Stablecoins
Complete stablecoin analysis: USDC, USDT, BUIDL, BENJI, sUSDC, PYUSD, OUSG, USDY, aUSDC, USDe comparison. GENIUS Act compliance, yield protocols, institutional Treasury tokens, regulatory classification, risk assessment. Educational market guide from Sagix Apothecary.
These three categories represent the highest-quality stablecoin implementations based on institutional backing and regulatory clarity.
Category 1 includes GENIUS Act compliant fiat-backed tokens (USDC, PYUSD, USD1) with explicit U.S. legal status.
Category 2 encompasses institutional Treasury products (BUIDL, BENJI) managed by BlackRock and Franklin Templeton.
Category 3 contains yield-bearing vehicles (sUSDC, OUSG, USDY, aUSDC) that transform static stablecoins into productive instruments, though their GENIUS Act status remains undefined. These 10 tokens distinguish themselves through regulatory legitimacy, institutional custody, and transparent backing mechanisms.
Category 1: GENIUS Act Compliant Fiat-Backed Stablecoins
| Rank | Name | Market Cap | Type | GENIUS Compliant | APY/Yld |
|---|---|---|---|---|---|
| 2 | USDC (USD Coin) | $67.7B | Fiat | ✅ Yes | No |
| 6 | USD1 (World Liberty) | $2.3B | Fiat | ✅ Likely | No |
| 10 | PYUSD (PayPal) | $1.4B | Fiat | ✅ Yes | 3.7% |
Category 2: Institutional-Grade Tokenized Treasury Products
| Rank | Name | Market Cap | Type | GENIUS Compliant | APY/Yld |
|---|---|---|---|---|---|
| 28 | BUIDL (BlackRock) | $2.1B+ | Tokenized Treasury | Unknown | Daily dividends |
| 29 | BENJI/FOBXX (Franklin) | $780M | Tokenized MMF | Unknown | Stable $1 NAV |
Category 3: Yield-Bearing Vehicles from Compliant Base Assets
| Rank | Name | Market Cap | Type | GENIUS Compliant | APY/Yld |
|---|---|---|---|---|---|
| 26 | sUSDC (Spark) | Unknown | Yield-bearing | ❌ No | 4.5-8.75% |
| 27 | sUSDT (Spark) | Development | Yield-bearing | ❌ No | Coming soon |
| 30 | OUSG (Ondo) | $500M+ | RWA/Treasury | Unknown | 5% |
| 31 | USDY (Ondo) | $630M | RWA/Treasury | Unknown | 4-5% |
| 35 | aUSDC (Aave) | $35M | Interest-bearing | ❌ No | Variable |
Total: 10 tokens across the three categories (3 compliant fiat-backed + 2 institutional Treasury + 5 yield-bearing)
This comprehensive table presents 37 major stablecoin implementations across the current market, representing the diverse approaches to achieving dollar stability in digital form. The list includes traditional fiat-backed tokens (USDT, USDC), synthetic stablecoins (USDe), commodity-backed alternatives (XAUT, PAXG), emerging yield-bearing protocols (sUSDC, aUSDC), and institutional Treasury tokenization products (BUIDL, BENJI). Each entry displays its market capitalization, technical classification, GENIUS Act compliance status, and yield characteristics, providing a complete snapshot of how the $300 billion stablecoin ecosystem has fragmented into distinct regulatory and technical categories. While this table captures the full market landscape, subsequent analysis focuses on the highest-quality implementations based on institutional backing, regulatory clarity, and transparent backing mechanisms.
| Rank | Name | Market Cap | Type | GENIUS Compliant | APY/Yield |
|---|---|---|---|---|---|
| 1 | USDT (Tether) | $171.5B | Fiat/Hybrid | Working on it | No |
| 2 | USDC (USD Coin) | $67.7B | Fiat | ✅ Yes | No |
| 3 | USDE (Ethena) | $14.0B | Synthetic | ❌ No | 6-19% |
| 4 | USDS (Sky) | $5.6B | Crypto/RWA | ❌ No | Variable |
| 5 | DAI | $3.0B | Crypto | ❌ No | Variable |
| 6 | USD1 (World Liberty) | $2.3B | Fiat | ✅ Likely | No |
| 7 | USDF (Falcon) | $1.9B | Synthetic | Unknown | 10-12.8% |
| 8 | USDTB | $1.8B | RWA | ✅ Likely | No |
| 9 | BFUSD (Binance) | $1.7B | Hybrid | Unknown | Daily rewards |
| 10 | PYUSD (PayPal) | $1.4B | Fiat | ✅ Yes | 3.7% |
| 11 | XAUT (Tether Gold) | $1.4B | Gold | N/A | No |
| 12 | FDUSD | $1.2B | Fiat | ❌ No | No |
| 13 | PAXG (PAX Gold) | $1.1B | Gold | N/A | No |
| 14 | RLUSD (Ripple) | $730M | Fiat | ✅ Maybe | No |
| 15 | USDX | $680M | Synthetic | ❌ No | No |
| 16 | USDG | $650M | Fiat | ❌ No | Revenue share |
| 17 | USD0 (Usual) | $600M | RWA | ❌ No | No |
| 18 | USDD | $558M | Crypto | ❌ No | No |
| 19 | TUSD | $493M | Fiat | ✅ Maybe | No |
| 20 | USDB | $82M | Bridged | ❌ No | Yes |
| 21 | FRAX | $1.1B | Hybrid | ❌ No | Variable |
| 22 | USDM (Mountain) | Not specified | RWA | Unknown | 5% |
| 23 | USDY (Ondo) | $630M | RWA | Unknown | 4-5% |
| 24 | sDAI (Sky) | Part of DAI | Yield-bearing | ❌ No | ~5% |
| 25 | sUSDe (Ethena) | Part of USDe | Yield-bearing | ❌ No | Variable |
| 26 | sUSDC (Spark) | Unknown | Yield-bearing | ❌ No | 4.5-8.75% |
| 27 | sUSDT (Spark) | Development | Yield-bearing | ❌ No | Coming soon |
| 28 | BUIDL (BlackRock) | $2.1B+ | Tokenized Treasury | Unknown | Daily dividends |
| 29 | BENJI/FOBXX (Franklin) | $780M | Tokenized MMF | Unknown | Stable $1 NAV |
| 30 | OUSG (Ondo) | $500M+ | RWA/Treasury | Unknown | 5% |
| 31 | USDY (Ondo) | $630M | RWA/Treasury | Unknown | 4-5% |
| 32 | BUCK (Bucket) | $70M | Crypto/Over-collat. | ❌ No | No |
| 33 | sUSD (Solayer) | Unknown | RWA/T-Bills | ❌ No | 4-5% |
| 34 | syrupUSDC (Maple) | Unknown | Yield-bearing | ❌ No | Variable |
| 35 | aUSDC (Aave) | $35M | Interest-bearing | ❌ No | Variable |
| 36 | YLDS (Figure) | Unknown | SEC-approved | ✅ Yes | 3.85% |
| 37 | YBX (marginfi) | Development | LST-backed | ❌ No | Coming soon |
Read our comprehensive analysis covering 35 distinct stablecoin implementations across traditional fiat-backed, synthetic, commodity-backed, and emerging yield-bearing categories:
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