Key facts (as of 29 October 2026)
- Supply: USDT about US$181bn, USDC about US$71bn, PYUSD about US$3.0bn, EURC about €485m (DefiLlama, 29 October 2026).
- Main chains: USDT mostly Tron then Ethereum; USDC mostly Ethereum, then Hyperliquid L1, Solana and Base; PYUSD mostly Ethereum and Solana; EURC mostly Ethereum, then Solana and Base (DefiLlama).
- EU: USDC and EURC are MiCA e-money tokens issued by Circle's French entity. USDT and PYUSD are not MiCA-authorised; Coinbase said it would convert both, among others, for EEA retail customers on 30 October 2026 (CryptoSlate).
- US: PYUSD is issued by Paxos Trust Company, whose conversion to a national trust bank the OCC conditionally approved on 12 December 2025 (OCC). The GENIUS Act regime under the OCC rule takes effect on 18 January 2027.
Head-to-head
| USDT | USDC | PYUSD | EURC | |
|---|---|---|---|---|
| Issuer | Tether (El Salvador) | Circle | Paxos Trust Company, for PayPal | Circle (French entity in the EU) |
| Peg | USD | USD | USD | EUR |
| Supply | ≈ US$181bn | ≈ US$71bn | ≈ US$3.0bn | ≈ €485m |
| Largest chain | Tron | Ethereum | Ethereum | Ethereum |
| MiCA | Not authorised | Authorised EMT | Not authorised | Authorised EMT |
| US position | Separate US token USA₮ via Anchorage Digital Bank | State licences; issuer planning for GENIUS Act | Issued by OCC-chartered trust company | Not a USD stablecoin |
| Direct redemption | Verified customers; US$100,000 minimum; fees | 1:1 via Circle for eligible customers | Via PayPal and Paxos for eligible customers | 1:1 via Circle for eligible customers |
| Strength | Deepest emerging-market liquidity | Regulated reach; card network settlement | PayPal and Venmo distribution | Euro without FX |
| Weakness | EU access shrinking; freeze activity | Less used on Tron | Smaller liquidity | Thin market |
Sources: DefiLlama, OCC, Circle, Tether, CryptoSlate, private.law. Redemption terms change; check the issuer's current terms.
Note"Redeemable 1:1" means through the issuer, for eligible customers, subject to its terms. Most businesses redeem through an exchange or provider and pay their fees and spreads instead.
Decision rules
flowchart TD
A[What currency are your costs in?] -->|Euro| E{EEA counterparties?}
E -- Yes --> EURC[EURC, or USDC plus FX]
E -- No --> U1
A -->|US dollar| U1{Where are your counterparties?}
U1 -- EEA regulated firms --> USDC[USDC]
U1 -- Emerging markets, OTC desks on Tron --> USDT[USDT, then consider converting]
U1 -- US fintech or PayPal ecosystem --> PY[USDC or PYUSD]
USDT --> C[Check licences and screening for each counterparty]
USDC --> C
PY --> C
EURC --> C| Use case | Usual choice | Why |
|---|---|---|
| Paying suppliers in Asia, LatAm or Africa | USDT on Tron, or USDC where accepted | Counterparties hold USDT |
| EU-regulated counterparty | USDC or EURC | MiCA status |
| Card network settlement | USDC | Visa's programme uses USDC |
| Euro-cost treasury | EURC | Avoids FX on each cycle |
| US consumer payouts | USDC or PYUSD | Regulated US issuers |
WarningPicking a token does not change your obligations. Screening, KYC, Travel Rule data and licensing apply whichever token you use.
Illustrative example: a mixed treasury
Illustrative example. The figures are invented.
A payments firm pays 40 suppliers. Twenty-five ask for USDT on Tron; ten take USDC on Ethereum or Solana; five in Germany want euros. It receives client funds in USDC, keeps a USDT float sized to two weeks of supplier payments, converts USDC to USDT through a licensed OTC desk, and pays the German suppliers in EURC or by SEPA. It sets a policy that USDT balances above the float are converted back within five days.
Timeline
| Date | Event |
|---|---|
| Q1 2025 | ESMA's deadline for CASPs to restrict non-compliant stablecoins (ESMA) |
| 12 Dec 2025 | OCC conditionally approves Paxos's conversion to a national trust bank (OCC) |
| 27 Jan 2026 | USA₮ launches |
| 8 Oct 2026 | ESMA opinion on non-compliant stablecoins (CryptoSlate) |
| 30 Oct 2026 | Coinbase converts restricted tokens for EEA retail (announced) |
| 18 Jan 2027 | OCC GENIUS Act rule effective |
Q/A
Which is safest?
Each carries issuer, reserve, legal and chain risk. Read the reserve reports and terms. See Reserves, redemption and depeg risk.
Can I swap between them cheaply?
Usually, on major venues, for USDT and USDC. PYUSD and EURC markets are thinner.
Why not only USDC?
Because many counterparties in emerging markets use USDT. Converting costs money and time.
Is PYUSD the same as PayPal balance?
No. PYUSD is a token issued by Paxos; PayPal balance is a different product.
Does a euro token help with EU rules?
Being an EMT under MiCA matters. The currency alone does not.
Sources
- DefiLlama, stablecoins (read 29 October 2026): https://defillama.com/stablecoins
- private.law, stablecoins: https://wiki.private.law/en/stablecoins
- Circle, USDC transparency: https://www.circle.com/transparency
- Tether, fees: https://tether.to/en/fees/
- CryptoSlate, Coinbase sets MiCA deadline (October 2026): https://cryptoslate.com/coinbase-sets-3-day-mica-deadline-for-usdt-paypal-and-trump-linked-stablecoins/
- OCC Bulletin 2026-50: https://www.occ.gov/news-issuances/bulletins/2026/bulletin-2026-50.html
- OCC, news release 2025-125, conditional charter approvals (12 December 2025): https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.html
- ESMA, Statement on non-MiCA compliant ARTs and EMTs (17 January 2025): https://www.esma.europa.eu/sites/default/files/2025-01/ESMA75-223375936-6099_Statement_on_stablecoins.pdf
FiatDesk Wiki is educational. Not financial or legal advice.