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Preview data: all rankings, scores, votes, refresh labels, methodology, testing and editorial-process statements in Top 49 are illustrative demo content, not live measurements or documented reviews.
Crypto · refreshed monthly
Top Stablecoins
Collateral models and peg mechanics — including the ones that broke
A stablecoin’s entire promise is that it will not move, which makes the mechanism behind that promise — what actually backs it and how reliably — the only thing worth evaluating. This ranking is informational only, not financial advice, and several entries below are included specifically because their peg failed at some point, which is genuinely useful structural information about how different collateral models behave under stress. Cryptocurrency, including stablecoins, remains a high-risk, highly volatile asset class; a stable price target is a design goal, not a guarantee, and this list does not recommend holding any of these assets.
16Entries ranked
242KReader votes
1 Jul 2026Data as of
The top three
Leading the list
Rank 01Editor’s pick
Dai (DAI)
MakerDAO / Sky · Launched 2017
Dai is structured as an over-collateralized stablecoin backed primarily by crypto assets locked in smart contracts rather than a bank account, meaning holders can verify collateral levels directly on-chain rather than relying on an issuer’s word.
95.0/100 Top 49 score4Up 4Rank 02Editor’s pick
First Digital USD (FDUSD)
First Digital Labs · Launched 2023
FDUSD is structured as a fiat-backed stablecoin held in trust accounts, and it gained significant exchange integration quickly following Binance’s 2023 promotional support after regulatory pressure on a previous stablecoin partner.
94.9/100 Top 49 score1Down 1Rank 03Editor’s pick
TrueUSD (TUSD)
TrueCoin · Launched 2018
TrueUSD was structured as one of the earliest fiat-backed stablecoins to use third-party escrow accounts rather than issuer-controlled ones, an early attempt at reducing single-party control over reserves.
92.9/100 Top 49 score4Up 4
Full ranking
All 16 ranked
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Showing 1–12 of 16 ranked entries.
- Rank 1. Dai (DAI). Score 95 out of 100.4Up 4
Dai (DAI)
MakerDAO / Sky · Launched 2017
Dai is structured as an over-collateralized stablecoin backed primarily by crypto assets locked in smart contracts rather than a bank account, meaning holders can verify collateral levels directly on-chain rather than relying on an issuer’s word.
- Launched
- 2017
- Peg
- USD 1:1 (soft peg)
- Collateral model
- Crypto-collateralized (over-collateralized)
95.0/100 Top 49 scoreThe longest continuously operating decentralised, crypto-collateralized stablecoin on this list.
- Rank 2. First Digital USD (FDUSD). Score 94.9 out of 100.1Down 1
First Digital USD (FDUSD)
First Digital Labs · Launched 2023
FDUSD is structured as a fiat-backed stablecoin held in trust accounts, and it gained significant exchange integration quickly following Binance’s 2023 promotional support after regulatory pressure on a previous stablecoin partner.
- Launched
- 2023
- Peg
- USD 1:1
- Collateral model
- Fiat-backed
94.9/100 Top 49 score - Rank 3. TrueUSD (TUSD). Score 92.9 out of 100.4Up 4
TrueUSD (TUSD)
TrueCoin · Launched 2018
TrueUSD was structured as one of the earliest fiat-backed stablecoins to use third-party escrow accounts rather than issuer-controlled ones, an early attempt at reducing single-party control over reserves.
- Launched
- 2018
- Peg
- USD 1:1
- Collateral model
- Fiat-backed
92.9/100 Top 49 score - Rank 4. PayPal USD (PYUSD). Score 90.8 out of 100.1Up 1
PayPal USD (PYUSD)
PayPal / Paxos · Launched 2023
PayPal USD is structured and issued by Paxos, a regulated trust company, under PayPal’s brand — giving it a structurally direct connection to an established, regulated consumer payments company that most stablecoins lack.
- Launched
- 2023
- Peg
- USD 1:1
- Collateral model
- Fiat-backed
90.8/100 Top 49 score - Rank 5. Pax Dollar (USDP). Score 90.2 out of 100.2Down 2
Pax Dollar (USDP)
Paxos · Launched 2018
Pax Dollar is structured with reserves held in cash and cash equivalents under Paxos’s regulated New York trust charter, one of the more conservative regulatory structures among fiat-backed stablecoins on this list.
- Launched
- 2018
- Peg
- USD 1:1
- Collateral model
- Fiat-backed
90.2/100 Top 49 score - Rank 6. Gemini Dollar (GUSD). Score 87 out of 100.3Up 3
Gemini Dollar (GUSD)
Gemini Trust · Launched 2018
Gemini Dollar is issued directly by Gemini Trust Company under New York Department of Financial Services oversight, structurally tying its regulatory standing to the same regulator that oversees several traditional New York-chartered banks.
