USDC leads. Size is not safety.
Seven major stablecoins scored on one question: how likely is each to stay at a dollar and stay redeemable under stress. USDC and PYUSD top it on reserve quality and regulation. USDT, around 60% of the entire market, rates only fourth. The two names the market treats as minor out-rate the giant.
What this measures
A stablecoin's job is to stay redeemable at par. We score four things that drive that, weighted by how much each moves the odds of failure: reserve quality and attestation (30%), peg stability and depeg history (25%), redemption and liquidity (20%), and counterparty and regulatory standing (25%). Grades map a transparent 0 to 100 score, not a credit-agency methodology. This is a capital-preservation lens, so a strong regulatory wrapper counts as a positive.
Fig 1 · Capital-preservation score and grade. Weights: reserves 30%, peg 25%, redemption 20%, counterparty 25%.
USDT is around 60% of the entire stablecoin market and rates only fourth. PYUSD and RLUSD, treated as minor, out-rate it on reserve quality and regulation.
USDT0 takes USDT omnichain through a LayerZero wrapper. It inherits USDT's profile and adds a bridge and lockbox trust path, so it is strictly more risk than holding USDT.
These are GAM-modeled opinions with every input shown, not credit-agency ratings. A censorship-resistance thesis would invert the regulatory dimension.
The call
If you are parking dollars, USDC and PYUSD are the safest of the majors on reserves and regulation. USDT's depth and buffer are real, but its risk-asset reserves and weaker audit hold it to fourth. USDe pays the most and carries the most mechanism risk. Match the grade to how long the dollars sit and how quickly you might need to exit at par.
Confidence and what we could not verify
Moderate. Reserve and attestation data come from the latest issuer reports as of mid-June 2026 (BDO, Circle, Deloitte). The scores are opinions, not guarantees, and the weights are ours. Re-weight the rubric for your own risk view and the ranking can shift, especially if you value censorship-resistance over regulatory oversight.