Stablecoins · Live
Stablecoins under the microscope
A stablecoin makes one promise: stay worth one euro or one dollar. That promise is tested every second on the open market. This page shows in real time how closely the largest stablecoins track their peg, how the market splits between dollar and euro, and what actually backs them.
Tracked
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Total market cap
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Euro share
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Widest deviation
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Live peg monitor
Refreshed every 30 seconds. Deviation measured in basis points against 1.00.
| Stablecoin | Price | Deviation | Market cap | 24h volume |
|---|---|---|---|---|
Dollar versus euro
Market share of the tracked stablecoins. Hover a bar for details.
Pick a stablecoin for issuer, market cap and share.
Stablecoins in your own wallet
Swap into USDC, EURC or back to euro through Block #9 liquidity pools and DEX routing. No balance parked on an exchange.
What a stablecoin really is
A stablecoin is a blockchain token that targets a fixed value against a regular currency, usually the dollar or the euro. It moves like crypto but counts like money.
The price is set by the market, not the issuer. As long as it trades close to 1.00, buyers and sellers trust the backing. When it slips, the market is questioning either the reserve or the ability to exit quickly.
- Reserve-backed: cash and short-term government paper held by a custodian (USDC, EURC, USDT).
- Crypto-backed: overcollateralised inside a protocol (DAI).
- Synthetic: hedged derivative positions (USDe). A very different risk profile from cash in a bank.
Reading the peg in basis points
A 0.10% gap looks tiny, but on large amounts it matters. That is why we measure in basis points: 1 bp is 0.01%. A stablecoin trading at 0.9975 sits 25 bp below its peg.
Small deviations are normal and usually close within minutes through arbitrage. Persistent deviations are the signal to dig deeper: thin liquidity, paused issuance, or doubts about the reserve.
- Up to 25 bp: ordinary market noise.
- 25 to 100 bp: watch closely, often liquidity pressure or one large seller.
- Above 100 bp: stress — check news, reserves and redemption options.
Euro stablecoins against dollar dominance
The stablecoin market is still overwhelmingly denominated in dollars. Euro variants such as EURC, EURS and EURe are small, but they matter for European users who earn, save and pay tax in euro.
Dollar dominance means European traders often carry two risks at once: the stablecoin itself and the EUR/USD rate. Euro-backed tokens remove the second one, at the cost of thinner liquidity.
MiCA and what it means for your stablecoin
Under the EU's MiCA regulation stablecoins fall into separate regimes for e-money tokens and asset-referenced tokens. Issuers must be supervised, hold reserves and let holders redeem at par.
In practice European platforms no longer list every stablecoin. Tokens without an EU authorisation disappear from exchanges or become sell-only, so check whether yours remains tradable with a European provider.
Risks the price does not show
A flat price says nothing about the quality of the reserve, the custodian or the legal structure. Look at attestations, reserve composition and the issuer's freezing policy.
Then there are technical risks: a smart-contract bug, a cross-chain bridge, or a congested network exactly when everyone wants out at the same time.
- Issuer risk: who holds the reserve, and at which bank?
- Freezing risk: most issuers can block addresses.
- Liquidity risk: can you still exit at 1.00 on a Sunday night?
- Network risk: fees and settlement times differ sharply per chain.
Using stablecoins in practice
Readers mostly use stablecoins as a parking spot between trades, for cross-border payments, or to swap between assets. Through Block #9 that happens with self-custody: the tokens sit in your own wallet, not on an exchange.
Watch the network you pick. The same USDC costs cents on one chain and euros on another: and choosing the wrong network on a transfer remains the most common mistake.
Nieuws over stablecoins
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Najczęstsze pytania
How large a peg deviation is acceptable?
Deviations up to roughly 25 basis points (0.25%) are normal market noise. Between 25 and 100 bp calls for attention; above 100 bp counts as stress and warrants checking news and reserves.
Are stablecoins covered by deposit insurance?
No. Stablecoins are not covered by the deposit guarantee scheme that protects bank savings up to 100,000 euro. You hold a claim on the issuer, not a bank deposit.
What is the difference between USDT and USDC?
Both target one dollar. USDC is issued by Circle with monthly attestations and a strong European focus; Tether's USDT is larger and more liquid but reports its reserves differently.
Is there a reliable euro stablecoin?
Several euro-backed tokens exist, such as EURC, EURS and EURe. They are smaller and less liquid than dollar variants but align with the European regulatory framework.
Do I pay tax on stablecoins?
Stablecoins count as assets and a swap can be a taxable event depending on your country. Rules differ across the EU, so check your own situation with an adviser.
Can a stablecoin collapse entirely?
Yes. Algorithmic stablecoins without hard backing have collapsed before, and even backed tokens can trade far below their peg when a custodian bank or liquidity comes under pressure.