Explore Stablecoins

A stablecoin is a crypto asset designed to track a reference value such as the US dollar, euro, gold or another defined unit of account.

Designs vary. Some use redeemable reserves, while others use overcollateralized loans, derivatives, market incentives or combinations of those mechanisms.

The table on this page ranks eligible stablecoins by current market capitalization using DefiLlama data. The order changes as supply and prices change.

No stablecoin is risk-free. Stablecoins can depeg, issuers can fail, reserves can become inaccessible, governance can change and smart contracts can be exploited.

Both target the US dollar, but they have different issuers, reserve arrangements, redemption terms, network availability and regulatory exposure.

A decentralized stablecoin relies primarily on onchain collateral and protocol governance rather than a single institution holding all reserves and controlling issuance.

A yield-bearing stablecoin is designed so holders may accrue value or receive returns from an underlying strategy. Yield introduces additional protocol, liquidity and counterparty risks.

Common sources include lending interest, protocol savings rates, liquidity provision, tokenized real-world assets and incentives. Rates are variable and not guaranteed.

Stablecoin yields vary by protocol, blockchain, liquidity and incentives. Crypto University selects opportunities using APY, base yield, TVL, rate stability and risk factors rather than APY alone.

Depegs can result from reserve concerns, redemption constraints, market illiquidity, collateral losses, governance failures, oracle problems or broader market stress.

Chain-level liquidity changes over time. Use the network filter and each stablecoin profile’s supply distribution to compare current coverage.

The stored market and yield snapshot is refreshed daily. If an upstream provider fails, the most recent valid snapshot remains visible with its timestamp.