4. Dai
Market cap: $5,364,812,227 | Volume: $116,250,432 | Circulating supply: 5.36 billion DAI
Dai (DAI -0.01%) is a decentralized, crypto-collateralized stablecoin created by MakerDAO in 2017. Its market cap of $5.4 billion is well below those of USDC and Tether, but its $20.6 billion daily volume is the second-largest of any stablecoin. That’s thanks to its deep integration with DeFi protocols, making it the stablecoin of choice for investors in that space.
5. PayPal USD
Market cap: $2,733,700,807 | Volume: $95,348,645 | Circulating supply: 2.73 billion PYUSD
PayPal’s native stablecoin, PUSD (PUSD -0.09%), is the seventh-largest by market cap, although its volume is low relative to others on the list. Currently, PayPal USD sees most of its usage within the PayPal (PYPL -3.08%) ecosystem for digital payments rather than trading on major crypto exchanges. That could position this stablecoin as a fintech-first crypto tool.
6. World Liberty Financial USD1
Market cap: $2,687,990,881 | Volume: $375,958,598 | Circulating supply: 2.68 billion USD1
USD1 (CRYPTO:USD1) is issued by World Liberty Financial, which has deep ties to the Trump family. Sixty percent of World Liberty Financial, the issuer of USD1, is reportedly owned by a Trump business, and President Trump’s sons, Eric Trump and Donald Trump Jr., manage the company alongside others.
USD1 is one of the fastest-growing stablecoins. Transactions involving USD1 have come under scrutiny due to World Liberty Financial’s proximity to the president, including a $2 billion transaction involving a member of the Abu Dhabi royal family and a $75 million transaction involving Justin Sun that occurred prior to the Securities and Exchange Commission (SEC) reportedly abandoning an investigation into his companies.
7. First Digital USD
Market cap: $1,011,707,647 | Volume: $6,815,500,079 | Circulating supply: 1.01 billion FDUSD
Launched in 2023 and issued out of Hong Kong, FDUSD (FDUSD -0.01%) has growing popularity outside of the U.S. Its transaction volume is high relative to its market cap, which is the sixth-largest among stablecoins.