Here’s an up-to-date snapshot of the 10 largest stablecoins in the world by market capitalization (early 2026) — most of which are pegged to the U.S. dollar and dominate the broader crypto ecosystem:

Top 10 Stablecoins (by Market Cap — ~Jan 2026)

1. Tether (USDT) — ~$186.9 B
   The largest and most widely used stablecoin, heavily used for trading, liquidity, and settlement across exchanges.
2. USD Coin (USDC) — ~$75.2 B
   A regulated, fiat-backed stablecoin widely adopted for DeFi, payments, and institutional use.
3. PayPal USD (PYUSD) — ~$3.6 B
   Issued by PayPal and backed 1:1 with USD, designed for payments and crypto ecosystem integration.
4. Ripple USD (RLUSD) — ~$1.34 B
   A stablecoin from Ripple intended for payments and liquidity on Ripple’s networks.
5. First Digital USD (FDUSD) — ~$505 M
   A fiat-backed USD stablecoin from First Digital.
6. TrueUSD (TUSD) — ~$493 M
   A fully reserved USD stablecoin with regular attestations.
7. EURC (EURC) — ~$361 M
   A euro-pegged stablecoin issued by Circle (the same company behind USDC).
8. STASIS EURO (EURS) — ~$144 M
   Another euro-pegged stablecoin for euro-denominated digital liquidity.
9. Frax USD (FRXUSD) — ~$123 M
   A partially algorithmic and collateralized USD stablecoin from the Frax Protocol.
10. BUSD (BUSD) — ~$55 M
    Binance USD, a once-very large fiat-backed stablecoin (still around but much smaller now).

Notes & Context

• USDT and USDC together dominate the market, accounting for the vast majority of stablecoin capitalization globally.
• Most stablecoins are pegged to the U.S. dollar, with a few pegged to other currencies like the euro.
• Newer entrants (e.g., PayPal USD) reflect growing institutional and consumer adoption beyond purely crypto-native issuers.

Stablecoin rankings can shift with market dynamics, regulatory developments, and new project launches, but USDT and USDC remain the clear market leaders.

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