, U.S. Bank and other top banks talking them up, it becomes something that you can’t ignore.
We are working on a list of the rapidly-expanding universe of stablecoin fintechs. For now, we’ll start with a simple list of the top stablecoins worldwide as meastured by the dollar value of their coins in circulation (i.e. market cap).
There are 100s of coins, but only 10 with more than $1 billion in circulation. And only 4 more with market caps above $100 million but less than $1 billion (see the following table).
Worldwide Stablecoins with more than US$100 million in circulation
| Rank | Stablecoin | Issuer | Market Cap (US$B) | Country | Launched |
| 1 | USDT | Tether Limited | $183B | El Salvador | 2014 |
| 2 | USDC | Circle Internet Group, Inc. | 76 | United States | 2018 |
| 3 | USDE | Ethena Labs / Ethena protocol | 9.6 | United States | 2025* |
| 4 | USDS | Sky Protocol (formerly MakerDAO) | 9.1 | United States | 2024* (rebranded) |
| 5 | DAI | MakerDAO (now Sky) | 4.7 | United States | 2017 |
| 6 | USD1 | World Liberty Financial | 3.0 | United States | 2025 |
| 7 | PYUSD | Paxos Trust Company (for PayPal) | 2.8 | United States | 2023 |
| 8 | XAUT | Tether Limited | 2.1 | El Salvador | 2020 |
| 9 | PAXG | Paxos Trust Company | 1.3 | United States | 2020 |
| 10 | USDG | Global Dollar Organization / GDO | 0.99 | Global | 2022* |
| 11 | RLUSD | Ripple Labs | 0.91 | United States | 2023* |
| 12 | TUSD | TrustToken | 0.49 | United States | 2018 |
| 13 | USDD | Decentralized DAO / Tron ecosystem | 0.44 | Singapore | 2022 |
| 14 | EURC | Circle Internet Group | 0.28 | United States | 2023 |
| All others | 17 | ||||
| Total Value | $312 B |
Source: Fintechlabs.com 29 Oct 2025, market caps from Kraken (4pm Pacific 29 Oct 2025)
* Start date is approximate
