--- title: Stablecoin ticker: — category: Stablecoin status: draft updated: 2026-10-31 --- # Stablecoin A **stablecoin** is a crypto asset designed to hold a fixed value against a reference asset, usually one US dollar. Most large stablecoins, such as [Tether](tether.md)'s USDT and [USDC](usdc.md), are issued by companies that hold reserves of cash and short-term government debt. Others are minted against crypto collateral, hedged with derivatives, or held to their target by incentives alone, the design of TerraUSD, which collapsed in May 2022.[^fed-stable][^nber-terra] The Bank for International Settlements (BIS) estimated in 2026 that about 98% of stablecoin value was denominated in dollars.[^bis-170] The United States, the European Union, and other jurisdictions now regulate issuers directly, while central banks dispute whether stablecoins can serve as money at all.[^genius][^mica-149][^bis-aer] | | | |---|---| | Type | Crypto asset designed to hold a stable value | | Main designs | Reserve-backed, crypto-collateralised, synthetic, algorithmic | | Early examples | BitUSD, Tether, NuBits (all 2014) | | Main reference currency | US dollar | | US law | GENIUS Act (signed 2025-07-18) | | EU law | Markets in Crypto-Assets Regulation (stablecoin titles apply from 2024-06-30) | | Live data | [DefiLlama](https://defillama.com/stablecoins), [Tether transparency](https://tether.to/en/transparency/), [Circle transparency](https://www.circle.com/transparency) | ## Definition There is no single definition. The GENIUS Act defines a "payment stablecoin" as a digital asset that is, or is designed to be, used as a means of payment or settlement, whose issuer is obligated to redeem it for a fixed amount of monetary value, and which the issuer represents will hold a stable value. The definition excludes national currency, deposits, and securities.[^genius] The EU's Markets in Crypto-Assets Regulation (MiCA) has two legal categories: an e-money token references one official currency, and an asset-referenced token references another value or right, or a combination of them.[^mica-3] The BIS argues that stablecoins behave like financial assets rather than money. Its 2025 annual report says they typically fail the test of singleness, because they do not always trade at par with one another, and also fail the test of elasticity. It concludes that they "perform poorly when assessed against the three tests for serving as the mainstay of the monetary system".[^bis-aer] Gorton and Zhang compare them to the privately issued banknotes of nineteenth-century America.[^gorton] ## History ### Early designs The Block dates BitUSD, a token collateralised by BitShares, to July 2014 and describes it as the earliest mainstream stablecoin. It lost its peg in November 2018 and did not recover.[^block-bitusd] Realcoin was announced that same month, July 2014, and was renamed Tether in November 2014.[^realcoin][^rebrand] NuBits began in September 2014 and held its peg for about twenty months before falling below 50 cents in 2016.[^nubits] MakerDAO launched Dai on Ethereum on 18 December 2017, backed solely by ether.[^coindesk-dai] Multi-Collateral Dai went live on 18 November 2019, starting with ether and Basic Attention Token as collateral. It took the Dai name, the older token was renamed Sai, and the launch added the Dai Savings Rate.[^block-mcd] Basis raised US$133 million for an algorithmic stablecoin and shut down in December 2018, returning unspent money. Its chief executive said lawyers had concluded its bond and share tokens could not avoid being securities.[^techcrunch-basis] ### Libra and the regulatory response Facebook announced Libra on 18 June 2019, with a planned association of 28 founding members, among them Visa, Mastercard, PayPal, and Uber.[^coindesk-libra] The project, later named Diem, confirmed its shutdown on 31 January 2022, selling its technology to Silvergate. Its chief executive, Stuart Levey, said talks with federal regulators had made clear that it could not launch.[^coindesk-diem] ### Terra and the 2022 collapses Algorithmic designs failed repeatedly in this period. Iron Finance's IRON broke its peg on 16 June 2021 in what Federal Reserve staff analysed as a run.[^fed-iron] [Terra](terra.md)'s UST lost its peg in May 2022; Liu, Makarov, and Schoar describe the unwinding as a run in which redemptions inflated the supply of its LUNA token.[^nber-terra] USDN and HUSD also lost their pegs in 2022.[^ct-usdn][^block-husd] ### Regulation and institutional issuers In March 2023 the failure of Silicon Valley Bank, which held about 8% of USDC's reserves, pushed USDC to about 86 cents until US authorities protected depositors.[^fed-svb] US legislation followed in July 2025 with the GENIUS Act.[^genius] Banks and payment firms have also entered the market: PayPal in 2023, SoFi Bank in December 2025, and Open USD, whose partners include Coinbase, Mastercard, and Visa, on 30 September 2026.[^paypal-launch][^block-sofi][^unchained-ousd][^coindesk-openusd] Federal Reserve staff put aggregate stablecoin market capitalisation at US$317 billion on 6 April 2026 and said growth had flattened in late 2025 and early 2026.[^fed-2025] Current totals are on [DefiLlama](https://defillama.com/stablecoins), which tracked more than 400 pegged assets in October 2026.[^llama] ## Types Federal Reserve staff sort stablecoins by how they are stabilised: off-chain collateralised, on-chain collateralised, and uncollateralised or algorithmic. They conclude that a run driven by sentiment alone disappears only when the collateral matches the currency of the peg.