Stablecoins
DAI Stablecoin Stablecoin Explained
DAI is a decentralized stablecoin created by MakerDAO, backed by on-chain cryptocurrency collateral through an over-collateralized model that maintains a 1:1 peg to the US dollar.
Stable assets
Stablecoins explained
Decentralized Finance Publication’s stablecoins hub explains dollar-pegged crypto — fiat-backed, overcollateralised, and hybrid designs — with peg mechanics and risk notes. Live market-cap and peg data are linked via DeFiLlama rather than stale tables. Educational research only; not financial advice.
Live market data
Track stablecoin market cap, pegs, and flows in real time
Market cap, dominance, and peg data change continuously. We link to DeFiLlama for live figures rather than duplicating numbers that go stale on a static page.
In-depth stablecoin research
Stablecoins
What is Frax Finance? frxUSD, Fraxlend and When to Skip It
Frax issues frxUSD/sfrxUSD and Fraxlend markets that feed Resupply collateral and Curve LlamaLend V2. Verdict-first guide on when USDC or Sky is the simpler dollar.
Stablecoins
reUSD: Resupply's Native Overcollateralized Stablecoin
reUSD is Resupply's native overcollateralized stablecoin, pegged to the US dollar and backed by yield-bearing stablecoin collateral in Curve Lend and Frax Lend markets — uniquely sharing earned lending fees with borrowers.
Stablecoins
crvUSD: Curve Finance's Native CDP Stablecoin
crvUSD is Curve Finance's native collateralized-debt-position stablecoin, using the novel LLAMMA mechanism to enable soft, continuous liquidations — fundamentally rethinking how overcollateralized stablecoins manage risk.
Stablecoins
Tether (USDT): The World's Largest Stablecoin
9B, operating on over 100 blockchain networks and serving as the primary settlement layer for global crypto trading.
Stablecoins
USD Coin (USDC): Circle's Regulated Dollar Stablecoin
6B in circulation across 120+ chains and positioned as the institutional-grade alternative to USDT.
Stablecoins
Ethena USDe: The Synthetic Dollar Built on Delta-Neutral Hedging
USDe is Ethena's crypto-native synthetic dollar, achieving price stability through delta-neutral hedging across centralized and decentralized venues — offering holders embedded yield without fiat backing.
Stablecoins
Sky Dollar (USDS): MakerDAO's Rebranded Stablecoin
43B in circulation and a yield-sharing model that pays holders the Sky Savings Rate directly on-chain.
Stablecoins
PayPal USD (PYUSD): TradFi's Largest Stablecoin Entry
1B in circulation across Ethereum, Solana, and Arbitrum.
Stablecoins
BlackRock USD (BUIDL): Institutional RWA Meets Blockchain
BUIDL is BlackRock's tokenized US Treasury fund — the world's largest asset manager's entry into on-chain real-world assets, with $3B in circulation and daily yield paid directly to token holders.
Stablecoins
DOLA: Inverse Finance's Decentralized Stablecoin — In-Depth Research
DOLA is Inverse Finance's native decentralized stablecoin, minted exclusively through on-chain lending activity in FiRM markets and managed by a network of governance-controlled Fed contracts that actively defend the $1 peg.
Stablecoins
apxUSD Stablecoin Explained
S. dollar that forms part of the Apyx Finance ecosystem. Holders can earn native yield by deploying the protocol's collateral across various on- and off-chain strategies while using apxUSD in DeFi.
Stablecoins
Neutrl Stablecoin Explained
Neutrl is a decentralized finance protocol that issues NUSD, a market-neutral synthetic dollar designed to generate yield through hedged trading strategies.
Stablecoins
reUSDe Stablecoin Explained
reUSDe is the higher-risk ERC-20 performance token of the Re Protocol, representing the junior capital layer that takes first losses in a reinsurance portfolio.
