Stablecoins are cryptocurrencies designed to track the value of other assets, particularly fiat currencies like the US dollar. Discover the top 5 dollar-backed stablecoins.
The 5 main stablecoins following the price of the dollar
The most popular stablecoins in the cryptocurrency market are those tracking the US dollar. These are much more widespread and used in the industry, whether in the context of decentralized finance (DeFi), or simply to protect against the volatility of cryptos.
Here are the top 5 most capitalized dollar stablecoins (October 15, 2024) and their particularities :
| ???? Stablecoin dollar | ✨ Special features | ???? Capitalization (October 14, 2024) | ⛓️ Blockchain(s) supported | ???? Transmitter |
| Tether (USDT) | $119.7 billion | Tron, Ethereum, BNB Chain, BitTorrent Chain, Avalanche, Fantom, Polygon, Arbitrum, Optimism, Aurora, Aptos | Tether | |
| USDC | $34.8 billion | Algorand, Arbitrum, Avalanche, Base, Celo, Ethereum, Hedegra, NEAR, Noble, Optimism, Polkadot, Polygon, Solana, Stellar, Sui and zkSync | Circle | |
| USDS (ex DAI) |
| $5.16 billion | Ethereum | Sky (ex MakerDAO) |
| Decentralized USD (USDD) | $747.4 million | Tron, Ethereum, Avalanche, TON, Solana, NEAR, Celo, Cosmos, Omni (Bitcoin), EOS, Tezos, Polkadot, Liquid (Bitcoin), Algorand, Kusama | Tron DAO Reserve | |
| PayPal USD (PYUSD) | $658 million | Ethereum and Solana | PayPal |
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L’USDT de Tether
USDT, issued by the Tether company, is the most widely used US dollar-backed stablecoin in the world.. Since its inception in 2014, it has been the industry benchmark for many users looking to avoid the volatility of cryptocurrencies while remaining in the crypto ecosystem. The USDT stablecoin is also used in cross-border trading and transactions as an alternative to the US dollar.
Despite its position as the leading stablecoin, USDT has generated numerous controversies over the transparency of its US dollar reserves throughout its history.
???? Find our analysis of Tether’s USDT, the largest stablecoin on the market
Circle’s USDC
Issued by the American company Circlein partnership with the crypto platform Coinbase, USDC is one of the most regulated and transparent stablecoins on the market. Backed by the US dollar, it is fully supported by audited and regularly published reserves, which gives it great reliability among institutional investors and businesses.
USDC is designed to facilitate fast and secure payments across the world, while being widely used in decentralized finance (DeFi). Its rigorous compliance framework, particularly in the United States, makes it a preferred choice for users looking for a transparent and well-regulated stablecoin.
???? Check out our detailed analysis of Circle’s USDC stablecoin
L’USDS (ex DAI) de Sky (ex Maker DAO)
USDS (formerly DAI) is a decentralized stablecoin issued by the Sky Protocol (formerly MakerDAO). Unlike USDT or USDC, which are centralized and backed directly by US dollar fiat reserves, USDC is backed by other cryptocurrencies deposited as collateral within smart contracts.
Thanks to its decentralized nature, USDS is not dependent on a single entity and allows users to participate in a truly open system. It is widely used in decentralized finance (DeFi) protocols, where it serves as a means of exchange and lending while maintaining parity with the US dollar.
L’USDD de la Tron DAO
USDD is the stablecoin issued by the Tron DAO, a decentralized autonomous organization (DAO) supporting the Tron blockchain. Unlike centralized stablecoins entirely backed by fiat reserves, USDD is based on an algorithmic approach, where its value is stabilized by over-collateralization of a set of cryptocurrencies and complex mechanisms.
Although USDD was designed to maintain a stable peg to the US dollar, its partly algorithmic operation can result in temporary price fluctuations, creating both opportunities and risks for users.
???? Learn more about the USDD stablecoin with our dedicated analysis
The PYUSD from PayPal
PYUSD is the stablecoin of PayPal, the online payments giant. Backed by the US dollar, PYUSD was designed to be seamlessly integrated with PayPal services and applications, allowing users to transfer, send or spend funds with guaranteed stability.
Unlike other stablecoins that primarily focus on use in decentralized finance, the PYUSD stablecoin is primarily intended to simplify digital payments for general public users.
???? Read our full analysis of PayPal’s PYUSD stablecoin
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Publishing Director of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have accumulated a vast knowledge of Web3 and I strive to share high-quality content to democratize this sector to the general public. Thanks to a dedicated and passionate team, Cryptoast has become an essential reference, providing in-depth analyzes and relevant information for all enthusiasts and curious people in the world of cryptocurrencies and Web3.
Clement Wardzala
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