[^fed-stable] ### Reserve-backed The issuer holds cash, bank deposits, government debt, or money market funds, and redeems tokens for fiat with approved customers. Holders rely on the issuer's solvency, its banks, and the accuracy of its disclosures. Federal Reserve staff say arbitrage for these coins breaks down once the market loses faith in the peg.[^fed-stable] ### Crypto-collateralised Users lock crypto in smart contracts and mint stablecoins against it, usually with more collateral than debt. Positions that fall below a required ratio are liquidated. Federal Reserve staff say these designs "might experience more frequent and pronounced runs".[^fed-stable] Liquity's LUSD adds a floor by letting holders redeem it for ether at face value.[^liquity-redemption] ### Synthetic Ethena's USDe is described by its issuer as "a synthetic dollar, backed with crypto assets and corresponding short futures positions", and it distinguishes this from fiat-backed stablecoins.[^ethena-overview] Its documentation attributes USDe's peg stability to delta-neutral hedges of the underlying assets.[^ethena-docs] ### Algorithmic Uncollateralised designs hold few or no reserves and rely on supply changes and incentives. Federal Reserve staff write that "such incentives generate a run as a self-reinforcing prophecy".[^fed-stable] Clements argues that algorithmic stablecoins are "inherently fragile".[^clements] Beanstalk says it "uses credit instead of collateral".[^bean-docs] ### Stablecoin-backed and wrapped Some tokens are backed by other stablecoins. USDai is collateralised by PYUSD, Polymarket's pUSD and Avant's avUSD by USDC, and Saturn's USDat by a PYUSD wrapper.[^usdai-docs][^polymarket-docs][^avant-docs][^saturn-docs] ## How pegs are maintained Issuers mint and burn directly in a primary market, usually with a limited set of customers, while everyone else trades in secondary markets. Federal Reserve staff write that "secondary markets actually price the assets and help enable a stablecoin to maintain its dollar peg". Dai differs in that any Ethereum user can mint it by depositing collateral.[^fed-primary] Lyons and Viswanath-Natraj treat a peg like a fixed exchange rate. They find that arbitrage keeps Tether near its peg and that issuance plays a limited role, with stabilisation mainly coming from the demand side.[^lyons] Ma, Zeng, and Zhang find that arbitrage is concentrated, reporting that Tether "only allows 6 agents in an average month to redeem stablecoins for cash". They argue that efficient arbitrage helps price stability but raises run risk.[^ma] Federal Reserve staff wrote in April 2026 that stablecoins with safer, more liquid reserves have lower run risk and have seen relatively stronger adoption.[^fed-2025] ## Uses and effects The International Monetary Fund attributes most recent growth to crypto trading, and says future demand could come from payments and tokenisation.[^imf] Visa said in April 2026 that its stablecoin settlement pilot had reached an annualised US$7 billion.[^coindesk-visa] Stablecoin reserves have become large enough to affect government debt markets. A BIS working paper finds that inflows lower three-month Treasury bill yields, with larger effects during market stress.[^bis-1270] Another finds that stablecoin flows appear largely unaffected by capital flow restrictions.[^bis-1370] ## Risks and criticism - Runs. Hyun Song Shin of the BIS warns of fire sales of backing assets and says stablecoins lack the settlement function of central bank money.[^reuters-bis] - Dollarisation. BIS staff write that "digital dollarisation poses acute risks to monetary sovereignty" in emerging markets, and the IMF says stablecoins may contribute to currency substitution where confidence in domestic money is low.[^bis-170][^imf] - Illicit finance. Chainalysis, as reported by The Block, attributed 84% of illicit crypto transaction volume in 2025 to stablecoins, in what it called a lower-bound estimate.[^block-chainalysis] The Financial Action Task Force described them in March 2026 as a relatively stable medium for moving proceeds.[^fatf] A UN report named USDT in Southeast Asia; Tether said it was disappointed and that its tokens can be traced on public blockchains.[^block-un] - Central control. Issuers of reserve-backed coins can freeze tokens, and the GENIUS Act requires the ability to block, freeze, and reject transactions.[^genius] The dispute over when an issuer should use that power is covered in [USDC](usdc.md#incidents-and-controversies). - Stacked exposure. Federal Reserve staff identify complex intermediation chains and vertical integration as vulnerabilities.[^fed-2025] ## Regulation ### United States The GENIUS Act, signed on 18 July 2025, takes effect on the earlier of 18 months after enactment or 120 days after regulators issue final rules. It requires reserves of at least one to one in assets such as dollars, insured deposits, and Treasuries with 93 days or less to maturity. It requires monthly disclosure and bars issuers from paying interest or yield to holders. From three years after enactment, service providers may not offer US persons a stablecoin from an issuer that is not permitted.[^genius] The Office of the Comptroller of the Currency (OCC) issued a final rule under the Act on 21 October 2026, effective 18 January 2027. WilmerHale describes it as the first from a federal banking agency.[^wilmerhale] Whether intermediaries can pay rewards on stablecoins remains disputed. A May 2026 text of the CLARITY Act barred yield equivalent to bank interest but kept rewards tied to activity, and the bill failed to clear the Senate's 60-vote threshold on 15 September 2026.