4. Dai
Market cap: $5,364,091,070 | Volume: $320,931,166 | Circulating supply: 5.36B DAI
Dai (DAI -0.12%) 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 it's daily volume exceeds Ethena's. That’s thanks to its deep integration with DeFi protocols, making it the stablecoin of choice for investors in that space.
5. World Liberty Financial USD1
Market cap: $4,384,437,551 | Volume: $1,057,244,455 | Circulating supply: 4.38B 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.
6. PayPal USD
Market cap: $3,965,551,159 | Volume: $165,455,575 | Circulating supply: 3.96B PYUSD
PayPal’s native stablecoin, PUSD (CRYPTO:PUSD), 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 +0.22%) ecosystem for digital payments rather than trading on major crypto exchanges. That could position this stablecoin as a fintech-first crypto tool.
7. Global Dollar
Market cap: $1,842,276,876 | Volume: $49,831,613 | Circulating supply: 1.84B USDG
Launched in 2023 and issued out of Hong Kong, FDUSD (FDUSD -0.05%) 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.