Top U.S. Treasury-Backed Stablecoins (2025 Edition)

Stablecoins have quietly become one of the most disruptive forces in modern finance — and they’re just getting started.

As of 2025, stablecoins are handling trillions in annual settlement volume, powering real-time payments, DeFi, cross-border commerce, and even central bank experiments. If current adoption trends hold, they could soon represent a meaningful share of the global money supply.

At the forefront of this revolution are U.S. dollar-pegged stablecoins backed by U.S. Treasuries — offering the price stability of the dollar with the efficiency and programmability of blockchain.

While the overall leader, Tether (USDT), dominates by size, it’s worth noting that Tether is not regulated in the U.S., and its reserves include non-Treasury assets. In contrast, a new generation of regulatory-aligned, Treasury-backed stablecoins is emerging — built for compliance, transparency, and institutional adoption.

This post breaks down the top 10 U.S. Treasury-backed dollar stablecoins, and adds a bonus section on BlackRock’s BUIDL and PAX Gold, to give a fuller view of the real-world asset tokenization movement.

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1. Tether (USDT)

• Issuer: Tether Holdings Ltd.
• Market Cap: ~$143.5B
• Backing: Mostly U.S. Treasuries, but includes other assets (e.g., gold, Bitcoin)
• Note: Not fully regulated or audited under U.S. standards

2. USD Coin (USDC)

• Issuer: Circle (with Coinbase)
• Market Cap: ~$59.5B
• Backing: Fully backed by cash and short-term U.S. Treasuries
• Use Case: Popular in fintech, DeFi, and institutional payments

3. USDG (Global Dollar)

• Issuer: Paxos Digital Singapore
• Market Cap: ~$5B (estimated)
• Backing: U.S. Treasuries and dollar deposits
• Regulated by: Monetary Authority of Singapore
• Partners: Robinhood, Kraken, Galaxy Digital

4. RLUSD (Ripple USD)

• Issuer: Ripple via Standard Custody & Trust
• Market Cap: ~$4.5B (estimated)
• Backing: U.S. Treasuries, cash, MMFs
• Regulated by: NYDFS
• Use Case: Cross-border payments, institutional liquidity

5. Ondo USD Yield (USDY)

• Issuer: Ondo Finance
• Market Cap: ~$585M
• Backing: U.S. Treasuries and repo agreements
• Use Case: Tokenized yield-bearing stablecoin

6. PayPal USD (PYUSD)

• Issuer: Paxos (in partnership with PayPal)
• Market Cap: ~$836M
• Backing: U.S. Treasuries and dollar reserves
• Use Case: Payments within PayPal ecosystem

7. First Digital USD (FDUSD)

• Issuer: First Digital Trust
• Market Cap: ~$2.46B
• Backing: U.S. Treasuries and cash
• Focus: Asia-Pacific institutional finance

8. Pax Dollar (USDP)

• Issuer: Paxos Trust Company
• Market Cap: ~$80M
• Backing: U.S. Treasuries and dollars
• Regulated by: NYDFS

9. USD1 (World Liberty Financial)

• Issuer: World Liberty Financial
• Backing: U.S. Treasuries, deposits, and equivalents
• Note: Trump-affiliated project with early-stage adoption

10. USD Coin Yield (USYC)

• Issuer: Hashnote
• Backing: U.S. Treasuries and repo instruments
• Use Case: Tokenized yield-bearing stablecoin for institutional DeFi

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Bonus Section: Real-World Asset Tokens

BlackRock BUIDL – Tokenized Money Market Fund

• Issuer: BlackRock (via Securitize)
• Type: Tokenized mutual fund, not a stablecoin
• Backing: Short-term Treasuries, repo, and cash
• Designed for: Institutional yield, daily accrual, and stable NAV
• Blockchains: Ethereum, Solana, Avalanche, Arbitrum, and others

PAXG – Tokenized Gold

• Issuer: Paxos
• Market Cap: ~$800M
• Backing: 1 troy ounce of physical gold per token
• Use Case: Digital gold for inflation hedging and diversification

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Conclusion:

As stablecoins evolve from crypto tools into mainstream financial infrastructure, U.S. Treasury-backed tokens are emerging as the most trusted, scalable, and transparent. They provide the connective tissue between traditional money and the decentralized financial future — and they’re just getting started.