[^coindesk-yield][^coindesk-clarity] New York set its own rules earlier, in guidance issued on 8 June 2022.[^nydfs-2022] ### European Union MiCA's titles on asset-referenced and e-money tokens have applied since 30 June 2024.[^mica-149] Tether ended its euro token that year, citing regulation and falling demand.[^block-eurt] European officials are divided. Christine Lagarde, president of the European Central Bank, said on 8 May 2026 that "the case for promoting euro-denominated stablecoins is far weaker than it appears", a position opposed to that of Bundesbank president Joachim Nagel, who backed them.[^block-lagarde] Qivalis, a group of 37 European banks, received an e-money authorisation from De Nederlandsche Bank on 14 October 2026.[^qivalis-dnb] ### United Kingdom The Bank of England published its approach to sterling systemic stablecoins on 22 June 2026, replacing holding limits with a temporary issuance guardrail.[^boe] The Financial Conduct Authority published final rules on 30 June 2026, and KPMG reports they take effect from October 2027.[^skadden-fca][^kpmg-uk] ### Asia - Hong Kong. The Stablecoins Ordinance took effect on 1 August 2025.[^hkma] The Hong Kong Monetary Authority issued its first licences on 10 April 2026, to HSBC and Anchorpoint Financial, a venture of Standard Chartered, HKT, and Animoca Brands.[^charltons][^hsbc-licence] Anchorpoint began rolling out HKDAP in August 2026, and Decrypt reported that HSBC's RedCoin went live in October.[^block-hkdap][^decrypt-redcoin] - Singapore. The Monetary Authority of Singapore finalised a framework for single-currency stablecoins on 15 August 2023, requiring par redemption within five business days.[^mas] - Japan. Amendments to the Payment Services Act were enacted on 3 June 2022.[^iflr] JPYC launched under this regime on 27 October 2025.[^block-jpyc] - South Korea. A Digital Asset Basic Act was proposed in April 2026. The Bank of Korea argued that only banks holding 51% of an issuer should be able to issue stablecoins.[^coindesk-korea] ### International The Financial Stability Board published recommendations for global stablecoin arrangements on 17 July 2023.[^fsb-2023] Its review of October 2025 found that their regulation "is lagging".[^fsb-2025] ## List of stablecoins These lists cover tokens with significant supply on DefiLlama in October 2026, plus smaller ones of historical interest.[^llama] Rows are alphabetical. Backing is as the issuer states it, unless noted. A dash means no launch date was confirmed from a source. Current supply is on [DefiLlama](https://defillama.com/stablecoins). ### Reserve-backed US dollar tokens | Token | Ticker | Issuer | Launched | Stated backing and notes | |---|---|---|---|---| | Agora Dollar | AUSD | Agora Bermuda Limited | — | Short-term Treasuries, overnight repo, and cash; licensed in Bermuda[^agora] | | CASH | CASH | Built on Stripe's Bridge for Phantom | 2025 | Backed 1:1 by dollars; announced 2025-09-30[^forklog-cash] | | CFX MoveUSD | MOVEUSD | CFX Labs | — | Issued by CFX on Solana, Base, and Ethereum[^wormhole-moveusd] | | First Digital USD | FDUSD | First Digital group | 2023-06 | Cash and equivalents; reserves held by First Digital Trust[^taiwan-fd][^block-binance-busd] | | Frax USD | frxUSD | FRAX Inc. | — | Described as fiat-redeemable and fully collateralised[^chaos-frxusd] | | Gemini Dollar | GUSD | Gemini | 2018-09 | Cash or equivalents; regulated by New York[^gemini][^forklog-gusd] | | Global Dollar | USDG | Paxos Digital Singapore | 2024-11-01 | Deposits, short-term government debt; DBS holds reserve cash[^paxos-usdg] | | M | M | Governance-approved minters on M0 | — | Base token for custom stablecoin extensions[^block-m0] | | Open USD | OUSD | Bridge, for Open Standard | 2026-09-30 | Reserves at BlackRock, Lead Bank, and BNY[^unchained-ousd] | | Pax Dollar | USDP | Paxos | 2018-09 | Launched as Paxos Standard; dollar-backed[^coindesk-pax] | | PayPal USD | PYUSD | Paxos Trust Company | 2023-08-07 | Dollar deposits, short-term Treasuries, equivalents[^paypal-launch] | | Ripple USD | RLUSD | Ripple's New York trust company | 2024-12-17 | Dollar deposits, Treasuries, cash equivalents[^ripple][^fortune-rlusd] | | SoFiUSD | SOFID | SoFi Bank, N.A. | 2025-12 | Matched 1:1 with cash, per SoFi[^block-sofi] | | TrueUSD | TUSD | Techteryx (owner) | — | Reserve dispute; see [Incidents](#incidents)[^coindesk-tusd] | | [Tether](tether.md) | USDT | Tether group | 2014 | Mostly US Treasuries, with gold and bitcoin[^fy-2025] | | USA₮ | USAT | Anchorage Digital Bank | 2026-01-27 | Tether-branded US token; liquid reserves[^usat-launch][^usat] | | [USDC](usdc.md) | USDC | Circle | 2018-09-26 | Cash and a BlackRock-managed reserve fund[^coindesk-usdc][^transparency] | | USD1 | USD1 | World Liberty Financial, with BitGo | 2025 | Treasuries, deposits, equivalents; announced 2025-03-25[^block-usd1][^bitgo] | | USD0 | USD0 | Usual Protocol | 2024-05 | Tokenised Treasury bills and repos[^usual-docs][^usual-roadmap] | | USDGO | USDGO | Anchorage Digital Bank; distributed by OSL | 2026-02 | Dollars and high-quality liquid assets[^anchorage-usdgo] | | USDtb | USDtb | Anchorage Digital Bank, with Ethena | 2024-12 | Treasury assets, including BlackRock's BUIDL fund[^block-usdtb][^anchorage-ethena] | ### Crypto-backed, synthetic, and algorithmic US dollar tokens | Token | Ticker | Issuer | Launched | Design | |---|---|---|---|---| | Alchemix USD | alUSD | Alchemix | — | Minted against yield-bearing collateral; soft peg through a 1:1 Transmuter[^alchemix] | | apxUSD | apxUSD | Apyx | — | Synthetic; backed