Stablecoin market capitalization (MC) exceeds 100 million USD, categorized into centralized and decentralized categories, with the decentralized category further divided into over-collateralized, delta neutral, collateralized, and algorithmic + collateralized categories.

The total market capitalization of centralized stablecoins is significantly higher than that of decentralized ones.

USDT (155 billion USD) and USDC (61 billion USD) dominate, collectively controlling a large portion of the centralized stablecoin market (about 85%).

Other centralized stablecoins (such as USD1, FDUSD, PYUSD, etc.) have market capitalizations ranging from 100 million to 2.2 billion USD, indicating that small and medium-sized projects are also attempting to enter the market. PayPal's PYUSD (1 billion USD) shows that traditional financial giants are starting to venture into the stablecoin space.

Over-collateralized: represented by USDS + DAI (7.1 billion + 3.7 billion USD), this category relies on over-collateralized crypto assets (such as ETH) to maintain stability, with a relatively balanced market capitalization distribution.

Delta neutral: USDe (5.6 billion USD) leads, with this mechanism achieving price stability through hedging strategies (such as perpetual futures) and demonstrating high capital efficiency.

The total market capitalization of centralized stablecoins far exceeds that of decentralized ones, reflecting the current market's preference for stable solutions backed by institutions.

The diverse mechanisms of decentralized stablecoins, delta neutral and algorithmic stability, demonstrate the potential for technological innovation.