| 1 |
Tether (USDT) |
Tether Limited |
Centralized, Private Company |
Registered MSB |
British Virgin Islands |
$114.13B |
| 2 |
USD Coin (USDC) |
Circle, Coinbase |
Centralized, Private Company |
Regulated by NYDFS |
United States |
$33.97B |
| 3 |
First Digital USD (FDUSD) |
First Digital Labs |
Centralized, Private Company |
Regulated |
Hong Kong |
$1.99B |
| 4 |
Pax Dollar (USDP) |
Paxos |
Centralized, Private Company |
NYDFS Regulated |
United States |
$960M |
| 5 |
TrueUSD (TUSD) |
TrustToken |
Centralized, Private Company |
Registered MSB |
United States |
$495.64M |
| 6 |
PayPal USD (PYUSD) |
PayPal |
Centralized, Private Company |
Regulated |
United States |
$364.9M |
| 7 |
Euro Coin (EURC) |
Circle |
Centralized, Private Company |
Regulated |
United States |
$1.1B |
| 8 |
STASIS EURO (EURS) |
STASIS |
Centralized, Private Company |
Registered MSB |
Malta |
$135.24M |
| 9 |
Gemini Dollar (GUSD) |
Gemini Trust |
Centralized, Trust Company |
NYDFS Regulated |
United States |
$110.6M |
| 10 |
Binance USD (BUSD) |
Binance, Paxos |
Centralized, Private Company |
NYDFS Regulated |
United States |
$69.53M |
| 11 |
VNX Swiss Franc (VCHF) |
VNX |
Centralized, Private Company |
Regulated |
Luxembourg |
$10.5M |
| 12 |
VNX Euro (VEUR) |
VNX |
Centralized, Private Company |
Regulated |
Luxembourg |
$7.8M |
| 13 |
GYEN (GYEN) |
GMO-Z.com Trust Company |
Centralized, Private Company |
NYDFS Regulated |
United States |
$18.6M |
| 14 |
ZUSD (ZUSD) |
Z.com |
Centralized, Private Company |
Registered MSB |
Japan |
$2M |
| 15 |
Dai (DAI) |
MakerDAO |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$5.35B |
| 16 |
USDD (USDD) |
TRON DAO Reserve |
Centralized, Private Company |
Not clearly regulated |
N/A |
$739.1M |
| 17 |
Ethena USDe (USDe) |
Ethena |
Decentralized, Private Company |
Not regulated as a legal entity |
N/A |
$3.4B |
| 18 |
Frax (FRAX) |
Frax Finance |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$647.61M |
| 19 |
USDB (USDB) |
Stably |
Centralized, Private Company |
Not clearly regulated |
N/A |
$349.76M |
| 20 |
Ondo US Dollar Yield (USDY) |
Ondo Finance |
Centralized, Private Company |
Not clearly regulated |
N/A |
$180.49M |
| 21 |
USDJ (USDJ) |
TRON Foundation |
Centralized, Private Company |
Not clearly regulated |
N/A |
$167.23M |
| 22 |
crvUSD (CRVUSD) |
Curve Finance |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$139.99M |
| 23 |
Liquity USD (LUSD) |
Liquity |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$84.46M |
| 24 |
Anchored Coins AEUR (AEUR) |
Anchored Coins |
Centralized, Private Company |
Not clearly regulated |
N/A |
$62.04M |
| 25 |
sUSD (sUSD) |
Synthetix |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$52M |
| 26 |
Celo Dollar (CUSD) |
Celo Foundation |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$8.44M |
| 27 |
Celo Euro (CEUR) |
Celo Foundation |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$7.8M |
| 28 |
Origin Dollar (OUSD) |
Origin Protocol |
Decentralized, DAO |
Not regulated as a legal entity |
N/A |
$5.9M |
| 29 |
Edelcoin (EDLC) |
Edelcoin |
Centralized, Private Company |
Not clearly regulated |
N/A |
$5.6M |