Stablecoins
mEVUSD Stablecoin Explained
mEVUSD is a tokenized investment vehicle that tracks a market-neutral strategy denominated in USDC, developed by Everstake, Apollo Crypto, and Midas.
Stablecoins
thBILL Stablecoin Explained
S. Treasury bills. Built on the Theo tokenization platform, it delivers regulated exposure with integrated liquidity, cross-chain functionality, and DeFi compatibility.
Stablecoins
Monstro DeFi Stablecoin Explained
Monstro DeFi represents a decentralized finance ecosystem operating on the Base blockchain, centered around its native $MONSTRO token.
Stablecoins
Sai Stablecoin Explained
Sai is a decentralized perpetuals trading platform built on the Nibiru blockchain that merges the execution speed of traditional exchanges with on-chain transparency and user-controlled assets.
Stablecoins
Hopeum Stablecoin Explained
Hopeum is a comprehensive DeFi application serving Sub-Saharan Africa, merging GameFi elements, small-scale lending, community savings mechanisms, and real-world asset tokenization.
Stablecoins
SuiUSDe Stablecoin Explained
SuiUSDe is a yield-producing synthetic dollar built on the Sui blockchain through collaboration between the Sui Foundation, SUI Group Holdings, and Ethena Labs.
Stablecoins
Internet Token Stablecoin Explained
Internet Token (INT) is a decentralized lottery system built on the Base network.
Stablecoins
Buck Token Stablecoin Explained
Buck Token (BUCK) is an ERC-20 token operating on Ethereum marketed as a 'SavingsCoin'.
Stablecoins
Yuzu Money Stablecoin Explained
Yuzu Money is a decentralized finance platform offering users access to yield-generating strategies through yzUSD, an overcollateralized stablecoin.
Stablecoins
Defi.money Stablecoin Explained
money was a cross-chain stablecoin protocol built on Curve Finance's crvUSD architecture, enabling creation of the MONEY USD-pegged token through collateralized debt positions.
Stablecoins
Metronome Synth USD Stablecoin Explained
Metronome Synth USD (msUSD) is a synthetic stablecoin denominated in USD that is minted through the Metronome Synth protocol.
Stablecoins
Sigma Money Stablecoin Explained
Sigma Money is a DeFi yield engine operating on the BNB Chain that employs Volatility Tranching to partition assets into a stable, yield-generating component (bnbUSD) and a volatile, leveraged component.
Stablecoins
Origin Dollar Stablecoin Explained
Origin Dollar (OUSD), introduced in 2020, is a yield-generating stablecoin operating on the Ethereum network. S. dollar while automatically accruing returns in users' wallets.
Stablecoins
mStable USD Stablecoin Explained
mStable is a decentralized finance protocol operating on Ethereum that seeks to consolidate multiple stablecoins, lending capabilities, and liquidity provision under a unified framework.
Stablecoins
Hylo Leveraged SOL Stablecoin Explained
XSOL is a Solana-based token that offers leveraged long exposure to SOL while taking on collateral volatility to help back the hyUSD stablecoin. It functions as one of Hylo protocol's two native tokens on the Solana network.
Stablecoins
Hylo USD (hyUSD) Stablecoin Explained
Hylo USD (hyUSD) is a decentralized stablecoin on Solana maintaining a US dollar peg through overcollateralization with yield-bearing Liquid Staking Tokens.
Stablecoins
Staked YUSD Stablecoin Explained
sYUSD is a yield-bearing token representing a holder's stake in the Aegis protocol's staking pool. It automatically accumulates value through a delta-neutral Bitcoin trading strategy, with each token appreciating relative to YUSD over time.
Stablecoins
Function FBTC Stablecoin Explained
Function FBTC is an omnichain yield-generating asset completely collateralized by Bitcoin at a 1:1 ratio.
Stablecoins
xUSD Stablecoin Explained
xUSD is a yield-bearing stablecoin created by Overnight Finance that maintains a 1:1 peg with USDC.