mainly by Strategy's STRC preferred stock[^apyx] | | Beanstalk | BEAN | Beanstalk DAO | — | No collateral requirement; uses credit[^bean-docs] | | BOLD | BOLD | Liquity V2 | 2025-05-19 | Backed only by WETH, wstETH, and rETH; live date is the relaunch[^liquity-bold][^liquity-v2] | | crvUSD | crvUSD | Curve | 2023-05-17 | Liquidation mechanism LLAMMA, plus PegKeepers[^galaxy-crvusd] | | Dai | DAI | Maker Protocol, now Sky | 2017-12-18 | Multi-collateral vaults; upgradeable 1:1 to USDS[^coindesk-dai][^dss][^block-sky] | | DOLA | DOLA | Inverse Finance | — | Debt-backed; generated through borrowing on FiRM[^inverse] | | Ethena USDe | USDe | Ethena Labs | 2024-02 | Delta-hedged crypto collateral[^ethena-docs][^bankless-ethena] | | Falcon USD | USDf | Falcon Finance | 2025-04-30 | Overcollateralised; market-neutral strategies[^decrypt-falcon][^falcon] | | GHO | GHO | [Aave](aave.md) | 2023-07-15 | Minted by borrowing against Aave collateral[^gho-block][^gho-docs] | | Gyro Dollar | GYD | Gyroscope | — | Autonomous mint and redeem pricing with diversified reserves[^gyro] | | Liquity USD | LUSD | Liquity V1 | 2021-04-05 | Ether only; 110% minimum collateral ratio[^forklog-liquity][^liquity-redemption] | | Magic Internet Money | MIM | Abracadabra | — | Minted against interest-bearing tokens[^abracadabra] | | Mustang USD | MUST | Mustang Finance, on SagaEVM | — | Listed as overcollateralised and crypto-backed[^llama-detail] | | Sky Dollar | USDS | Sky, formerly MakerDAO | 2024 | Upgraded version of DAI[^block-sky][^sky] | | Solstice USX | USX | Solstice Labs | 2025-09-30 | Backed 1:1 by stable collateral, per its launch release[^decrypt-usx] | | USDa | USDa | Avalon Labs | 2024-11 | Collateralised by bitcoin, per its launch release[^decrypt-usda] | | USDD | USDD | TRON DAO Reserve at launch | 2022-05-05 | Launched as algorithmic; now overcollateralised[^block-usdd][^block-usdd2] | ### Stablecoin-backed US dollar tokens | Token | Ticker | Issuer | Launched | Backing | |---|---|---|---|---| | Astherus USDF | USDF | Astherus, renamed Aster in 2025 | — | Listed as minted from USDT[^hackernoon-aster][^llama-detail] | | Avant USD | avUSD | Avant Protocol | — | USDC, 1:1[^avant-docs] | | Polymarket USD | pUSD | Polymarket | 2026-04 | USDC, 1:1; sole collateral on Polymarket[^polymarket-docs][^ct-polymarket] | | Saturn Dollar | USDat | Saturn | — | PYUSDx, a wrapper of PYUSD issued by MoonPay Digital Assets[^saturn-docs] | | USD.AI | USDai | USD.AI | — | PYUSD; loan exposure sits in staked sUSDai[^usdai-docs] | | United Stables | U | United Stables | 2025-12-18 | Stablecoins including USDT, USDC, and USD1, as minting collateral[^bnb-u] | ### Other currencies | Token | Ticker | Peg | Issuer | Launched | Notes | |---|---|---|---|---|---| | A7A5 | A7A5 | Russian rouble | Old Vector (Kyrgyzstan) | 2025-01 | Under US sanctions; see [Incidents](#incidents)[^ofac-a7a5][^elliptic] | | AUDD | AUDD | Australian dollar | AUDC Pty Ltd, Novatti affiliate | 2022-11-01 | Date is launch on Stellar[^stellar-audd][^llama-detail] | | AxCNH | AxCNH | Offshore yuan | AnchorX (Hong Kong) | 2025-09-17 | The HKMA said no such coin was issued in Hong Kong[^standard-axcnh] | | Bilira | TRYB | Turkish lira | BiLira | — | Reserves in Turkish bank accounts[^bilira] | | Brazilian Digital Token | BRZ | Brazilian real | Transfero | 2019 | Backed 1:1 with reals, per Transfero[^transfero] | | EUR CoinVertible | EURCV | Euro | Societe Generale-Forge | 2023-04 | 100% backed by cash, per the issuer[^sgforge][^kitco-eurcv] | | EURC | EURC | Euro | Circle Internet Financial Europe | 2022-06-30 | Launched as Euro Coin; French e-money institution[^circle-euroc][^circle-eurc] | | Eurite | EURI | Euro | Banking Circle S.A. | 2024-08-26 | Redeemable at par[^banking-circle] | | Frankencoin | ZCHF | Swiss franc | Decentralised | 2023-04 | Oracle-free, collateralised; date is public beta[^frankencoin] | | HKDAP | HKDAP | Hong Kong dollar | Anchorpoint Financial | 2026-08-12 | Phased rollout, first to institutional distributors and professional investors[^block-hkdap] | | JPY Coin | JPYC | Japanese yen | JPYC Inc. | 2025-10-27 | Deposits and government bonds, per the company[^block-jpyc] | | JPYSC | JPYSC | Japanese yen | SBI Shinsei Trust Bank | 2026-06-24 | Reserves managed by a trust bank[^block-jpysc] | | Monerium EUR | EURe | Euro | Monerium hf | — | Supervised by the Central Bank of Iceland[^monerium] | | RedCoin | RCHKD | Hong Kong dollar | HSBC | 2026-10 | Reported on HSBC's private ledger, inside its PayMe app[^decrypt-redcoin] | | STASIS Euro | EURS | Euro | STASIS (Malta) | 2018-07 | Euro-backed, per STASIS[^bm-eurs] | | Tether CNH | CNHT | Offshore yuan | Tether | 2019-09-09 | Current status not confirmed[^block-cnht] | | XSGD | XSGD | Singapore dollar | StraitsX | — | In-principle approval from Singapore's regulator in 2023[^straitsx] | ### Commodity-backed tokens | Token | Ticker | Reference | Issuer | Notes | |---|---|---|---|---| | Pax Gold | PAXG | One fine troy ounce of gold | Paxos | Launched 2019-09-05; London Good Delivery gold[^paxos-gold] | | Tether Gold | XAUT | One troy ounce of gold | TG Commodities Limited | Gold held in a Swiss vault[^coincodex-xaut] | ### Announced | Project | Reference | Status | |---|---|---| | Qivalis | Euro | E-money authorisation on 2026-10-14; issuance planned within months[^qivalis-dnb] | ### Often listed but not stablecoins Trackers include some tokens whose legal form differs from a stablecoin. | Token | Ticker | What it is | |---|---|---| | BlackRock USD Institutional Digital Liquidity Fund | BUIDL | Shares in a British Virgin