Stablecoin Intelligence Terminal

Comprehensive tracking of the $200B+ stablecoin ecosystem. Supply distribution, reserve composition, risk profiles, and regulatory status.

● Live Peg Monitor 317+ stablecoins, real-time ▲ Yield Comparison CeFi + DeFi rates ■ Reserve Transparency Issuer reserve health ◆ Regulatory Tracker Global stablecoin law ⚠ Depeg History Forensic event analysis
View all 317+ stablecoins in the Live Peg Monitor ->

Supply Chain View

Fiat-Backed (Treasury Reserves) $182.4B
StablecoinTickerMarket CapPeg (24h)Reserve CompositionPrimary ChainIssuerStatus
TetherUSDT$140.2B$0.9998T-Bills 79%, Repo 12%, Cash 3%Tron 48% / ETH 38%Tether Ltd (BVI)Unregulated
USD CoinUSDC$35.8B$1.0001T-Bills 85%, Cash 15%ETH 62% / SOL 18%Circle (US)US-regulated
PayPal USDPYUSD$820M$1.0000T-Bills, CashETH 55% / SOL 45%Paxos Trust (US)US-regulated
First DigitalFDUSD$2.1B$0.9999T-Bills, CashBNB 65% / ETH 35%First Digital (HK)HK-regulated
TrueUSDTUSD$495M$0.9997T-Bills, CashETH 60% / BNB 30%Techteryx (HK)Limited attestation
Gemini DollarGUSD$210M$1.0000Cash at State StreetETH 100%Gemini Trust (US)NY-regulated
Crypto-Collateralized $7.8B
StablecoinTickerMarket CapPeg (24h)Reserve CompositionPrimary ChainIssuerStatus
DaiDAI$5.2B$0.9997ETH, stETH, RWA, USDCETH 95% / L2s 5%MakerDAODecentralized
Liquity USDLUSD$310M$1.0002ETH (150%+ collateral)ETH 100%Liquity ProtocolDecentralized
crvUSDcrvUSD$420M$0.9998Curve LP positionsETH 100%Curve FinanceDecentralized
Synthetic / Delta-Neutral $4.1B
StablecoinTickerMarket CapPeg (24h)Reserve CompositionPrimary ChainIssuerStatus
Ethena USDeUSDe$3.4B$1.0002Staked ETH + short perpsETH 100%Ethena LabsUnregulated (DeFi)
FraxFRAX$680M$0.9999USDC + algorithmicETH 85% / Others 15%Frax FinanceDecentralized
RWA-Backed (Real World Assets) $1.2B
StablecoinTickerMarket CapPeg (24h)Reserve CompositionPrimary ChainIssuerStatus
Mountain USDUSDM$310M$1.0001Short-term T-BillsETH 100%Mountain ProtocolBermuda-regulated
Ondo USDYUSDY$540M$1.0003T-Bills + bank depositsETH 80% / SOL 20%Ondo FinanceUS-regulated
Hashnote USYCUSYC$380M$1.0001T-Bills (BlackRock)ETH 100%Hashnote (Circle)US-regulated
US-Regulated $37.8B
StablecoinTickerMarket CapPeg (24h)RegulatorPrimary Chain
USD CoinUSDC$35.8B$1.0001State money transmitter, pursuing bank charterETH 62% / SOL 18%
PayPal USDPYUSD$820M$1.0000NYDFS via Paxos TrustETH 55% / SOL 45%
Gemini DollarGUSD$210M$1.0000NYDFS-regulated trustETH 100%
Ondo USDYUSDY$540M$1.0003SEC-registered, Reg DETH 80% / SOL 20%
Hashnote USYCUSYC$380M$1.0001US-regulated via CircleETH 100%
International Regulated $2.4B
StablecoinTickerMarket CapPeg (24h)JurisdictionPrimary Chain
First DigitalFDUSD$2.1B$0.9999Hong Kong HKMA sandboxBNB 65% / ETH 35%
Mountain USDUSDM$310M$1.0001Bermuda Monetary AuthorityETH 100%
Offshore / Unregulated $140.7B
StablecoinTickerMarket CapPeg (24h)JurisdictionPrimary Chain
TetherUSDT$140.2B$0.9998British Virgin Islands, no direct oversightTron 48% / ETH 38%
TrueUSDTUSD$495M$0.9997HK entity, limited attestation historyETH 60% / BNB 30%
Decentralized (No Issuer) $10.0B
StablecoinTickerMarket CapPeg (24h)GovernancePrimary Chain
DaiDAI$5.2B$0.9997MakerDAO governance (MKR holders)ETH 95% / L2s 5%
Liquity USDLUSD$310M$1.0002Immutable smart contractsETH 100%
crvUSDcrvUSD$420M$0.9998Curve DAO governanceETH 100%
FraxFRAX$680M$0.9999Frax governance (veFXS)ETH 85% / Others 15%
Ethena USDeUSDe$3.4B$1.0002Ethena Labs (centralized ops, DeFi wrapper)ETH 100%
Ethereum ~$106B stablecoin supply
StablecoinTickerMarket Cap% on ETHType
USD CoinUSDC$35.8B62%Fiat-backed
DaiDAI$5.2B95%Crypto-collateralized
Ethena USDeUSDe$3.4B100%Synthetic
Liquity USDLUSD$310M100%Crypto-collateralized
crvUSDcrvUSD$420M100%Crypto-collateralized
Gemini DollarGUSD$210M100%Fiat-backed
Mountain USDUSDM$310M100%RWA-backed
Ondo USDYUSDY$540M80%RWA-backed
Hashnote USYCUSYC$380M100%RWA-backed
Tron ~$67B stablecoin supply
StablecoinTickerMarket Cap% on TronNotes
TetherUSDT$140.2B48%Dominant chain for USDT, driven by remittances and emerging market adoption
Multi-Chain Deployed across 3+ chains
StablecoinTickerMarket CapChain Distribution
TetherUSDT$140.2BTron 48%, ETH 38%, SOL 4%, Avalanche 3%, Others 7%
USD CoinUSDC$35.8BETH 62%, SOL 18%, Arbitrum 8%, Base 5%, Others 7%
PayPal USDPYUSD$820METH 55%, SOL 45%
First DigitalFDUSD$2.1BBNB 65%, ETH 35%
Solana ~$7B stablecoin supply
StablecoinTickerMarket Cap% on SOLNotes
PayPal USDPYUSD$820M45%Fastest-growing SOL stablecoin
USD CoinUSDC$35.8B18%Native CCTP bridging
Ondo USDYUSDY$540M20%RWA yield token
BNB Chain ~$4B stablecoin supply
StablecoinTickerMarket Cap% on BNBNotes
First DigitalFDUSD$2.1B65%Primary Binance trading pair
TrueUSDTUSD$495M30%Legacy Binance listing

