Stablecoin Market Capitalization (MC) of more than $100 million in stablecoins are divided into two categories: centralized and decentralized, with the decentralized category further subdivided into overcollateralized, delta-neutral, collateralized, and algorithmic + collateralized categories. The total market capitalization of centralized stablecoins is significantly higher than that of decentralization USDT ($155 billion) and USDC ($61 billion) dominate, collectively controlling the majority (about 85%) of the centralized stablecoin market. Other centralized stablecoins (e.g., USD1, FDUSD, PYUSD, etc.) have market capitalization between $100 million and $2.2 billion, suggesting that small and medium-sized projects are also trying to enter the market. PayPal's PYUSD ($1 billion) shows that traditional financial giants are starting to get involved in stablecoins Overcollateralization: Represented by USDS+DAI ($7.1 billion + $3.7 billion), this category relies on excess crypto asset collateralization (such as ETH) to maintain stability, and the market capitalization distribution is relatively balanced. Delta Neutral: USDe ($5.6 billion) leads the way, and this mechanism achieves price stability and capital efficiency through hedging strategies (such as perpetual futures). The total market capitalization of centralized stablecoins far exceeds decentralization, reflecting the current market's preference for institutional-backed stable solutions. The diversification mechanism of decentralized stablecoins, delta neutrality, and algorithmic stability show 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

mortgage lvlUSD $121 million @levelusd Algorithm + Staking FRAX $314 million @fraxfinance