Digital money for everyday use
Stablecoins are Ethereum tokens designed to stay at a fixed value, even when the price of ETH changes.
What is a stablecoin?
Stablecoins are cryptocurrencies without the volatility. They offer the same global reach and flexibility as ETH but hold a steady value, so you have access to everyday digital money to use across the Ethereum network.
The infamous Bitcoin pizza
In 2010, someone bought 2 pizzas for 10,000 bitcoin. While worth only $41 at the time, those assets are worth millions today. There are many similar stories of early spending on Ethereum. Because cryptocurrencies can appreciate in value, spending them may carry an opportunity cost. Stablecoins solve this volatility problem, so you can make everyday purchases while holding onto your ETH.
How stablecoins work
Stablecoins use different methods to maintain a steady value. While most are backed by collateral held in reserve, others rely on smart contract algorithms. Select a category to see how common mechanisms work, their benefits, and trade-offs.
Fiat-backed
Example projects
Pros
- Safe against crypto volatility.
- Changes in price are minimal.
Cons
- Centralized – someone must issue the tokens.
- Requires auditing to ensure company has sufficient reserves.
Getting started
Before you buy or receive stablecoins, you'll need a place to store them. The two most common options are:
Choose a stablecoin
There are hundreds of stablecoins available on Ethereum. Use these prominent options as a starting point to research the best stablecoin for your needs.
Editors' choices
Explore some of the most established stablecoins on Ethereum. These options are widely supported and frequently used to interact with dapps.
USDS
USDS is the successor to Dai, fully backed by crypto and designed for onchain savings and rewards. Widely used in DeFi while keeping users in full control of their funds.
USDC
USDC is the largest US-regulated fiat-backed stablecoin. Its value is pegged to the US dollar, issued by Circle, and is widely used.
GHO
GHO is a decentralized multi-collateral stablecoin created by Aave. It uses a hybrid model that combines crypto-collateralized backing with a community governance approach.
Glo Dollar
Glo Dollar (USDGLO) is a stablecoin that donates all profits to public goods and charities. By holding or using Glo Dollar, you help fund causes like fighting poverty and supporting open-source—at no extra cost to you.
Top stablecoins by market capitalization
Market capitalization is the total number of tokens that exist multiplied by the value per token. This list is dynamic and the projects listed here are not necessarily endorsed by the ethereum.org team.
| Currency | Market Capitalization | Collateral Type |
|---|---|---|
| $186,701,894,448 | Fiat | |
| $74,813,920,168 | Fiat | |
| $10,498,085,130 | Crypto | |
| $4,479,095,881 | Crypto | |
| $4,191,519,881 | Crypto | |
| $2,733,140,585 | Fiat | |
| $2,145,748,224 | Fiat | |
| $1,650,446,991 | Fiat | |
| $1,322,893,123 | Crypto | |
| $597,942,257 | Crypto |
How to get stablecoins
There are multiple ways to acquire stablecoins. Whether you are swapping existing assets, buying with fiat, or earning them through work, there is a path that fits your current needs.
3 - 7% interest rate with stablecoins
Strong demand to borrow stablecoins can create opportunities to earn above-average interest rates. When you deposit tokens into decentralized lending pools, you provide the capital for other people to borrow, or to power other financial apps and trading strategies.
Apps to earn interest on stablecoins
Put your stablecoins to work by lending them through peer-to-peer lending apps. Interest rates (APY) are determined by market activity and fluctuate based on real-time supply and demand.
Aave
Lending markets for stablecoins including Dai, USDC, TUSD, USDT, and more.
Compound
Lend stablecoins and earn interest and $COMP, Compound's own token.
Summer.fi
An app designed to save, lend, borrow, and earn interest on stablecoins.
Spark Protocol
A savings account protocol to earn interest on USDC, USDT, PYUSD, USDS, or ETH.
Learn more about stablecoins
Dashboard & Education
Goto Stablecoins.wtf website (opens in a new tab)Stablecoins.wtfStablecoins.wtf offers a dashboard with historical market data, statistics, and educational content for the most prominent stablecoins.
Goto Stablepulse website (opens in a new tab)StablepulseProvides a clear, accurate, and minimally filtered view of the stablecoin ecosystem with analytics across tokens and chains.
Goto Stables.info website (opens in a new tab)Stables.infoLive stablecoin leaderboard and dashboard, tracking supply and onchain data for all major stablecoins and chains.
Goto Dune Stablecoin Metrics website (opens in a new tab)Dune Stablecoin MetricsDashboard delivering real-time insights into stablecoin supply, liquidity, trading volume, and adoption across blockchains.
Goto Visa Onchain Analytics website (opens in a new tab)Visa Onchain AnalyticsDashboard visualizing the movement, supply, and usage of fiat-backed stablecoins across public blockchains.
Goto Stablewars website (opens in a new tab)StablewarsAnalytics leaderboard and dashboard, tracking balances, transfers, and rankings for stablecoins across multiple blockchains.