Islands fund, unregistered with the SEC, for qualified buyers; BlackRock says it may not hold US$1 at all times[^buidl][^coindesk-buidl] | | Figure YLDS | YLDS | A yield-bearing SEC-registered security[^fortune-ylds] | | Gate USD | GUSD | Described by Gate as "a principal-protected flexible earn product"[^gate] | | Multipli rwaUSDi | rwaUSDi | A permissioned credit token for private credit pools, with delayed redemption[^multipli] | ### Failed, retired, and winding down | Token | Ticker | Date | Outcome | |---|---|---|---| | Basis | — | 2018-12 | Shut down and returned unspent capital[^techcrunch-basis] | | BitUSD | BitUSD | 2018-11 | Lost its peg; global settlement triggered on 2018-11-25[^block-bitusd] | | Binance USD | BUSD | 2023-02-21 | Paxos stopped minting at the direction of New York's regulator[^paxos-busd] | | Diem | — | 2022-01-31 | Abandoned before launch[^coindesk-diem] | | Elixir deUSD | deUSD | 2025-11-06 | Shut down after losses tied to Stream Finance[^block-deusd] | | Euro Tether | EURT | 2025-11-27 | Redemption deadline after Tether ended support[^block-eurt] | | Fei USD | FEI | 2022-08 | Fei Labs proposed winding down Tribe DAO on 2022-08-19[^boardroom-fei] | | flexUSD | flexUSD | 2022-06 | Its issuer, CoinFLEX, halted withdrawals and later restructured[^block-coinflex][^llama-detail] | | GMO GYEN | GYEN | 2026-11-11 | Redemption deadline in a wind-down by GMO Trust[^gmo][^block-gyen] | | HUSD | HUSD | 2022-10 | Delisted by Huobi; fell to about US$0.30[^block-husd-delist][^block-husd] | | Legacy Frax Dollar | FRAX | 2025 | Original FRAX; proposed renaming in FIP-428, see below[^fip-428] | | Iron | IRON | 2021-06-16 | Run; settled near 75 cents[^fed-iron] | | Neutrino USD | USDN | 2022 | Repeated depegs, as low as US$0.53[^ct-usdn] | | NuBits | NBT | 2016 | Fell below 50 cents[^nubits] | | RAI | RAI | 2025-06-09 | Unpegged managed-float asset; shut down through global settlement[^reflexer-faq][^reflexer-x] | | Real USD | USDR | 2023-10-11 | Fell about 50% in a rush of redemptions[^block-usdr] | | Stable Labs USDX | USDX | 2025-11-06 | Fell to about US$0.30; cause unconfirmed[^forklog-usdx] | | Stream xUSD | xUSD | 2025-11 | Stream disclosed a US$93 million loss; fell to about US$0.26[^decrypt-xusd] | | Synthetix sUSD | sUSD | 2026-06 | Deprecated under SIP-423[^synthetix-docs] | | [TerraUSD](terra.md) | UST | 2022-05 | Collapsed with LUNA[^nber-terra] | | USDH | USDH | 2026 | Phase-out announced on [Hyperliquid](hyperliquid.md)[^block-usdh] | Binance also issued a separate Binance-Peg BUSD on other chains, and stopped supporting BUSD in 2023, offering conversion to FDUSD.[^block-binance-busd] FRAX combined collateralised and algorithmic design.[^llama-detail] A 2025 proposal renamed it Legacy Frax Dollar and gave the FRAX name to the governance token, FXS. CoinEx announced support for that swap in January 2026.[^fip-428][^coinex-frax] ## Incidents | Date | Token | What happened | |---|---|---| | 2020-03-12 | Dai | Ether's crash under-collateralised Dai. One bidder won about 62,843 ether for almost no Dai in auctions; estimates of the shortfall differ.[^ct-maker][^glassnode] | | 2021-06-16 | IRON | Run on a token about 75% backed by USDC and 25% by TITAN.[^fed-iron] | | 2022-04 | BEAN | Attacker used flash loans to take over governance; Cointelegraph reported losses of US$182 million.[^ct-bean] | | 2022-05 | UST | Collapse of TerraUSD and LUNA.[^nber-terra] | | 2022-06-13 | USDD | Fell to 91 cents on KuCoin; the reserve added US$650 million of USDC.[^fortune-usdd] | | 2023-03-10 | USDC | Fell to about 86 cents after Silicon Valley Bank failed.[^fed-svb] | | 2024-01-30 | MIM | Fell to US$0.76 after a US$6.5 million exploit.[^unchained-mim] | | 2024-09-24 | TUSD | The SEC charged TrueCoin and TrustToken with misrepresenting TUSD's backing. They settled without admitting or denying the claims.[^sec-tusd] | | 2025-01-09 | USD0++ | Usual's staked token fell to US$0.89 after a new floor price.[^ct-usd0][^block-usd0] | | 2025-04-02 | FDUSD | Justin Sun said First Digital Trust could not meet redemptions; it called this false and said FDUSD was solvent. The token fell as low as US$0.95.[^decrypt-fdusd] | | 2025-04 | sUSD | Fell to US$0.66. Synthetix attributed the depeg to changes under SIP-420.[^decrypt-susd][^synthetix-blog] | | 2025-07 | USDf | Fell to US$0.9783 on CoinMarketCap data amid collateral concerns; other outlets reported different lows.[^ct-falcon] | | 2025-08-07 | USDP, PYUSD | New York's regulator fined their issuer, Paxos, US$26.5 million over due diligence on Binance; Paxos said the matters were historical.[^nydfs-paxos][^block-paxos] | | 2025-08-14 | A7A5 | The US Treasury sanctioned its issuer, Old Vector, and the exchange Grinex.[^ofac-a7a5] Elliptic reports no new minting since July 2025.[^elliptic] | | 2025-10-10 | USDe | Fell to about US$0.65 on Binance; Ethena's chief executive said one venue was out of line. Binance paid about US$283 million to affected users.[^ct-usde][^block-binance] | | 2025-10-15 | PYUSD | Paxos minted 300 trillion PYUSD in error and burned it.[^block-pyusd] | | 2025-10-17 | TUSD | A Dubai court continued a freezing order on up to US$456 million in a reserve dispute between Techteryx and Aria. The claims are unproven, and Aria and First Digital reject them.[^decrypt-tusd][^coindesk-tusd] | | 2026-01 | MUST | A US$7 million SagaEVM exploit depegged Saga's dollar and affected Mustang.[^ct-saga] | | 2026-03-22 | USR | Attacker minted about 80 million unbacked Resolv USR and extracted about US$25 million.