Global stablecoins

Overview

Global is not a place. It is the cluster for coins with no single home market, and in practice that means the dollar. The overwhelming majority of the roster below is dollar pegged, and it contains almost every stablecoin a general reader could name.

It is also the cluster where the word stablecoin does the least work, because three quite different kinds of instrument are listed here under one label. Separating them is the most useful thing this page can do, and it is worth doing before reading any individual row.

Sources: Circle, transparency page, Tether transparency page

Market structure

The first kind is the fiat reserve issuer. A company takes dollars, holds them in cash and short term instruments, and issues a token redeemable at par. USDC, USDT, PYUSD, USDP and RLUSD sit here. This is the only group where a reserve examination is even a coherent idea, because it is the only group with an offchain balance for an outside party to count.

The second is the tokenised treasury product. BUIDL, OUSG, USYC and TBILL hold government securities and pass through their yield. These are investment products wearing a stablecoin's interface, and their price stability comes from the asset rather than from a redemption promise at par.

The third is the protocol dollar. DAI, USDS, crvUSD, GHO, frxUSD and the synthetic dollars such as USDe hold their peg through collateral, incentives or hedged positions rather than through a bank account. Nothing about them is attestable in the sense the first group is, and nothing about them needs to be, because their collateral is already visible.

A disclosure ladder built for the first group tells you very little about the third. On this map the tier recorded on a coin describes what its issuer has published about reserves, so a protocol dollar with excellent onchain transparency and no attestation is a different case from a fiat issuer that publishes nothing.

Sources: Circle, transparency page, Tether transparency page

What this map tracks

DIA reads supply for these coins from contract state on the chains it indexes. For a cluster this size the per chain view is the point: most of these tokens live on many chains at once, and a single headline figure hides both where the supply actually sits and whether the bridges between deployments would cause a naive total to double count.

Where a coin's deployments cannot all be read, DIA reports what was read rather than estimating the remainder, and where bridge topology makes a cross chain sum meaningless, no sum is shown.

On the reserve side, the honest summary for this cluster is that publication is common and examination is rarer. A daily circulation page and a signed examination report are different documents, and only one of them involves anyone outside the issuer counting anything. The tier on each coin page records which one exists.

Sources: Tether transparency page, EURC Examination Report, reserve as of 30 June 2026, signed 29 July 2026 (PDF)

Common questions