Stablecoins
M by M0 (M)
Data as of 3 October 2026 · Official site
M by M0 (M) is a fiat-backed stablecoin pegged to the US dollar, issued across 7 chains. On 3 October 2026 its circulating supply was $196.2M, up 7.5% over 30 days, which places it 37th of 48 stablecoins tracked here. Supply is what the issuer has outstanding. It is not a measure of reserves, and a steady supply figure says nothing on its own about whether the peg is holding.
- Circulating supply$196.2M
- 30-day change+7.5%
- PegUS dollar
- Mechanismfiat-backed
Circulating supply, over time
Among stablecoins
| # | Stablecoin | Circulating supply |
|---|---|---|
| 1 | Tether (USDT) | $184.0B |
| 2 | USD Coin (USDC) | $74.2B |
| 3 | Sky Dollar (USDS) | $6.8B |
| 4 | Ethena USDe (USDe) | $4.9B |
| 5 | Dai (DAI) | $4.8B |
| 6 | World Liberty Financial USD (USD1) | $4.4B |
| 7 | Global Dollar (USDG) | $3.1B |
| 8 | PayPal USD (PYUSD) | $2.9B |
| 9 | Ripple USD (RLUSD) | $2.5B |
| 10 | Circle USYC (USYC) | $2.4B |
| 11 | BlackRock USD (BUIDL) | $2.2B |
| 12 | Ondo US Dollar Yield (USDY) | $2.2B |
| 13 | United Stables (U) | $1.6B |
| 14 | USDD (USDD) | $1.5B |
| 15 | Falcon USD (USDf) | $1.5B |
| 16 | USDGO (USDGO) | $1.2B |
| 17 | GHO (GHO) | $698.5M |
| 18 | Open USD (OUSD) | $666.2M |
| 19 | Usual USD (USD0) | $546.0M |
| 20 | EURC (EURC) | $536.1M |
| 21 | Ethena USDtb (USDTB) | $533.6M |
| 22 | YLDS (YLDS) | $512.2M |
| 23 | Polymarket USD (pUSD) | $489.8M |
| 24 | Multipli rwaUSDi (rwaUSDi) | $487.4M |
| 37 | M by M0 (M) | $196.2M |
Supply by chain
| Chain | USD |
|---|---|
| Ethereum | $160.9M |
| Monad | $17.7M |
| Solana | $15.5M |
| Noble | $1.6M |
| Hyperliquid L1 | $387K |
| Arbitrum | $166K |
| OP Mainnet | $13 |
Issuer disclosures recorded by DefiLlama
In order to generate M, Minters must have a sufficient off-chain balance of Eligible Collateral which is represented on-chain by a frequently updated and validated number, known as the on-chain Collateral Value
Price on the snapshot date: not recorded. Chains: 7.
Source: DefiLlama, retrieved 3 October 2026, under its open methodology. Figures are a dated snapshot, not a live feed.