Tether’s USDT holds $175.7 billion of the dollar-pegged stablecoin market, 2.5 times USD Coin’s $69.7 billion; no one else in the top 15 reaches $6 billion. Ranked by circulating supply, as of November 12, 2026.
Illustration: the 15 largest US dollar stablecoins by circulating supply on November 12, 2026, from Tether’s USDT at $175.65 billion to Aave’s GHO at $0.70 billion.
As of November 12, 2026. Circulating supply is DefiLlama’s circulating.peggedUSD figure for each coin, in billions of US dollars, retrieved on that date; stablecoins are pegged to about $1, so supply is a close stand-in for market cap. Only US dollar–pegged coins are ranked: euro stablecoins and gold-backed tokens (such as Tether Gold) are left out. The backing type is DefiLlama’s peg mechanism, with Ethena’s USDe flagged as synthetic; no algorithmic coin reaches the top 15. “Main chain” is the blockchain holding the largest share of the coin’s supply, and 30-day change compares today’s supply with a month earlier. Issuers publish their own figures on different dates (Tether and Circle report quarterly, and Tether’s end-of-September total was higher than today’s), so small gaps are expected. This is a data ranking, not investment advice. Unlike bitcoin, stablecoins are not scarce assets; for the bitcoin side see The Biggest Bitcoin Busts in US History and The Largest Crypto Hacks of All Time, and for bitcoin treasury data visit Bittery, our sister site.[1]
The Top 10
#1
Tether (USDT) — $175.65 billion
Tether’s USDT is the largest stablecoin by a wide margin: DefiLlama counts $175.65 billion in circulation on November 12, 2026, with about $92.1 billion of it on Tron and $66.7 billion on Ethereum.[1] Tether’s own Q3 2026 attestation, prepared by BDO and published October 30, reported about $183.5 billion of liabilities against $191.45 billion of assets at the end of September, so supply has since fallen roughly 4.5% in a month.[2] Its reserves are mostly US Treasury bills (about $132.4 billion in direct and indirect exposure) but also include precious metals and bitcoin, which is why “fiat-backed” is a simplification here.[2]
#2
USD Coin (USDC) — $69.74 billion
Circle’s USDC is the clear number two, about 40% of USDT’s size. DefiLlama shows $69.74 billion, with about $41.9 billion on Ethereum and $7.0 billion on Solana.[1] Circle reported end-of-September circulation of $73.9 billion, flat on a year earlier, and an average of $73.3 billion across the third quarter.[3] It has the widest chain footprint on the list, on 162 chains by DefiLlama’s count.[1]
#3
Sky Dollar (USDS) — $5.37 billion
USDS is the newer stablecoin of Sky, the protocol formerly known as MakerDAO, and is backed by crypto collateral locked in the protocol.[1] Its supply is down about 23% over 30 days, the second-largest drop among the top 15 by percentage.[1] DefiLlama lists it separately from Dai, which the same protocol also issues; this ranking follows that split.
#4
Ethena USDe — $4.89 billion
USDe is the list’s only synthetic dollar. DefiLlama flags it as crypto-backed, but it is held against crypto assets that are hedged with offsetting derivatives positions, so this ranking labels it “Synthetic (delta-neutral).”[1] Its supply rose 2.7% over 30 days and 7.2% over the last week, one of the few top-10 coins growing.[1]
#5
Dai (DAI) — $4.65 billion
Dai is the long-running decentralized stablecoin from Sky (formerly MakerDAO), backed by crypto collateral rather than bank deposits.[1] Most of its supply, about $4.1 billion, sits on Ethereum.[1] Together, Dai and USDS hold about $10 billion in the Sky ecosystem, far less than either of the top two coins.
#6
World Liberty Financial USD (USD1) — $3.22 billion
USD1 is issued by World Liberty Financial and is listed by DefiLlama as fiat-backed.[1] Its supply is split almost evenly between BSC (about $1.13 billion) and Solana (about $1.11 billion), and it has fallen about 24.5% over the past 30 days, the largest percentage drop in the top 15.[1]
#7
Ripple USD (RLUSD) — $2.71 billion
Ripple’s dollar stablecoin runs on both Ethereum and the XRP Ledger, with about $1.82 billion on Ethereum and $0.88 billion on XRPL.[1] Its supply grew 11.7% over 30 days, among the fastest growth in the top 15.[1]
#8
Global Dollar (USDG) — $2.70 billion
USDG is a fiat-backed dollar token whose largest share, about $1.12 billion, is on the X Layer network, ahead of Robinhood Chain at $0.64 billion.[1] Its supply is down about 10.5% over 30 days.[1]
#9
PayPal USD (PYUSD) — $2.62 billion
PYUSD is the stablecoin of payments company PayPal, one of the few large-company issuers on the list.[1] About $1.67 billion of it is on Ethereum and $0.73 billion on Solana; supply is down 9.3% over 30 days.[1]
#10
Falcon USD (USDf) — $1.66 billion
Falcon USD is a crypto-backed dollar token from Falcon Finance, minted against overcollateralized deposits.[1] DefiLlama’s feed priced it at about $0.995 on the retrieval date, the weakest peg among the top 15, a reminder that stablecoin pegs can slip; it also briefly traded below $1 in July 2025.[1][4]
DefiLlama, “Stablecoins” API (circulating.peggedUSD, pegType, pegMechanism, chain breakdown, previous-month and previous-week supply) — https://stablecoins.llama.fi/stablecoins?includePrices=true, retrieved November 12, 2026. All supply, chain and 30-day figures in this post come from it.
Tether Q3 2026 attestation (BDO, published October 30, 2026), as reported by Cointelegraph and Crypto Briefing: about $191.45 billion in assets, $183.5 billion in liabilities, $132.4 billion in Treasury exposure — cointelegraph.com.
Circle, “Circle Reports Third Quarter 2026 Results” (November 4, 2026): USDC in circulation $73.9 billion at period end, $73.3 billion average — finviz.com.
