There are over 200 issuers of stablecoins globally. However, Tether, the issuer of USDt, and Circle, the issuer of USDC, are the two biggest. They are widely known for the disruptions they have caused in the market. While USDt is third by market cap, USDC ranks seventh, with a $61,250,484,949 market capitalization in the cryptocurrency market.
Stablecoins are forms of cryptocurrency pegged 1:1 to other assets, most popularly the U.S. Dollar.
Even though we often refer to the big issuers in our analysis, smaller issuers are also making drastic efforts to change the dynamism of stablecoins.
In fact, only a few names come to mind when stablecoins are mentioned: USDt, USDC, DAI, and PayPal USD, among over 200 stablecoins in existence. However, only those deeply involved in crypto trading and analysts are familiar with the issuers of these stablecoins.
Dominant Issuers of Stablecoins
CoinMarketCap’s data shows that Tether (USDt), the most popular stablecoin, controls over 66% of the stablecoin market cap with $155,896,549,409. However, other issuers with similar potential are being closely watched as the crypto community observes the evolving market.
Below is a list of issuers of 50 major stablecoins based on their market capitalization:
Tether (USDT)
Apart from being the largest issuer of stablecoins (USDt), Tether (USDT) is also the third-largest cryptocurrency by market cap after Bitcoin and Ethereum. Although the company has faced several investigations in the past, it remains the most preferred stablecoin for businesses engaged in cross-border transactions.
At the time of publication, USDt has a market cap of $155,896,549,409. A report by Chainalytic notes that Tether holds nearly $100 billion in U.S. Treasury bills.
The company continues to expand its assets in the United Arab Emirates, including launching Emirati Dirham-backed tokens and gold-backed stablecoins.
Tether is also solidifying its grip on the stablecoin market by supporting emerging digital asset platforms through grants and other financial assistance to help startups overcome early-stage hurdles.
Circle (USDC)
The seventh-largest crypto by market cap, USDC is issued by the New York City-based peer-to-peer payment tech firm Circle Internet Group. USDC is pegged 1:1 to the U.S. dollar.
Founded in October 2013 by Jeremy Allaire and Sean Neville, Circle has grown to become the second-largest stablecoin issuer globally. A majority of Circle’s stablecoin collateral is held in short-term U.S. government securities.
Between its founding and 2016, Circle received more than $135 million in venture capital. In May 2018, it raised $110 million to launch USD Coin (USDC).
USDC currently holds a market cap of $61,242,514,415.
Ethena Labs (USDe)
The synthetic dollar USDe is issued by Ethena Labs, which also had a subsidiary in Germany, Ethena GmbH, until April 15, 2025, when the company announced on X the closure of its German subsidiary due to regulatory bottlenecks.
Founded by Guy Young, Ethena Labs disclosed in February 2025 that it raised $100 million to support the launch of iUSDe, a new stablecoin designed for regulated financial institutions. According to Bloomberg, this new crypto project focuses on traditional finance (TradFi).
As of Friday, June 20, 2025, USDe has a market capitalization of $5,601,684,627, making it the third-largest stablecoin.
MakerDAO (DAI)
The fourth-largest stablecoin by market cap, DAI is issued by MakerDAO, founded by Danish entrepreneur Rune Christensen in 2014. DAI launched on December 18, 2017, on the Ethereum mainnet.
Since its launch, the company has raised venture funding. For instance, in 2018, Andreessen Horowitz invested $15 million in MakerDAO by purchasing 6% of all MKR tokens.
DAI currently holds a market cap of $5,364,972,222.
World Liberty Financial (USD1)
The USD1 stablecoin is issued by World Liberty Financial, a highly controversial DeFi and crypto firm linked to Donald Trump and his family.
It is alleged that World Liberty Financial was involved in questionable dealings, especially regarding how the U.S. SEC dropped its investigation into Chinese billionaire Justin Sun after he invested $30 million in the company shortly after President Trump assumed office in January 2025.
Despite controversies surrounding its ownership and Trump’s alleged influence in shaping the company’s portfolio, World Liberty Financial remains the fifth-largest stablecoin by market capitalization.
It currently has a market cap of $2,198,891,348, ranking 5th among stablecoins and 39th in the overall crypto market.
FD121 Limited (FDUSD)
The FDUSD stablecoin is issued by FD121 Limited, a subsidiary of Hong Kong-based financial firm First Digital Limited. FDUSD is a reserve-backed stablecoin pegged 1:1 to the U.S. dollar.
It is currently the 6th-largest stablecoin and ranks 54th in the overall crypto market, with a market cap of $1,494,712,670.
Paxo Trust Company (PYUSD)
PayPal USD (PYUSD) is pegged 1:1 to the U.S. dollar and is issued by Paxo Trust Company in collaboration with PayPal. The stablecoin, launched in August 2023, is fully collateralized with U.S. Treasury bills and other cash equivalents.
Paxos, the issuer of PYUSD, is regulated by the New York State Department of Financial Services (NYDFS).
In under two years, PYUSD has become the 7th-largest stablecoin, with a market cap of $947,188,225, ranking 71st in the crypto market. Paxos is known for its transparency and regularly publishes monthly attestation reports.
Archblock (TUSD)
TrueUSD (TUSD) is issued by Archblock, formerly known as TrustToken, which also developed the TrueFi lending protocol.
Although Archblock manages TUSD, the intellectual property rights of TrueUSD were acquired by Techteryx in 2020. This led to legal battles between TrustToken and Techteryx.
TUSD is the 8th most capitalized stablecoin, with $493,324,840 in market cap.
TRON DAO Reserve (USDD)
The 9th most capitalized stablecoin, USDD, is issued by TRON DAO Reserve (TDR). USDD is over-collateralized, backed not only by USD but also by BTC, USDC, TRON, and USDt, making it a unique stablecoin in the eyes of analysts.
Circle (EURC)
Circle, the issuer of USDC, also issues and manages EURC, a stablecoin pegged to the euro. It was first launched as Euro Coin (EUROC) in mid-2022 and rebranded to EURC on June 19, 2024, in an announcement by Coinbase Exchange on X.
Other Issuers
11) Usual (USD0)
12) Ondo Finance (USDY)
13) Falcon Finance (USDf)
14) Standard Custody & Trust Company (RLUSD)
15) Frax Finance Protocol (FRAX)
16) Paxos Digital Singapore (USDG)
17) OpenEden Digital (USDO)
18) Aave DAO (GHO)
19) Elixir Network (DEUSD)
20) STASIS (UERS)
Stablecoins Are Going Mainstream
Stablecoins are going mainstream as crypto apps and exchanges increasingly partner with major issuers and conventional financial institutions. One such example is YellowCard, which recently partnered with VISA. YellowCard is a leading crypto app in 20 African countries,
In the United States, lawmakers are working on regulations such as the GENIUS Act, Stable Act, and others, to regulate and build trust in stablecoins, which are viewed as less volatile than Bitcoin, Ethereum, and other major cryptos.
With adoption rising, the market capitalization of all stablecoins—currently $255.5 billion (as of June 20, 2025)—could soon challenge Ethereum’s $307.8 billion market cap in the coming years.