Stablecoins are growing in number, but the differences are bigger than you think. USDC, USDG, U, USD1, PYUSD—all pegged to the dollar, but with varying underlying assets, compliance licenses, redemption rights, and potential risks. This year, market cap growth ranges from -1.4% to over 160%, and the divergence is already clear. Here’s a table to understand the core differences among mainstream stablecoins