Stablecoins with market capitalization (MC) exceeding $100 million are classified into two categories: centralized and decentralized. The decentralized category is further subdivided into over collateralized, Delta neutral, collateralized, and algorithmic+collateralized categories. The total market capitalization of centralized stablecoins is significantly higher than that of decentralized stablecoins USDT (155 billion US dollars) and USDC (61 billion US dollars) dominate, collectively controlling the majority of the centralized stablecoin market share (approximately 85%). The market capitalization of other centralized stablecoins (such as USD1, FDUSD, PYUSD, etc.) ranges from $100 million to $2.2 billion, indicating that small and medium-sized projects are also attempting to enter the market. PayPal's PYUSD (1 billion US dollars) indicates that traditional financial giants are beginning to enter the stablecoin field Excess collateralization: Represented by USDS+DAI (7.1 billion+3.7 billion US dollars), this category relies on excess cryptocurrency collateral (such as ETH) to maintain stability, and the market capitalization distribution is relatively balanced. Delta Neutral: Led by USDe (5.6 billion US dollars), this mechanism achieves price stability and high capital efficiency through hedging strategies such as perpetual futures. The total market capitalization of centralized stablecoins far exceeds that of decentralization, reflecting the current market's preference for stable solutions endorsed by institutions. The diversified mechanism Delta neutrality and algorithmic stability of decentralized stablecoins demonstrate the potential for technological innovation.