[^block-usr] | The World Liberty Financial group behind USD1 is majority-held by a company tied to the Trump family. Senator Elizabeth Warren asked the OCC to pause its trust charter application until President Trump divested. The OCC granted preliminary conditional approval on 14 August 2026 and said it had acted consistently with its duties.[^block-wlf][^ab-wlf] ## Timeline | Date | Event | |---|---| | 2014-07 | BitUSD debuts; Realcoin announced | | 2014-09 | NuBits begins | | 2014-11-20 | Realcoin renamed Tether | | 2017-12-18 | Dai launches on Ethereum | | 2018-09-26 | USDC released for trading | | 2018-12 | Basis shuts down | | 2019-06-18 | Facebook announces Libra | | 2019-11-18 | Multi-Collateral Dai goes live | | 2020-03-12 | Maker's Black Thursday | | 2021-06-16 | Iron Finance run | | 2022-01-31 | Diem confirms shutdown | | 2022-05 | TerraUSD collapses | | 2022-06-08 | New York issues stablecoin guidance | | 2023-02-21 | Paxos stops minting BUSD | | 2023-03-10 | USDC falls after Silicon Valley Bank fails | | 2023-07-17 | FSB final recommendations | | 2023-08-15 | Singapore finalises its framework | | 2024-02 | Ethena USDe opens to the public | | 2024-06-30 | MiCA stablecoin titles apply | | 2025-07-18 | GENIUS Act signed | | 2025-08-01 | Hong Kong Stablecoins Ordinance takes effect | | 2025-11 | Stream xUSD and Elixir deUSD fail | | 2026-04-10 | First Hong Kong issuer licences | | 2026-06-30 | UK Financial Conduct Authority final rules | | 2026-09-15 | CLARITY Act fails to advance in the Senate | | 2026-09-30 | Open USD goes live | | 2026-10-14 | Qivalis authorised by De Nederlandsche Bank | | 2026-10-21 | OCC final rule under the GENIUS Act | ## See also - [Tether](tether.md), issuer of USDT - [USDC](usdc.md), issued by Circle - [Terra](terra.md), whose UST collapsed in 2022 - [Aave](aave.md), issuer of GHO - [Hyperliquid](hyperliquid.md), where stablecoin tickers are chosen by validators - [Ethereum](ethereum.md) ## References [^fed-stable]: Baughman, G., Carapella, F., Gerszten, J., and Mills, D. (2022). *The stable in stablecoins*. FEDS Notes, Board of Governors of the Federal Reserve System. [^nber-terra]: Liu, J., Makarov, I., and Schoar, A. (2023). *Anatomy of a run: the Terra Luna crash*. NBER Working Paper 31160. [^bis-170]: Aldasoro, I., Frost, J., and Ito, H. (2026). *The impact of stablecoins on the international monetary and financial system*. BIS Papers No 170. [^genius]: US Congress (2025). *Public Law 119-27, GENIUS Act*. [^mica-149]: Springlex. *MiCA Regulation, Article 149*, reproducing Regulation (EU) 2023/1114. [^mica-3]: Springlex. *MiCA Regulation, Article 3*, reproducing Regulation (EU) 2023/1114. [^bis-aer]: Bank for International Settlements (2025). *Annual Economic Report 2025*, chapter III. [^gorton]: Zhang, J. Y. and Gorton, G. B. (2023). *Taming wildcat stablecoins*. University of Chicago Law Review 90(3): 909-972. [^block-bitusd]: The Block (2019). *BitUSD hasn't had its $1 peg for more than two months*. [^realcoin]: CoinDesk (2014). *Brock Pierce announces dollar-backed cryptocurrency 'Realcoin'*. [^rebrand]: CoinDesk (2014). *Realcoin rebrands as 'Tether' to avoid altcoin association*. [^nubits]: Moneyness (2016). *The end of a stablecoin*. [^coindesk-dai]: CoinDesk. *Dai price and overview*. [^block-mcd]: The Block (2019). *Multi-Collateral Dai goes live on MakerDAO*. [^techcrunch-basis]: TechCrunch (2018). *Basis, backed with $133 million from top VCs to build a price-stable cryptocurrency, says it's shutting down and returning the money*. [^coindesk-libra]: CoinDesk (2019). *Facebook unveils Libra cryptocurrency, targeting 1.7 billion unbanked*. [^coindesk-diem]: CoinDesk (2022). *Diem confirms shutdown as Silvergate acquires the project's assets*. [^fed-iron]: Board of Governors of the Federal Reserve System (2022). *Runs on algorithmic stablecoins: evidence from Iron, Titan, and Steel*. FEDS Notes. [^ct-usdn]: Cointelegraph (2022). *Waves founder announces new stablecoin as USDN depegs*. [^block-husd]: The Block (2022). *HUSD stablecoin sharply loses peg even further, drops to just $0.30*. [^fed-svb]: Du, C., Sonawane, R., and Watsky, C. (2025). *In the shadow of bank runs: lessons from the Silicon Valley Bank failure and its impact on stablecoins*. FEDS Notes, Board of Governors of the Federal Reserve System. [^paypal-launch]: PayPal (2023). *PayPal launches U.S. dollar stablecoin*. [^block-sofi]: The Block (2025). *SoFi launches SoFiUSD stablecoin to offer settlement infrastructure for banks and fintechs*. [^unchained-ousd]: Unchained (2026). *Open USD stablecoin goes live as Stripe, Visa and Mastercard open it to businesses*. [^coindesk-openusd]: CoinDesk (2026). *Open USD rattled Circle's stock, but its key backers still support USDC*. [^fed-2025]: Carapella, F., Lubis, A., and Vardoulakis, A. (2026). *Stablecoins in 2025: developments and financial stability implications*. FEDS Notes, Board of Governors of the Federal Reserve System. [^llama]: DefiLlama. *Stablecoins*. [^llama-detail]: DefiLlama. *Stablecoin data API*. [^liquity-redemption]: Liquity. *Redemptions and LUSD price stability*. [^ethena-overview]: Ethena Labs. *Ethena overview*. [^ethena-docs]: Ethena Labs. *Ethena documentation*. [^clements]: Clements, R. (2021). *Built to fail: the inherent fragility of algorithmic stablecoins*. 11 Wake Forest Law Review Online 131. [^bean-docs]: Beanstalk. *How Beanstalk works*. [^usdai-docs]: USD.AI. *USD.AI docs*. [^polymarket-docs]: Polymarket. *Polymarket USD*. [^avant-docs]: Avant Protocol. *Core tokens*. [^saturn-docs]: Saturn. *USDat overview*. [^fed-primary]: Watsky, C., Allen, J., Daud, H., Demuth, J., Little, D., Rodden, M., and Seira, A. (2024). *Primary and secondary markets for stablecoins*. FEDS Notes, Board of Governors of the Federal Reserve System. [^lyons]: Lyons, R. K. and Viswanath-Natraj, G. (2020). *What keeps stablecoins stable?