Independent ranking

Best Stablecoins

Scored like-for-like from one public dataset: backing model, scale, chain distribution and recorded price against the peg.

Kayla PetersonDeFi Research Analyst· Last checked August 10, 2026

Tether (USDT)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%10.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$183,097m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 130 chains

Cons

Reserve attestations are not scored in this category

9.9/10

Overall

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USD Coin (USDC)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%10.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$72,272m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 154 chains

Cons

Reserve attestations are not scored in this category

9.9/10

Overall

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Dai (DAI)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%8.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$4,791m circulating, recorded independently
Collateralised model (crypto-backed)
Issued across 49 chains

Cons

Reserve attestations are not scored in this category

9.7/10

Overall

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Ethena USDe (USDe)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%8.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$3,916m circulating, recorded independently
Collateralised model (crypto-backed)
Issued across 31 chains

Cons

Reserve attestations are not scored in this category

9.7/10

Overall

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Sky Dollar (USDS)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%4.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$6,694m circulating, recorded independently
Collateralised model (crypto-backed)
Issued across 7 chains

Cons

Reserve attestations are not scored in this category

9.1/10

Overall

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World Liberty Financial USD (USD1)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%4.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$4,027m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 8 chains

Cons

Reserve attestations are not scored in this category

9.1/10

Overall

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Global Dollar (USDG)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%4.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$3,417m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 6 chains

Cons

Reserve attestations are not scored in this category

9.1/10

Overall

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PayPal USD (PYUSD)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%4.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$2,779m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 19 chains

Cons

Reserve attestations are not scored in this category

9.1/10

Overall

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BlackRock USD (BUIDL)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%2.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$2,708m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 8 chains

Cons

Reserve attestations are not scored in this category

8.8/10

Overall

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10R

Ripple USD (RLUSD)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%2.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$1,584m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 2 chains

Cons

Reserve attestations are not scored in this category

8.8/10

Overall

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11U

USDD (USDD)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%2.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$1,507m circulating, recorded independently
Collateralised model (crypto-backed)
Issued across 4 chains

Cons

Reserve attestations are not scored in this category

8.8/10

Overall

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12F

Falcon USD (USDf)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%2.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$1,255m circulating, recorded independently
Collateralised model (crypto-backed)
Issued across 2 chains

Cons

Reserve attestations are not scored in this category

8.8/10

Overall

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13U

United Stables (U)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%10.0

Cost transparency · 5%10.0

Market quality · 15%2.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$1,210m circulating, recorded independently
Collateralised model (crypto-backed)
Issued across 3 chains

Cons

Reserve attestations are not scored in this category

8.8/10

Overall

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14C

Circle USYC (USYC)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%8.0

Cost transparency · 5%10.0

Market quality · 15%2.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$3,005m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 2 chains

Cons

Recorded price 1.1334 sits 13.3% from the peg at this check

7.9/10

Overall

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15O

Ondo US Dollar Yield (USDY)

Best for collateralised issuance at scale

Counterparty & backing risk · 45%8.0

Cost transparency · 5%10.0

Market quality · 15%2.0

Transparency & track record · 30%10.0

Public documentation surface · 5%10.0

Pros

$2,142m circulating, recorded independently
Collateralised model (fiat-backed)
Issued across 15 chains

Cons

Recorded price 1.1408 sits 14.1% from the peg at this check

7.9/10

Overall

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At a glance

Compare the field

Service	Score	Strongest area	Best for
Tether (USDT)	9.9	Counterparty & backing risk (10.0)	collateralised issuance at scale
USD Coin (USDC)	9.9	Counterparty & backing risk (10.0)	collateralised issuance at scale
Dai (DAI)	9.7	Counterparty & backing risk (10.0)	collateralised issuance at scale
Ethena USDe (USDe)	9.7	Counterparty & backing risk (10.0)	collateralised issuance at scale
Sky Dollar (USDS)	9.1	Counterparty & backing risk (10.0)	collateralised issuance at scale
World Liberty Financial USD (USD1)	9.1	Counterparty & backing risk (10.0)	collateralised issuance at scale
Global Dollar (USDG)	9.1	Counterparty & backing risk (10.0)	collateralised issuance at scale
PayPal USD (PYUSD)	9.1	Counterparty & backing risk (10.0)	collateralised issuance at scale
BlackRock USD (BUIDL)	8.8	Counterparty & backing risk (10.0)	collateralised issuance at scale
Ripple USD (RLUSD)	8.8	Counterparty & backing risk (10.0)	collateralised issuance at scale
USDD (USDD)	8.8	Counterparty & backing risk (10.0)	collateralised issuance at scale
Falcon USD (USDf)	8.8	Counterparty & backing risk (10.0)	collateralised issuance at scale
United Stables (U)	8.8	Counterparty & backing risk (10.0)	collateralised issuance at scale
Circle USYC (USYC)	7.9	Cost transparency (10.0)	collateralised issuance at scale
Ondo US Dollar Yield (USDY)	7.9	Cost transparency (10.0)	collateralised issuance at scale