What is the best stablecoin on Ethereum?
Ethereum mainnet still holds the deepest stablecoin liquidity of any chain, at the cost of higher gas for small transfers. Ranked by tracked on-chain liquidity restricted to tokens deployed on Ethereum.
Short answer
United Stables (U) currently tops this list with a safety score of 72/100, market cap of $1.56B and 4 chain deployments as of Oct 5, 2026.
Ranked by on-chain liquidity among stablecoins deployed on Ethereum — updated daily.
| # | Asset | Liquidity | Safety | Market cap | Vetted APY | Peg deviation |
|---|---|---|---|---|---|---|
| 1 | $38.55B | 72 | $1.56B | 8.00% | −0.085% | |
| 2 | $4.31B | 88 | $74.16B | 8.06% | −0.010% | |
| 3 | $3.90B | 74 | $10.72M | — | +0.009% | |
| 4 | $2.40B | 74 | $2.40B | 3.07% | NAV | |
| 5 | $2.24B | 72 | $4.91B | 4.75% | −0.048% | |
| 6 | $2.05B | 88 | $6.85B | 5.60% | −0.016% | |
| 7 | $1.96B | 76 | $184.02B | 5.67% | −0.019% | |
| 8 | $1.18B | 73 | $196.20M | — | NAV | |
| 9 | $774.72M | 93 | $3.10B | 5.00% | +0.000% | |
| 10 | $529.87M | 72 | $287.24M | 6.97% | NAV |
Frequently asked
+ − What is the best stablecoin on Ethereum?
The top row above has the deepest tracked on-chain liquidity on Ethereum today — the strongest signal that you can exit a large position without slippage.
+ − Why is Ethereum liquidity important for large trades?
Deep liquidity means fewer pools need to move to fill an order, so slippage stays low even for six- and seven-figure swaps. Thin pools on other chains can move price sharply on the same size order.
+ − Do all major stablecoins launch on Ethereum first?
Most do, since it remains the deepest DeFi liquidity venue, but issuance increasingly launches multi-chain on day one. Check each asset's chain list for where it actually settles.