Stablecoin Tracker

Live stablecoin market overview

202 stablecoins are tracked with a combined market capitalization of $321.80B (24h +0.47%, 30d +1.76%). Use the Top Stablecoins tab to compare every stablecoin by market cap, peg deviation, mechanism, and chain footprint. Click any stablecoin to drill into its full chain breakdown and supply history.

How to use the Stablecoin Tracker

Three tabbed views are available. Top Stablecoins ranks every tracked stablecoin by market cap with peg, mechanism, supply changes, and chain footprint. Top Chains aggregates stablecoin supply by deployment chain — useful for evaluating where on-chain dollars actually live. Mechanism MCap groups market cap by stablecoin design (fiat-backed, crypto-backed, algorithmic, RWA, yield-bearing) so you can size the systemic share of each model.

Mints and redemptions as a market signal

Net stablecoin issuance is one of the strongest leading indicators for crypto liquidity. Sustained 7d and 30d supply expansion typically precedes risk-on rotation into BTC, ETH, and altcoins. Sustained redemptions are usually associated with deleveraging cycles. The Sharpe Stablecoin Tracker surfaces these flows live so you can incorporate them into rotation, funding, and basis trading frameworks.

Frequently Asked Questions

What is a stablecoin?

A stablecoin is a cryptocurrency designed to hold a steady value relative to a reference asset — typically the US dollar but sometimes the euro, gold, or another fiat currency. Stablecoins are the dominant settlement medium in crypto markets and the on-ramp for most DeFi activity.

What's the difference between fiat-backed, crypto-backed, and algorithmic stablecoins?

Fiat-backed stablecoins (USDT, USDC, FDUSD) hold reserves in cash and short-dated treasury bills. Crypto-backed stablecoins (DAI, LUSD, crvUSD) are over-collateralized by on-chain crypto assets. Algorithmic stablecoins maintain their peg through supply expansion/contraction without reserves — historically the riskiest category. Yield-bearing stablecoins (sUSDe, sUSDS, sFRAX) accrue protocol revenue to holders.

What is peg deviation and why does it matter?

Peg deviation measures how far a stablecoin's market price has drifted from its target (typically $1.00). Deviations under 0.25% are normal arbitrage noise; sustained deviations above 1% indicate either redemption stress or loss of confidence in reserves. The Stablecoin Tracker surfaces live peg deviation for every tracked token.

Which is the largest stablecoin by market cap?

Tether (USDT) is the largest stablecoin by circulating market cap, followed by USD Coin (USDC) and Ethena's USDe. The full ranked list with live market caps is on this page under the Top Stablecoins tab.

How does Sharpe calculate stablecoin market cap?

Stablecoin market cap reflects the on-chain circulating supply across all chains where the token is deployed, denominated in USD-equivalent at the peg target. Data refreshes every 10 minutes.

Why do stablecoin supplies grow or shrink?

Stablecoin supplies expand when users mint new tokens (typically by depositing fiat with the issuer or locking collateral on-chain) and contract when tokens are redeemed. Net mint/redeem flow is one of the strongest signals for crypto market liquidity — rising supply usually precedes risk-on rotation, while sustained redemptions often coincide with deleveraging.