The market capitalization (MC) of stablecoins exceeding $100 million is categorized into centralized and decentralized types, with the decentralized category further divided into over-collateralized, delta-neutral, collateralized, and algorithmic + collateralized categories. The total market capitalization of centralized stablecoins is significantly higher than that of decentralized ones. USDT ($155 billion) and USDC ($61 billion) dominate, collectively controlling a large portion of the centralized stablecoin market (about 85%). Other centralized stablecoins (such as USD1, FDUSD, PYUSD, etc.) have market capitalizations ranging from $100 million to $2.2 billion, indicating that small to medium-sized projects are also attempting to enter the market. PayPal's PYUSD ($1 billion) shows that traditional financial giants are starting to venture into the stablecoin space. Over-collateralized: Represented by USDS + DAI ($7.1 billion + $3.7 billion), this category relies on over-collateralized crypto assets (such as ETH) to maintain stability, with a relatively balanced market capitalization distribution. Delta-neutral: USDe ($5.6 billion) leads, with this mechanism achieving price stability through hedging strategies (such as perpetual futures), offering high capital efficiency. The total market capitalization of centralized stablecoins far exceeds that of decentralized ones, reflecting the current market's preference for stable solutions backed by institutions. The diversified mechanisms of decentralized stablecoins, such as delta-neutral and algorithmic stability, demonstrate the potential for technological innovation.

Centralized USDT $155 billion @Tether_to USDC $61 billion @USDC USD1 $2.2 billion @worldlibertyfi FDUSD $1.5 billion @FDLabsHQ PYUSD $1 billion @PayPal USDY $635 million @OndoFinance USD0 $609 million @usualmoney TUSD $494 million @tusdio RLUSD $428 million @Ripple USDG $314 million @global_dollar BUSD $312 million @binance USDO $280 million @OpenEden_X AUSD $130 million @withAUSD USDZ $122 million @AnzenFinance USDN $115 million @noble_xyz USDL $107 million @LiftDollar_USDL

Over-collateralized USDS + DAI $7.1 billion + $3.7 billion @SkyEcosystem USDF $564 million @FalconStable USDD $422 million @usddio GHO $233 million @aave USDA $190 million @avalonfinance_ crvUSD $140 million @CurveFinance REUSD $121 million @ResupplyFi

Delta Neutral USDe $5.6 billion @ethena_labs USDX $669 million @StablesLabs USR $241 million @ResolvLabs deUSD $165 million @elixir