Stablecoins
Pleasing Golden Stablecoin Explained
Pleasing Golden is a financial platform that links tangible precious metals with blockchain-based financial systems.
Stablecoins
Weekly Stable Stablecoin Explained
Weekly Stable is a news and analysis publication issued weekly by This Week in Fintech (TWIF) that covers developments in the stablecoin sector.
Stablecoins
Money Code Stablecoin Explained
Money Code is a weekly podcast hosted by Chuk Okpalugo and Raj Parekh that explores stablecoins and programmable money for developers, investors, and industry leaders.
Stablecoins
Avant Stablecoin Explained
Avant is a decentralized finance platform operating on the Avalanche blockchain, providing the avUSD stable value token that generates returns through market-neutral blockchain-based investment strategies.
Stablecoins
Wrapped Solana Stablecoin Explained
Wrapped Solana (wSOL) is an SPL-standard token representation of native SOL that preserves a 1:1 exchange ratio, enabling SOL to function within decentralized finance applications and smart contracts across Solana and other blockchains.
Stablecoins
Ether.Fi Liquid ETH Stablecoin Explained
fi protocol that allows users to earn Ethereum staking rewards while maintaining a tradable asset across decentralized finance applications.
Stablecoins
XStocks Stablecoin Explained
S. equities and ETFs issued on the Solana blockchain by Backed Finance and are backed 1:1 by actual shares held with licensed custodians.
Stablecoins
HyperSui Stablecoin Explained
HyperSui is a DeFi protocol built on the Sui blockchain that provides perpetual futures trading with leverage up to 100x, instant token exchanges, and staking capabilities.
Stablecoins
GAIB AI Dollar USDC Stablecoin Explained
AIDAUSDC is a stablecoin receipt token for USDC deposits in the GAIB AI ecosystem. S. Treasury bills and is issued as part of GAIB's AID Alpha program.
Stablecoins
sUSDa Stablecoin Explained
sUSDa is a yield-generating token created by Avalon Labs that represents staked positions in USDa, a Bitcoin-collateralized stablecoin.
Stablecoins
Reservoir srUSD Stablecoin Explained
Reservoir srUSD is a yield-generating stablecoin issued by the Reservoir protocol that enables holders to accumulate interest on their stablecoin balances.
Stablecoins
Kinetiq Staked HYPE Stablecoin Explained
kHYPE is a liquid staking token developed by the Kinetiq protocol on the Hyperliquid blockchain.
Stablecoins
Cap Stablecoin Explained
Cap is a stablecoin protocol that offers two products: cUSD, a dollar-backed stablecoin, and stcUSD, which generates yield.
Stablecoins
Agora Stablecoin Explained
Agora is a crypto startup developing AUSD, a fully collateralized, freely tradeable digital dollar stablecoin, focused on security, transparency, and efficient partner-oriented economics to serve international markets outside the United States.
Stablecoins
USX Stablecoin Explained
S. dollar. It provides access to institutional-grade, delta-neutral yield generation through its integrated YieldVault mechanism.
Stablecoins
Kinetiq Staked HYPE (kHYPE) Stablecoin Explained
Kinetiq Staked HYPE (kHYPE) is a liquid staking token produced by the Kinetiq protocol operating on the Hyperliquid blockchain.
Stablecoins
BFUSD Stablecoin Explained
BFUSD is a platform-exclusive margin asset from Binance that generates daily USDT rewards for users through investment techniques including delta-hedging operations and Ethereum staking activities.
Stablecoins
USD.AI Stablecoin Explained
AI is a decentralized finance (DeFi) protocol developed by Permian Labs that issues USDai, a yield-bearing synthetic dollar.
Stablecoins
Mantle Restaked Ether (cmETH) Stablecoin Explained
cmETH is a yield-generating receipt token representing mETH that has been restaked across multiple platforms including EigenLayer, Symbiotic, and Karak, providing users with exposure to restaking opportunities.
