Decentralised stablecoins are $26,19 billion of a $311,10 billion stablecoin market, which is 8,4% of it. Ten coins hold 83% of that slice, and one issuer accounts for 43,5% of it through two separate tokens. LUSD, the coin published rankings call the most decentralised option, is backed by $0,18 billion of collateral, roughly a thirtieth of the leader. Figures from DefiLlama on 4 September 2026.
| Stablecoin | Supply | Share of non-fiat supply | Mechanism | Issuer |
|---|---|---|---|---|
| Sky Dollar (USDS) | $6,59B | 25,2% | Crypto collateral | Sky |
| Dai (DAI) | $4,81B | 18,3% | Crypto collateral | Sky |
| Ethena USDe | $4,31B | 16,5% | Hedged collateral | Ethena |
| USDD | $1,51B | 5,7% | Crypto collateral | Tron ecosystem |
| United Stables (U) | $1,27B | 4,9% | Crypto collateral | Independent |
| Falcon USD (USDf) | $1,18B | 4,5% | Crypto collateral | Falcon |
| GHO | $0,70B | 2,7% | Crypto collateral | Aave |
| Polymarket USD (pUSD) | $0,48B | 1,8% | Crypto collateral | Polymarket |
| Multipli rwaUSDi | $0,48B | 1,8% | Crypto collateral | Multipli |
| Neutrino USD (USDN) | $0,41B | 1,6% | Algorithmic | Waves ecosystem |
How this ranking was built
We took every coin in DefiLlama’s stablecoin tracker on 4 September 2026 whose peg mechanism is not fiat reserves, which gives 244 coins totalling $26,19 billion, and ranked them by circulating supply. The mechanism column repeats the tracker’s own classification. Where a coin is issued by a protocol whose collateral is separately tracked, we checked that figure too.
Yield, peg stability history and governance structure are not scored. They decide whether a coin is worth holding and none of them reduces to one comparable number. Supply answers the narrower question of how much of this the market has actually taken.
One issuer, two tokens, 43,5% of the segment
Sky issues both USDS at $6,59 billion and Dai at $4,81 billion. Together that is $11,40 billion, or 43,5% of all non-fiat stablecoin supply. Its lending vaults hold $5,45 billion of collateral, 70,5% of the entire collateralised debt category across 231 protocols.
Read as two entries the segment looks moderately distributed. Read as one issuer it is more concentrated than the fiat-backed side, where Tether holds 58,9% of a much larger market. The decentralised half of stablecoins has a single point of concentration and it is rarely counted that way, because the two tokens are listed separately everywhere.
The coin every list praises is a rounding error
- LUSD is not in the top ten. Liquity V1, which issues it, holds $0,18 billion of collateral. Published 2026 rankings name it as the most decentralised, immutable and governance-free option, which is a design claim rather than a size claim, and the two get presented together.
- crvUSD is eleventh at $0,29 billion. Backed by $0,15 billion of collateral in Curve’s vaults. Another name that appears in every list and holds about one twenty-second of the leader.
- Three of the top ten did not exist in this form two years ago. United Stables, Falcon USD and Multipli’s rwaUSDi are all above $0,47 billion and absent from coverage that still opens with Dai and LUSD.
- One algorithmic coin remains. Neutrino USD at $0,41 billion is the only entry in the top ten with that mechanism, in a category that was mostly algorithmic five years ago.
Hedged collateral is a third mechanism
Ethena’s USDe at $4,31 billion is third and does not work like the others. Instead of over-collateralising with volatile assets, it holds assets and offsets them with short positions, so the peg depends on derivatives markets staying liquid rather than on a liquidation engine.
Whether that counts as decentralised is a genuine argument rather than a technicality, and trackers place it with crypto-collateralised coins. It matters for anyone sizing this segment: 16,5% of the non-fiat supply carries a risk profile that the phrase “over-collateralised stablecoin” does not describe. The venues those hedges depend on are ranked in our comparison of perpetual DEX venues by pool capital.
What this ranking does not settle
Supply is adoption, not safety. It says nothing about how a coin behaved in the last sharp drawdown, how quickly collateral is liquidated, who can change the parameters, or whether the peg has held under redemption pressure. Several coins on this list have never been tested in a fast market.
The 8,4% share is also worth keeping in view: fifteen years of work on decentralised money has produced a twelfth of the stablecoin market. The rest sits with reserve-backed issuers, ranked in our comparison of the biggest stablecoins by supply, and increasingly with tokenised funds covered in the RWA platform ranking.
Frequently Asked Questions
What is the largest decentralized stablecoin in 2026?
Sky Dollar at $6,59 billion on 4 September 2026, followed by Dai at $4,81 billion and Ethena USDe at $4,31 billion. Sky issues the first two, so a single issuer accounts for $11,40 billion, or 43,5% of all non-fiat-backed stablecoin supply.
How big is the decentralized stablecoin market?
$26,19 billion across 244 coins, which is 8,4% of the $311,10 billion stablecoin market. The ten largest hold 83% of that slice. Reserve-backed coins hold the rest, and the gap has widened rather than narrowed over the past several years.
Is LUSD still a major decentralized stablecoin?
Not by size. Liquity V1, which issues it, holds $0,18 billion of collateral, roughly a thirtieth of the leader, and LUSD does not reach the top ten by supply. Rankings name it for being immutable and governance-free, which is a property of its design rather than a measure of adoption.
Is Ethena USDe a decentralized stablecoin?
Trackers classify it with crypto-collateralised coins, and at $4,31 billion it is third by supply. It works differently: it holds assets and offsets them with short positions, so the peg depends on derivatives liquidity rather than on liquidations. That is 16,5% of the segment carrying an unlike risk profile.
Are algorithmic stablecoins still around?
Barely. One algorithmic coin reaches the top ten, Neutrino USD at $0,41 billion, or 1,6% of non-fiat supply. Every other entry is backed by collateral of some kind. A category that was mostly algorithmic five years ago is now almost entirely collateralised.
Related reading
For where these coins are borrowed against and lent out, see our ranking of crypto lending platforms by value supplied.