What Is a Stablecoin? USDT vs USDC, Types and Risks
Updated: 2026-10-28 · Türkçe
A stablecoin is a cryptocurrency whose price is kept pegged to an asset — usually 1 US dollar. It is used as a trading pair, for transfers and payments; most of the dollar liquidity in crypto sits in stablecoins. Below are today's largest stablecoins, followed by the types, USDT vs USDC and the risks.
Largest stablecoins today (total $302.0B)
| Stablecoin | Supply | Share | 30d | vs $1 |
|---|---|---|---|---|
| Tether (USDT) | $180.8B | 59.9% | −1.5% | −0.11% |
| USD Coin (USDC) | $71.34B | 23.6% | −4.6% | −0.06% |
| Sky Dollar (USDS) | $6.60B | 2.2% | 0.0% | −0.02% |
| Dai (DAI) | $4.74B | 1.6% | −0.9% | −0.04% |
| Ethena USDe (USDe) | $4.53B | 1.5% | −7.6% | −0.06% |
| World Liberty Financial USD (USD1) | $3.90B | 1.3% | −11.9% | −0.11% |
| Global Dollar (USDG) | $3.07B | 1.0% | −3.1% | −0.02% |
| PayPal USD (PYUSD) | $2.97B | 1.0% | +10.5% | −0.02% |
All stablecoins, chains and 1-year chart → Data: DefiLlama
How does a stablecoin stay at $1?
The common method is reserves: the issuer states it holds cash and short-term government bills for each token and lets large users redeem 1 token for 1 dollar. If price drifts from $1, minting and redemption (arbitrage) push it back.
Types of stablecoins
There are three main groups by peg mechanism, with different risks.
| Type | Examples | How it works |
|---|---|---|
| Fiat-backed | USDT, USDC, PYUSD, FDUSD | Central issuer holds bank deposits and short-term bills; redemption through the issuer |
| Crypto-collateralized | DAI, USDS | Over-collateralized crypto vaults in smart contracts; vaults are liquidated if collateral falls |
| Synthetic / hedged | USDe | Crypto collateral plus an equal short futures position; yield comes from funding |
USDT vs USDC
Tether issues USDT, Circle issues USDC; both are fiat-backed. USDT is the largest by supply and widely used for transfers on Tron; USDC is more common on Ethereum, Solana and Base and US-based platforms. Issuers publish reserve reports on their own sites; no judgment is made here about which is safer.
Stablecoin risks
A stablecoin is not a risk-free dollar: issuer risk, depeg risk, chain and smart-contract risk and regulatory risk all apply. In March 2023 USDC briefly traded well below $1 during the failure of a bank holding part of its reserves; in May 2022 the algorithmic UST collapsed entirely. Educational only, not investment advice.
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Frequently asked questions
What is USDT?
A stablecoin issued by Tether, kept pegged to 1 US dollar. It is the largest stablecoin by supply and circulates on Tron, Ethereum and many other chains.
Are stablecoins safe?
Low risk but not zero: issuer reserves and redemption, depeg, smart-contract and regulatory risks apply. Large stablecoins have depegged temporarily or permanently in the past.
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