- Launched
- 2018
- Peg
- USD 1:1
- Collateral model
- Fiat-backed
87.0/100 Top 49 score - Rank 7. Frax (FRAX). Score 85.1 out of 100.NewNew entry
Frax (FRAX)
Frax Finance · Launched 2020
Frax pioneered a fractional-algorithmic model, structurally backed partly by collateral and partly by algorithmic mechanisms, before the protocol later moved toward full collateralization — a structural evolution driven directly by observing weaker algorithmic models fail elsewhere.
- Launched
- 2020
- Peg
- USD 1:1 (moved toward full collateralization)
- Collateral model
- Algorithmic (partially collateralized, evolving)
85.1/100 Top 49 score - Rank 8. USDD. Score 85 out of 100.2Down 2
USDD
TRON DAO Reserve · Launched 2022
USDD is structured as an over-collateralized stablecoin backed by a reserve of crypto assets managed by the TRON DAO Reserve, launched shortly after a widely publicized algorithmic-stablecoin collapse elsewhere in the industry that same year.
- Launched
- 2022
- Peg
- USD 1:1
- Collateral model
- Crypto-collateralized / algorithmic hybrid
85.0/100 Top 49 score - Rank 9. Euro Coin (EURC). Score 83.4 out of 100.2Down 2
Euro Coin (EURC)
Circle · Launched 2022
Euro Coin is structured as a euro-denominated fiat-backed stablecoin from the same issuer behind USD Coin, applying the same reserve-attestation model to a different currency peg entirely.
- Launched
- 2022
- Peg
- EUR 1:1
- Collateral model
- Fiat-backed
83.4/100 Top 49 score - Rank 10. Ethena USDe (USDe). Score 81.9 out of 100.4Up 4
Ethena USDe (USDe)
Ethena Labs · Launched 2024
USDe is structured around a delta-hedged derivatives position rather than simple cash reserves, a genuinely novel “synthetic dollar” mechanism that has not yet been tested through a full multi-year market cycle.
- Launched
- 2024
- Peg
- USD 1:1 (synthetic)
- Collateral model
- Crypto-collateralized (delta-hedged derivatives)
81.9/100 Top 49 score - Rank 11. Liquity USD (LUSD). Score 79.7 out of 100.2Up 2
Liquity USD (LUSD)
Liquity Protocol · Launched 2021
Liquity USD is structured to be backed exclusively by Ether as collateral with no governance token controlling its parameters, a deliberately minimal and immutable design compared with more actively managed stablecoin protocols.
- Launched
- 2021
- Peg
- USD 1:1
- Collateral model
- Crypto-collateralized (ETH-only)
79.7/100 Top 49 score - Rank 12. Binance USD (BUSD). Score 78.4 out of 100.NewNew entry
Binance USD (BUSD)
Paxos (for Binance) · Launched 2019
BUSD was a fiat-backed stablecoin issued by Paxos until the New York Department of Financial Services ordered Paxos to stop minting new tokens in February 2023, a real and consequential example of regulatory action directly affecting a major stablecoin’s issuance.
- Launched
- 2019
- Peg
- USD 1:1 (issuance halted 2023)
- Collateral model
- Fiat-backed
78.4/100 Top 49 scoreA direct 2023 regulatory order halted new issuance entirely — the clearest documented regulatory-risk event on this list.
How this list is scored
Four criteria, weighted before the first entry
Entries are scored on collateral transparency and structural peg design; assets with documented depeg events are included deliberately, as their history is instructive about model risk rather than disqualifying.
- Collateral transparency 30%
- Frequency and independence of reserve attestations or on-chain collateral verification.
- Peg track record 25%
- Historical consistency of maintaining the stated peg, including any documented failures.
- Regulatory standing 25%
- Clarity of the issuer’s regulatory status in major jurisdictions.
- Integration breadth 20%
- How widely the asset is supported across exchanges, wallets and applications.
Questions
About this ranking
Does “stable” mean a stablecoin cannot lose value?
No, and this list includes several examples that lost their peg to demonstrate exactly that. A stable price is a design target backed by a specific mechanism, not a guarantee, and every mechanism here has structural failure modes worth understanding.
Is this list recommending any stablecoin for holding or payments?
No. Top 49 does not provide financial advice, and this ranking is informational only. It describes how each asset is structured, not whether you should use or hold it.
What is the structural difference between fiat-backed and algorithmic stablecoins?
Fiat-backed stablecoins hold reserves (cash, Treasuries) equal to the tokens in circulation. Algorithmic and partially collateralized models instead use code and market incentives to defend the peg, a structurally more fragile mechanism that has failed publicly more than once.
Why are BUSD and Neutrino USD included if they had problems?
Because their histories are genuinely instructive. BUSD’s issuance was ordered stopped by New York regulators in 2023, and Neutrino USD depegged in 2022 — both are real, documented examples of the structural risks other entries on this list are also exposed to.
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Top 49 rankings are editorial. Scores are produced from the published criteria on each list and are refreshed on the cadence stated there. Figures shown across this section are curated demonstration data.