Stablecoins
A stablecoin holds a target value, almost always one dollar. They are the part of crypto with the clearest use outside speculation: payments, remittances and settlement between platforms. What matters is that they are not all held up the same way, and the word stablecoin hides very different mechanisms: bank reserves, overcollateralized crypto, or positions hedged with derivatives.
What to compare: Ask what exactly backs each one and who holds it. None pays yield to its holder by default: in fiat-backed designs, the reserve yield goes to the issuer.
10 entries
Tether
USDT · #3
The dominant offshore dollar stablecoin.
Dollar liquidity
USD Coin
USDC · #7
A fully reserved dollar stablecoin issued through regulated Circle affiliates.
Regulated dollar stablecoinVerified from official sources
Ethena
ENA · #46
A synthetic dollar held stable by a hedged position, not by cash in a bank.
Synthetic dollar
Dai
DAI · #57
Maker's overcollateralized decentralized stablecoin, now managed under the Sky brand.
Decentralized dollar
Sky Dollar
USDS · #58
The Sky protocol's dollar token that DAI holders are migrating into.
Sky's upgraded dollar
PayPal USD
PYUSD · #59
PayPal's dollar stablecoin, issued and reserved by Paxos.
Consumer-payments stablecoinVerified from official sources
Ripple USD
RLUSD · #60
Ripple's regulated dollar stablecoin for institutional settlement.
Institutional dollar by Ripple
USD1
USD1 · #61
A dollar stablecoin launched by World Liberty Financial, the Trump-linked DeFi platform.
Politically-linked stablecoin
Ethena USDe
USDe · #62
Ethena's synthetic dollar backed by hedged staked ETH positions.
Yield-bearing synthetic dollar
First Digital USD
FDUSD · #63
An Asia-centered dollar stablecoin issued by First Digital Labs.
Hong Kong dollar stablecoin