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The largest stablecoin (about USD 184 billion), with very high liquidity. However, its reserves include a significant share of BTC, gold and loans, are only attested quarterly, and S&P rates its peg stability as 'weak'. USDT is not licensed in the EU or the US.

Reserves are almost entirely cash, Treasury bills and repo, attested monthly; the issuer is licensed in the EU (MiCA), New York and by the OCC. The main risk is the banks holding reserves, as in the depeg to USD 0.87 when SVB collapsed in 2023.

Backed by cash and US Treasury bills, held in custody at BitGo, with monthly attestations. It is a new coin (2025), supply is very highly concentrated on Binance, there are political factors, and its OCC licence is only at the preliminary stage.

Circle's euro-pegged stablecoin, with reserves entirely held as deposits at regulated financial institutions and attested monthly by Deloitte; the issuer is a crypto-asset institution licensed in France under MiCA. It remains small in scale, at around EUR 400 million.

Backed by cash and US Treasury bills with monthly attestations, but the issuer is based in the BVI and has no stablecoin licence. Its size has shrunk sharply and it depegged to about USD 0.87 in 2025.

A decentralised stablecoin with no licensed issuer that cannot be frozen, overcollateralised by crypto, USDC and real-world assets. Being gradually replaced by USDS; it depegged to USD 0.88 along with USDC in 2023.

Ethena's USDe is a synthetic dollar: backed by hedged crypto derivatives, stablecoins, and loans rather than cash. It has no licence; BaFin required Ethena to withdraw from the EU in 2025. It once fell to USD 0.65 on Binance (10/2025).

The oldest and largest digital asset, with no organisation controlling supply. Only two serious consensus incidents, in 2010 and 2013.

The largest smart contract platform, with decentralised supply. The network has never stopped producing blocks.

Closely tied to Binance: supply is highly concentrated in CZ and Binance, and the BSC network was deliberately halted in 2022. The SEC lawsuit was dropped in 2025.

Large ecosystem, with ETFs in the US. The network has halted 7 times, most recently in February 2024; validators remain concentrated in infrastructure.

Closed its dispute with the SEC in 2025 and has ETFs in the US, but Ripple still controls about 1/3 of supply. XRP Ledger had two brief halts in late 2024 and early 2025.

The largest network for USDT circulation, but power is highly concentrated: Justin Sun is believed to hold most of the supply and only 27 validators produce blocks.

Long-standing meme coin (since 12/2013), using merged PoW mining with Litecoin, with no network outages to date. Supply is uncapped (around 5 billion DOGE per year) and market capitalization currently ranks 12th.