Onchain Assets · 01 / 7
Dollars that move like data
Tokens that track a currency, usually the dollar. They differ in what backs them: cash and Treasuries held by an issuer, overcollateralized crypto in smart contracts, or a hedged position.
Market cap · live
$299B
CoinGecko category: stablecoins
Largest
Tether · USDT
61% of the category · $183B
Fiat-backed
Issuer holds cash and short Treasuries one-for-one.
Crypto-backed (CDP)
Users lock more crypto than they borrow.
Synthetic
A delta-neutral hedge keeps the dollar value stable.
Ranked by market cap, live from CoinGecko.
| # | Name | Market cap | Share | 24h |
|---|---|---|---|---|
| 01 | Tether · USDT | $183B | 61.3% | -0.0% |
| 02 | USDC · USDC | $72.5B | 24.2% | +0.2% |
| 03 | USDS · USDS | $10.2B | 3.4% | +0.1% |
| 04 | Ethena USDe · USDE | $4.7B | 1.6% | -0.2% |
| 05 | Dai · DAI | $4.5B | 1.5% | +0.5% |
| 06 | USD1 · USD1 | $4.0B | 1.3% | -0.5% |
| 07 | Global Dollar · USDG | $3.1B | 1.0% | -0.2% |
| 08 | PayPal USD · PYUSD | $2.8B | 1.0% | +1.0% |
Reserve risk
Backing must exist, be liquid, and be segregated.
Bank exposure
Cash reserves sit at banks that can fail.
Regulation
Who may issue, and to whom, is defined by law in many places.
On Tempo
Stablecoins are Tempo's native unit: TIP-20 tokens with memos and policies, fees paid in stablecoins, and OUSD as the recommended dollar.