Stablecoins
Stablecoins hold a peg to a reference asset, usually the dollar, and serve as the settlement leg for most on-chain trading, lending and payments. The mechanism behind the peg differs: cash and treasury reserves held off-chain, crypto collateral locked in a smart contract, or a delta-neutral hedge funded from derivatives markets.
The filters separate coins by whether the backing is fiat, crypto collateral or a synthetic hedge, and mark the ones that pass yield through to holders. Entries are ordered by circulating supply on DefiLlama, with featured listings first.
Tether
Tether issues $USDT, a dollar stablecoin backed by reserves held off chain and redeemable with the issuer. The token circulates on Ethereum, Tron, Solana, BNB Chain, Arbitrum, Avalanche and TON.
Sky Dollar
Sky Dollar is the $USDS stablecoin minted against crypto collateral in the Sky protocol, and holders can lock it in the Sky Savings Rate. It runs on Ethereum, Base, Arbitrum and Solana.
DAI
DAI is a crypto-backed stablecoin soft-pegged to USD, built on the Ethereum and governed by the MakerDAO system.
Ethena
Ethena issues $USDe, a synthetic dollar backed by staked $ETH and $BTC hedged with short perpetual positions, and pays the funding carry to $sUSDe holders. It runs on Ethereum with bridges to Solana, Arbitrum and Base.
World Liberty USD1
World Liberty Financial issues $USD1, a dollar stablecoin backed by short-term treasuries and cash deposits held with a custodian. The token circulates on Ethereum, BNB Chain and Tron.
Global Dollar
Global Dollar is the $USDG stablecoin issued by Paxos under Singapore regulation, with reserve income shared among partners in the Global Dollar Network. It runs on Ethereum and Solana.
PayPal USD
PayPal USD is the $PYUSD stablecoin that Paxos issues for PayPal, backed by dollar deposits and treasuries and redeemable inside PayPal and Venmo. It circulates on Ethereum, Solana, Arbitrum and Stellar.
Ripple USD
Ripple USD is the $RLUSD stablecoin issued by Ripple against cash and short-term treasuries, aimed at payment and settlement flows. It circulates on Ethereum and the XRP Ledger.
Ondo USDY
Ondo issues $USDY, a yield-bearing token backed by short-term treasuries and bank deposits, for holders outside the United States. It runs on Ethereum, Solana, Sui, Aptos, Arbitrum and Mantle.
USDD
The USDD protocol issues $USDD, a dollar stablecoin minted against crypto collateral locked in peg stability contracts. It circulates on Tron, Ethereum and BNB Chain.
Falcon USD
Falcon Finance issues $USDf, a synthetic dollar minted against crypto and tokenized collateral, with a staked version that accrues yield from basis and funding trades. It runs on Ethereum.
GHO
Aave issues $GHO, a stablecoin minted by borrowers against collateral supplied to Aave markets, with the borrow rate set by governance. It runs on Ethereum, Arbitrum, Base, Avalanche and Gnosis.
Usual USD0
Usual issues $USD0, a stablecoin backed by tokenized treasury bills, and a locked version that passes protocol revenue to holders. It runs on Ethereum and Arbitrum.
Ethena USDtb
Ethena issues $USDtb, a stablecoin backed by a tokenized money market fund and cash held with custodians, kept separate from the synthetic $USDe. It runs on Ethereum.
Pax Dollar
USDP is a stablecoin backed 1:1 by USD, and gives customers the ability to store and send US Dollars with freedom, unrestricted by the limits of traditional banking system.
Frax
Frax is the first fractional-algorithmic stablecoin protocol. Interview with Sam Kazemian, founder of Frax Finance