Global Stablecoin Map: USD & Non-USD Stablecoins

How stablecoins are backed

Every coin in this map carries one primary collateral type. Categorising by backing rather than by size is deliberate: the thing that determines how a coin behaves under stress is what stands behind it, and that is the field most directories leave out.

Fiat-backed coins hold cash and short-dated government paper with a bank or custodian, and redeem one token for one unit of currency. USDT and USDC are the two largest tokens in crypto by any measure. The risk is custodial and it is concentrated: the coin is only as good as the institution holding the reserves, which is precisely what March 2023 demonstrated when USDC's exposure to a failed bank moved its price by thirteen cents.

Crypto-backed coins lock volatile collateral in a contract at more than the value issued, and liquidate automatically when the ratio falls. No bank sits in the middle, which removes one failure mode and introduces another: the design depends on liquidations clearing during exactly the market conditions that make clearing difficult.

Yield-bearing coins pass an underlying return through to the holder, usually by appreciating against the peg rather than by distributing tokens. These are the coins most often misread by aggregators. A token that accrues by design and trades at $1.18 has not depegged by 1,800 basis points, and any system that reports it that way is measuring the wrong thing. This map computes peg deviation only for coins that target a hard 1.00.

RWA-backed coins hold tokenised real-world instruments, most commonly treasury bills. Commodity-backed coins hold metal, which is why gold and silver appear as peg currencies in the explorer alongside the ISO 4217 codes. Synthetic coins hold a delta-neutral position rather than a reserve. Protocol-native coins are issued by a protocol against its own system rather than by a company.

Non-USD stablecoins

Dollar coins dominate supply. They do not dominate issuance. Euro coins have a regulatory framework purpose-built for them under MiCA, and European banks and payment institutions have been issuing against it. Latin American issuers have shipped real, peso and Colombian peso coins into corridors where local banking is expensive and slow. Mento alone maintains a roster of local-currency coins across African and Latin American markets. Turkish lira coins exist because lira holders have a reason to hold a digital instrument that a bank cannot freeze on a weekend.

The obstacle to using any of these as collateral has never been demand. It has been price. A coin with a few million dollars of secondary liquidity across two venues cannot be priced by an oracle that samples the largest exchange, because on most days there is no meaningful trade to sample. Lending markets, vault platforms and risk curators therefore exclude the entire category, which keeps liquidity thin, which keeps the coin unpriceable. Pricing methodology is the binding constraint on non-USD stablecoin adoption.

Browse the category directly: euro stablecoins, Brazilian real, Turkish lira, Japanese yen, or by market through the LATAM and Sub-Saharan Africa region pages.

How to read a peg

Peg deviation is quoted here in basis points against the target, where one basis point is 0.01%. A coin inside 25 bps is trading normally. Between 25 and 100 bps is worth a look, and usually reflects thin liquidity on one venue rather than a problem with the coin. Past 100 bps something specific is happening and the reserve and flow columns are where you find out what.

Depegs fail in three distinguishable ways. Reserve failure means the assets behind the coin are impaired, and it shows up as a price move with reserves that no longer cover supply. Mechanism failure means the design cannot absorb an outflow, and it shows up as accelerating net redemptions with a falling price, which is the shape UST traced in May 2022. Liquidity failure means the reserves are fine and the market simply cannot absorb size, which shows up as a price gap with no unusual flow at all. The third is by far the most common outcome for small coins and the one a market-cap figure is least equipped to show you.

Onchain data vs market cap

A market capitalisation is a single number that answers a single question badly. It is supply times a price, where the supply is usually taken from the issuer and the price from whichever venue the aggregator happened to sample. It tells you nothing about who holds the coin, whether the position is concentrated, which direction the flow is running, or whether the reserves still cover the float.

This map reads supply from the token contract on each chain where DIA has verified the deployment, then sums across chains. That distinction matters more than it sounds: a coin that reports a single global supply figure may hold most of it on a chain where nobody can trade it. Holder concentration answers who actually owns the float, and a coin where ten addresses hold most of it is a coin whose price is set by ten decisions. Mint and redeem flow answers which direction the position is moving before the price shows it. Reserve ratio answers whether the backing still covers what is outstanding, read continuously rather than at whatever date last month's attestation was stamped.

Full detail per coin, including the verified contract addresses on every chain, sits on the individual profile pages reachable from the Stablecoin Explorer.

Regulation

Stablecoins moved from unregulated instrument to licensed product in most major jurisdictions between 2023 and 2025. In the European Union, MiCA's stablecoin provisions took effect on 30 June 2024 and split the category into e-money tokens, pegged to a single official currency, and asset-referenced tokens, pegged to anything else. Both require authorisation, reserve segregation and a redemption right at par. Several venues delisted non-compliant dollar coins for EU users rather than seek authorisation.

In the United States, the GENIUS Act established a federal framework for payment stablecoins in 2025, with reserve composition requirements and a supervisory regime split between federal and state regulators. Singapore, Japan, the United Arab Emirates and Hong Kong have each brought in their own regimes over a comparable window.

The practical consequence for anyone using these instruments is that jurisdiction is now a risk field rather than a footnote. Every issuer page in this map records the country of incorporation, the licences held, and the regulatory status of the entity, with sources. Where an issuing entity is sanctioned, the map documents the coin and records the sanction rather than omitting either.

Data sources

Supply is read from the token contract on each chain where DIA has verified a deployment, once a day, and summed across chains. A chain that fails to read is recorded as a failure rather than counted as zero, and a coin with no successful read reports no supply rather than reporting nothing at all as if it were nothing.

Prices come from DIA's own aggregation across trading venues. Quotations derived from a symbol match rather than from the specific contract are rejected, because a symbol collision is how a coin sitting at par gets reported at three dollars. Quotations older than 48 hours are rejected. Peg deviation is computed only for coin types that target a hard 1.00, so yield-bearing coins that appreciate by design are not reported as depegged.

Deviation also needs to know what the peg itself is worth. A euro coin quoting $1.16 sits at par, not 1,600 basis points above it, so a non-dollar coin cannot be measured without a reference rate for its currency. Those rates come from DIA's own fiat feed, which publishes the euro and sterling. Coins pegged to the other 24 currencies on this map show no deviation rather than one measured against a token that happens to share the currency's ticker, which is how a coin sitting at par gets reported as broken.

Issuer identity, jurisdiction, licensing, reserve posture and transparency links are researched by hand against primary sources, meaning issuer filings, regulator registers and published attestations. Every researched row carries the documents it was built from. Where a coin is brand-owned but technically issued by a licensed platform, both entities are recorded, because the credit you are exposed to is the issuing platform and not the brand on the token.

Coins with no DIA quotation yet fall back to a market-cap reference for the supply figure and are not labelled first-party. The homepage reports how many of the tracked coins currently clear that bar.