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Cash-backed stablecoins: full list by market cap
Every cash-backed dollar stablecoin we count, largest first, read directly from each blockchain. Crypto-backed dollars and bridged copies are left out.
Short answer
We count 6 cash-backed dollar stablecoins from 5 issuers as of Nov 9, 2026, together worth $255.66 billion on public blockchains. The largest is USDT at $175.32B.
| # | Ticker | Name | Issuer | On-chain market cap | Share | Chains | Largest chain |
|---|---|---|---|---|---|---|---|
| 1 | USDT | Tether | Tether | $175.32B | 68.6% | 3 | Tron |
| 2 | USDC | USD Coin | Circle | $68.95B | 27.0% | 11 | Ethereum |
| 3 | USD1 | USD1 | World Liberty Financial | $3.33B | 1.3% | 4 | BNB Chain |
| 4 | PYUSD | PayPal USD | Paxos | $2.71B | 1.1% | 5 | Ethereum |
| 5 | USDG | Global Dollar | Paxos | $2.69B | 1.1% | 7 | X Layer |
| 6 | RLUSD | Ripple USD | Ripple (Standard Custody & Trust) | $2.67B | 1.0% | 2 | Ethereum |
Download: CSV · Method and chain-by-chain detail: full count.
Quick answers
What is the largest cash-backed dollar stablecoin?
Tether (USDT), issued by Tether, with $175.32 billion on-chain, 68.6% of the total as of Nov 9, 2026.
How many cash-backed dollar stablecoins are there?
We count 6 cash-backed dollar stablecoins from 5 issuers as of Nov 9, 2026, together worth $255.66 billion on public blockchains.
Which issuers have cash-backed dollar stablecoins?
Circle, Paxos, Ripple (Standard Custody & Trust), Tether, World Liberty Financial.
The Migration by Concrete tracks traditional finance moving on-chain, reading every token directly from public blockchains. See all our counts.
Citing this list: "The Migration by Concrete, Cash-backed stablecoins: full list by market cap, Nov 9, 2026," with a link to this page and to Concrete.
For information only. Not investment advice.