Although there are multiple stablecoins that use the USD as a collateral, two of these digital assets were much bigger than the others. The main names that spring to mind regarding stablecoins, Tether and USD Coin, are the main examples of collateralized stablecoins, or stablecoins that are entirely or near entirely backed up by a reserve asset. Stablecoins have often been associated with their close relation to "real-world" fiat currencies to achieve their price stability and assuring the digital asset's value, most notably the U.S. dollar. Tether and USD Coin ranked among the top cryptocurrencies in the world, for that reason. There are other assets, however, that can serve as the backing for a stablecoin.
Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from February 2015 to March 18, 2025
(in million U.S. dollars)
No figures are available from before June 2017; The chart is interactive: Clicking on the coin names allows for filtering figures per individual stablecoin
Supplementary notes
Monthly figures are as of the end of that particular month.
Figures have been rounded.
Note that due to changing exchange rates, the USD values as reported can change from day to the next. This also applies in retrospect.
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Statista. (March 18, 2025). Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from February 2015 to March 18, 2025 (in million U.S. dollars) [Graph]. In Statista. Retrieved May 03, 2025, from https://www.statista.com/statistics/1316079/usd-backed-stablecoin-market-value/
Statista. "Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from February 2015 to March 18, 2025 (in million U.S. dollars)." Chart. March 18, 2025. Statista. Accessed May 03, 2025. https://www.statista.com/statistics/1316079/usd-backed-stablecoin-market-value/
Statista. (2025). Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from February 2015 to March 18, 2025 (in million U.S. dollars). Statista. Statista Inc.. Accessed: May 03, 2025. https://www.statista.com/statistics/1316079/usd-backed-stablecoin-market-value/
Statista. "Estimate of The Market Capitalization of Fiat-backed Stablecoin with a Focus on The Usd, from February 2015 to March 18, 2025 (in Million U.S. Dollars)." Statista, Statista Inc., 18 Mar 2025, https://www.statista.com/statistics/1316079/usd-backed-stablecoin-market-value/
Statista, Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from February 2015 to March 18, 2025 (in million U.S. dollars) Statista, https://www.statista.com/statistics/1316079/usd-backed-stablecoin-market-value/ (last visited May 03, 2025)
Estimate of the market capitalization of fiat-backed stablecoin with a focus on the USD, from February 2015 to March 18, 2025 (in million U.S. dollars) [Graph], Statista, March 18, 2025. [Online]. Available: https://www.statista.com/statistics/1316079/usd-backed-stablecoin-market-value/