Stablecoins
clBTC Stablecoin Explained
clBTC serves as a bridge connecting Bitcoin to decentralized finance opportunities, enabling yield generation through both custodial methods and blockchain-based tactics, boosting asset utility and protective measures.
Stablecoins
OUSG Stablecoin Explained
S. Treasury bill product created by Ondo Finance that enables investors to obtain exposure to short-term government securities via blockchain.
Stablecoins
Jupiter Perpetuals Liquidity Provider Token Stablecoin Explained
JLP is a liquidity provider token for Jupiter Perpetuals that represents ownership in a diversified pool of digital assets including SOL, ETH, WBTC, USDC, and USDT.
Stablecoins
ETHPlus Stablecoin Explained
ETHPlus (ETH+) is a reward-generating basket of Ethereum liquid staking tokens constructed on the Reserve Protocol, designed to deliver diversified yield from staked ETH.
Stablecoins
Drift Staked SOL (dSOL) Stablecoin Explained
Drift Staked SOL (dSOL) is a liquid staking derivative on Solana that enables users to earn network staking rewards while retaining the ability to deploy their capital across other DeFi applications.
Stablecoins
BENQI Liquid Staked AVAX (sAVAX) Stablecoin Explained
BENQI Liquid Staked AVAX is a DeFi solution on Avalanche that enables users to stake AVAX in exchange for sAVAX, a liquid derivative token that generates staking rewards while remaining usable across DeFi applications, addressing the liquidity constraints of conventional staking.
Stablecoins
aBTC Stablecoin Explained
aBTC is a cross-chain liquid Bitcoin token created by Echo Protocol on the Aptos blockchain, maintaining a 1:1 backing with BTC assets.
Stablecoins
MAIV Stablecoin Explained
MAIV is a regulated European platform that merges decentralized and traditional finance, granting institutional-quality investment access to a broader audience through blockchain-based real-world asset opportunities.
Reference
Decentralized stablecoin comparison
A structural overview of major stablecoin models. For current market caps and peg status, use DeFiLlama.
| Stablecoin | Type | Collateral | Governance |
|---|---|---|---|
| DAI | Over-collateralized | ETH, USDC, others | MKR |
| FRAX | Fractional-algorithmic | USDC + algorithmic | FXS |
| reUSD | Overcollateralized | crvUSD, frxUSD | RSUP |
| USDT | Fiat-backed | USD reserves | Tether Ltd. |
| USDC | Fiat-backed | USD reserves | Circle |
FAQ
Stablecoins — FAQ
What is a stablecoin?
A stablecoin is a cryptocurrency designed to maintain a stable value, typically pegged 1:1 to a fiat currency such as the US dollar. Stablecoins allow users to participate in DeFi, send value globally, and hold crypto without exposure to the price volatility of assets like Bitcoin or Ethereum.
What is the largest stablecoin by market cap?
Tether (USDT) is the largest stablecoin by market capitalisation, followed by USDC, Sky Dollar (USDS), Ethena USDe, and DAI. Market caps move weekly — check the live figures on our stablecoin peg tracker or DeFiLlama (data checked July 2026) rather than relying on any static number.
Are decentralised stablecoins safe?
Decentralised stablecoins such as DAI, crvUSD, reUSD, DOLA and USDe carry smart contract risk, liquidation risk, and peg depeg risk. They are generally considered riskier than fiat-backed stablecoins such as USDT and USDC, which carry counterparty and regulatory risk instead. No stablecoin is completely risk-free.
How do crvUSD, reUSD, DOLA and frxUSD differ?
crvUSD is Curve’s LLAMMA CDP stablecoin. reUSD is Resupply’s CDP minted against yield-bearing Curve Lend and Fraxlend collateral. DOLA is Inverse Finance’s stablecoin, minted through FiRM lending. frxUSD/sfrxUSD is Frax’s dollar stack; sfrxUSD also appears as LlamaLend V2 collateral. They are composable, not interchangeable.