Stablecoin Risk Profiles

Reserve quality scores, transparency grades, and issuer risk analysis for the top 6 stablecoins.

->

Reserve Transparency Dashboard

Standardized reserve health analysis with composition breakdowns and quality scoring.

->

The Fed Rate / Stablecoin Paradox

The Yield Paradox: When the Fed raises rates, stablecoin reserves earn more, making stablecoins MORE attractive, pulling MORE deposits from banks, WEAKENING the transmission mechanism the rate hike was supposed to strengthen.

Fed Funds Rate
4.25%
Tether Annual Yield
~$5.8B
USDC Annual Yield
~$1.5B
Treasury Holdings
Among the largest holders of short-duration US Treasuries globally

Settlement Volume Comparison

Network Annual Settlement Daily Average Cost per $1M Transfer
Visa ~$14T $38B $15-25
Mastercard ~$8T $22B $15-25
SWIFT ~$150T $400B $25-50 + FX
Stablecoins (all) ~$12T $33B $0.01-5.00
FedWire ~$1,100T $3T $0.50-1.00

CBDC Tracker

LIVE

China (e-CNY)

260M wallets, limited usage, expanding to cross-border

PROTOTYPE

EU (Digital Euro)

ECB targeting 2027-2028 launch

RESEARCH

US (Digital Dollar)

Project Hamilton published, no commitment

PROTOTYPE

UK (Digital Pound)

Bank of England targeting 2025-2026 consultation

PILOT

India (e-Rupee)

5M users, limited merchant adoption

PILOT

Brazil (DREX)

Tokenized deposit model, bank integration

Regulatory Tracker

Global stablecoin regulation timeline, jurisdiction analysis, and impact matrix.

->

Full Stablecoin Registry

Live peg monitoring for 317+ stablecoins across all major blockchains.

->

Enjoyed this article? Get lifetime free access.

Join the first 100 subscribers and unlock MarketCrystal's full AI analytics platform — free, forever.

Mark's Take

"Stablecoins are not a crypto subcategory. They are the next iteration of the monetary system. The market is pricing them as digital tokens. It should be pricing them as infrastructure -- the rails on which the next century of value transfer will be built. Every central bank knows this. The question isn't whether sovereign digital currencies are coming. It's whether commercial banking survives the transition."

Related Analysis

Stablecoins & Sovereign Money

Deep-dive analysis on the stablecoin-CBDC collision course and what it means for the global monetary system.

->