Stablecoins & Markets
Kim Min-jun
Coverage focuses on reserves, redemption and the flow of money through digital-asset markets.
View articlesUS dollar stablecoins
Stablecoins that track the US dollar, from USDT and USDC to bank-issued tokens such as USA₮ and SoFiUSD and protocol stablecoins such as DAI, USDS and GHO: issuer, regulation, reserves and redemption.
| Name | Issuer | Pegged to | Type | E-money token under MiCA | Supply, millions of tokens | Latest reserve report |
|---|---|---|---|---|---|---|
| USDT (Tether) | Tether International, S.A. de C.V. (El Salvador) | US dollar | Fiat-backed | No | 183,790.4 | June 30, 2026 |
| USDC (Circle) | Circle Internet Financial, LLC (outside the EEA); Circle Internet Financial Europe SAS (EEA) | US dollar | Fiat-backed | Yes | 74,658.9 | August 31, 2026 |
| USD1 (World Liberty Financial) | BitGo Bank & Trust, N.A. | US dollar | Fiat-backed | No | 4,195.3 | August 31, 2026 |
| RLUSD (Ripple) | Standard Custody & Trust Company, LLC (a Ripple subsidiary) | US dollar | Fiat-backed | No | 2,409 | August 31, 2026 |
| FDUSD (First Digital) | FD121 (BVI) Limited | US dollar | Fiat-backed | No | 335.6 | August 31, 2026 |
| USAT (Tether and Anchorage Digital) | Anchorage Digital Bank, National Association | US dollar | Fiat-backed | No | 175.2 | July 31, 2026 |
| frxUSD (Frax) | Financial Reserves and Asset Exploration Inc. (Frax Inc.), Delaware | US dollar | Fiat-backed | No | 103.3 | Live (September 29, 2026) |
| SoFiUSD (SoFi) | SoFi Bank, N.A. | US dollar | Fiat-backed | No | 52.5 | |
| mUSD (MetaMask) | Bridge (a Stripe company) | US dollar | Fiat-backed | No | 33.1 | Live (September 29, 2026) |
| USDCV (Societe Generale-FORGE) | Société Générale - FORGE (France) | US dollar | Fiat-backed | Yes | 12.5 | September 29, 2026 |
| USDQ (Quantoz) | Quantoz Payments B.V. (Netherlands) | US dollar | Fiat-backed | Yes | 5.7 | August 30, 2026 |
| crvUSD (Curve) | US dollar | Crypto-collateralized | No | |||
| DAI (Sky) | US dollar | Crypto-collateralized | No | August 2026 (published September 17, 2026) | ||
| GHO (Aave) | US dollar | Crypto-collateralized | No | |||
| GUSD (Gemini) | Gemini Trust Company, LLC | US dollar | Fiat-backed | No | March 31, 2026 (latest report located) | |
| PYUSD (PayPal) | Paxos Trust Company, N.A. | US dollar | Fiat-backed | No | August 2026 | |
| TUSD (TrueUSD) | Techteryx, the company named in TrueUSD's reserve attestation disclosures | US dollar | Fiat-backed | No | ||
| USDe (Ethena) | Ethena BVI Limited | US dollar | Synthetic (hedged derivatives) | No | August 2026 (published September 3, 2026) | |
| USDG (Paxos) | Paxos Digital Singapore Pte. Ltd. (outside the EEA); Paxos Issuance Europe Oy (EEA) | US dollar | Fiat-backed | Yes | August 2026 | |
| USDP (Paxos) | Paxos Trust Company, N.A. | US dollar | Fiat-backed | No | August 2026 | |
| USDS (Sky) | US dollar | Crypto-collateralized | No | August 2026 (published September 17, 2026) |