* NBER Working Paper 27136. [^ma]: Ma, Y., Zeng, Y., and Zhang, A. L. (2025). *Stablecoin runs and the centralization of arbitrage*. NBER Working Paper 33882. [^imf]: Adrian, T. and others (2025). *Understanding stablecoins*. International Monetary Fund Departmental Paper 25/09. [^coindesk-visa]: CoinDesk (2026). *Visa expands stablecoin settlement network as volume hits $7 billion run rate*. [^bis-1270]: Ahmed, R. and Aldasoro, I. (2025). *Stablecoins and safe asset prices*. BIS Working Papers No 1270. [^bis-1370]: Hofmann, B., Mehrotra, A., and Paulick, J. (2026). *Dollarisation and monetary control: what lessons for the rise of stablecoins?* BIS Working Papers No 1370. [^reuters-bis]: Reuters, via The Globe and Mail (2025). *Central bank body BIS delivers stark stablecoin warning*. [^block-chainalysis]: The Block (2026). *Crypto crime topped $150 billion in 2025 as state-backed actors scale onchain: Chainalysis*. [^fatf]: Norton Rose Fulbright, Regulation Tomorrow (2026). *FATF targeted report on stablecoins and unhosted wallets*. [^block-un]: The Block (2024). *United Nations identifies USDT as prominent choice for fraud in SEA: FT*. [^wilmerhale]: WilmerHale (2026). *OCC finalizes GENIUS Act rule for permitted payment stablecoin issuers, easing several key proposed requirements and raising new issues*. [^coindesk-yield]: CoinDesk (2026). *Clarity Act text lets crypto firms offer stablecoin rewards while shielding bank yield*. [^coindesk-clarity]: CoinDesk (2026). *Crypto industry reacts after Clarity Act fails Senate vote*. [^nydfs-2022]: New York State Department of Financial Services (2022). *Guidance on the issuance of U.S. dollar-backed stablecoins*. [^block-eurt]: The Block (2024). *Tether to end support for EURT stablecoin citing MiCA regulations, falling demand*. [^block-lagarde]: The Block (2026). *ECB's Lagarde flags euro-denominated stablecoins as financial stability risk, diverging from Bundesbank stance*. [^qivalis-dnb]: Qivalis (2026). *Qivalis receives authorisation as an Electronic Money Institution from De Nederlandsche Bank*. [^boe]: Bank of England (2026). *Sterling-denominated systemic stablecoins*. [^skadden-fca]: Skadden (2026). *FCA finalises core rules for the UK cryptoasset regime*. [^kpmg-uk]: KPMG (2026). *The UK's finalised regulatory regime for cryptoassets*. [^hkma]: Hong Kong Monetary Authority. *Stablecoin issuers*. [^charltons]: Charltons (2026). *HKMA issues first stablecoin issuer licences*. [^block-hkdap]: The Block (2026). *Standard Chartered-backed Anchorpoint begins HKDAP stablecoin rollout*. [^decrypt-redcoin]: Decrypt (2026). *Hong Kong bank HSBC stablecoin 3 million wallets*. [^hsbc-licence]: HSBC (2026). *HSBC welcomes HKMA's grant of a Hong Kong stablecoin issuer licence*. [^mas]: Monetary Authority of Singapore (2023). *MAS finalises stablecoin regulatory framework*. [^iflr]: IFLR (sponsored content). *Stablecoins under Japan's amended Payment Services Act*. [^block-jpyc]: The Block (2025). *Japan's JPYC launches country's first yen-denominated stablecoin*. [^coindesk-korea]: CoinDesk (2026). *South Korea proposes cryptocurrency law with bank-style rules for stablecoins*. [^fsb-2023]: Financial Stability Board (2023). *High-level recommendations for the regulation, supervision and oversight of global stablecoin arrangements: final report*. [^fsb-2025]: Financial Stability Board (2025). *FSB finds significant gaps and inconsistencies in implementation of crypto and stablecoin recommendations*. [^agora]: Agora. *Agora*. [^forklog-cash]: ForkLog (2025). *Phantom wallet to launch stablecoin and payment service*. [^wormhole-moveusd]: Wormhole (2025). *MOVEUSD stablecoin chooses Wormhole's NTT standard for multichain expansion*. [^taiwan-fd]: Taiwan News, via GlobeNewswire (2026). *First Digital signs definitive agreement to become a publicly listed company*. [^chaos-frxusd]: Chaos Labs (2025). *frxUSD token review*. [^gemini]: Gemini. *Gemini Dollar*. [^forklog-gusd]: ForkLog (2018). *Gemini launches world's first regulated stablecoin*. [^paxos-usdg]: Paxos (2024). *Paxos introduces Global Dollar (USDG)*. [^block-m0]: The Block (2024). *Cosmos-based Noble first to launch custom stablecoin using cryptodollar infrastructure startup M^0*. [^coindesk-pax]: CoinDesk (2018). *Paxos unveils dollar-backed stablecoin approved by New York regulator*. [^ripple]: Ripple. *Stablecoin solutions*. [^fortune-rlusd]: Fortune (2024). *Ripple announces launch of RLUSD stablecoin*. [^coindesk-tusd]: CoinDesk (2025). *Tron's Justin Sun bailed out TUSD as stablecoin's $456M reserves were stuck in limbo, filings show*. [^fy-2025]: CoinDesk (2026). *Tether's gold holdings top $17 billion as net profits surpassed $10 billion for 2025*. [^transparency]: Circle. *Transparency and stability*. [^usat-launch]: CoinDesk (2026). *Tether takes the fight to Circle with a new 'made in America' stablecoin*. [^usat]: USAT. *USA₮*. [^coindesk-usdc]: CoinDesk (2018). *USD Coin arrives: Circle's crypto stablecoin is now trading*. [^block-usd1]: The Block (2025). *World Liberty Financial debuts plan for USD1 stablecoin as President Trump continues push for crypto legislation*. [^bitgo]: BitGo. *USD1 attestations*. [^usual-docs]: Usual. *USD0*. [^usual-roadmap]: Usual. *Usual: the first two years*. [^anchorage-usdgo]: Anchorage Digital (2026). *USDGO officially launches under federal oversight*. [^block-usdtb]: The Block (2025). *Anchorage Digital to issue first GENIUS-compliant stablecoin in US with Ethena Labs*. [^anchorage-ethena]: Anchorage Digital. *Ethena Labs: launching the first federally regulated stablecoin*. [^alchemix]: Alchemix. *alAssets*. [^apyx]: Apyx. *Peg stability model*. [^liquity-bold]: Liquity. *BOLD and Earn*. [^liquity-v2]: Liquity (2025). *Liquity V2 is LIVE*. [^galaxy-crvusd]: Galaxy (2023). *Curve Finance's crvUSD: a novel stablecoin design by Curve*. [^dss]: Maker. *Multi Collateral Dai*, dss repository. [^inverse]: Inverse Finance. *Getting started*. [^bankless-ethena]: Bankless. *The year Ethena took over*. [^decrypt-falcon]: Decrypt, via Chainwire (2025). *Falcon Finance opens to the public and launches "Falcon Miles" points program*. [^falcon]: Falcon Finance. *USDf peg stability*. [^gho-block]: The Block (2023). *Aave DAO deploys GHO stablecoin on Ethereum mainnet*. [^gho-docs]: Aave documentation. *GHO stablecoin*. [^gyro]: Gyroscope. *GYD overview*. [^forklog-liquity]: ForkLog (2021). *Liquity DeFi protocol launches on Ethereum mainnet*. [^abracadabra]: Abracadabra. *Introduction*. [^block-sky]: The Block (2024). *MakerDAO rebrands to Sky, DAI stablecoin optionally upgradeable to USDS*. [^sky]: Sky (archived 2025). *sky.money*. [^decrypt-usx]: Decrypt, via Chainwire (2025). *Solstice Finance officially launches USX, a Solana-native stablecoin with $160M deposited TVL*. [^decrypt-usda]: Decrypt, via Avalon Labs (2024). *Avalon Labs introduces USDa: a BTC-backed stablecoin for liquidity in DeFi and CeFi ecosystems*. [^block-usdd]: The Block (2022). *Tron's new algorithmic stablecoin USDD goes live*. [^block-usdd2]: The Block (2025). *Justin Sun says 'stop' asking questions about the next iteration of Tron's USDD stablecoin and its 20% yield*. [^hackernoon-aster]: Chainwire, via HackerNoon (2025). *Aster emerges: Astherus rebrands to lead decentralized perpetual trading*. [^ct-polymarket]: Cointelegraph (2026). *Polymarket overhauls smart contracts with new Protocol V2 rollout*. [^bnb-u]: BNB Chain (2025). *United Stables launches U as a native stablecoin on BNB Chain*. [^ofac-a7a5]: US Department of the Treasury (2025). *Treasury sanctions cryptocurrency exchange and network enabling sanctions evasion and cyber criminals*. [^elliptic]: Elliptic (2026). *The fall of A7A5: how sanctions strangled the ruble stablecoin*. [^stellar-audd]: Stellar (2022). *Novatti announces AUDD stablecoin to go live on November 1*. [^standard-axcnh]: The Standard (2025). *China's yuan stablecoin debut in Kazakhstan signals blockchain ambition*. [^bilira]: BiLira. *TRYB stablecoin*. [^transfero]: Transfero. *BRZ*. [^sgforge]: Societe Generale-Forge. *EUR CoinVertible*. [^kitco-eurcv]: Kitco (2023). *SocGen unveils EUR CoinVertible, a euro-pegged stablecoin on the Ethereum network*. [^circle-euroc]: Circle (2022). *Circle announces a fully-reserved, euro-backed stablecoin, Euro Coin (EUROC)*. [^circle-eurc]: Circle. *EURC*. [^banking-circle]: Banking Circle (2024). *Banking Circle launches the first bank-backed MiCA-compliant stablecoin, EURI*. [^frankencoin]: Frankencoin (2023). *Introducing Frankencoin: an oracle-free collateralized Swiss franc stablecoin project*. [^block-jpysc]: The Block (2026). *SBI Group launches Japan's first trust bank-backed stablecoin JPYSC*. [^monerium]: Monerium (2025). *White paper: Monerium EURe*. [^bm-eurs]: Bitcoin Magazine (2018). *Malta-based STASIS launches new euro-backed stablecoin*. [^block-cnht]: The Block (2019). *Tether has launched CNHT stablecoin pegged to offshore Chinese yuan*. [^straitsx]: StraitsX (2023). *StraitsX obtains in-principle approval under the Payment Services Act*. [^paxos-gold]: Paxos (2019). *Paxos launches PAX Gold: physical gold on the blockchain*. [^coincodex-xaut]: CoinCodex. *Tether announces Tether Gold (XAUT), a gold-backed token*. [^buidl]: BlackRock, via Silicon UK (2024). *BlackRock launches its first tokenized fund, BUIDL, on the Ethereum network*. [^coindesk-buidl]: CoinDesk. *BUIDL*. [^fortune-ylds]: Fortune (2025). *Figure gains SEC approval for first interest-bearing stablecoin launch*. [^gate]: Gate. *GUSD*. [^multipli]: Multipli. *rwaUSDi: the institutional credit layer for tokenized private markets*. [^paxos-busd]: Paxos (2023). *Paxos will halt minting new BUSD tokens*. [^block-deusd]: The Block (2025). *Elixir sunsets deUSD synthetic stablecoin following Stream Finance unwinding, aims for full redemptions*. [^boardroom-fei]: Boardroom (2022). *This week in governance: August 25*. [^block-coinflex]: The Block (2023). *Coinflex says restructuring plan is approved by Seychelles court*. [^gmo]: GMO-Z.com Trust Company. *GMO Trust stablecoin site*. [^block-gyen]: The Block (2020). *New York regulator licenses GMO Internet to issue the first JPY-pegged stablecoin*. [^block-husd-delist]: The Block (2022). *Crypto exchange Huobi to delist HUSD stablecoin*. [^reflexer-faq]: Reflexer. *FAQ*. [^reflexer-x]: Reflexer (2025). *Global Settlement update*. [^block-usdr]: The Block (2023). *Real USD (USDR) stablecoin depegs and price crashes by 50%*. [^forklog-usdx]: ForkLog (2025). *USDX stablecoin loses its dollar peg, drops to $0.30*. [^decrypt-xusd]: Decrypt (2025). *Stream Finance stablecoin plunges 77% after protocol's fund manager loses $93 million*. [^synthetix-docs]: Synthetix (2026). *420 legacy staking*. [^block-usdh]: The Block (2026). *Coinbase becomes Hyperliquid's official USDC treasury deployer as USDH sunsets*. [^block-binance-busd]: The Block (2023). *Binance to end support for BUSD, encourages conversion to FDUSD*. [^fip-428]: Frax Core Team (2025). *[FIP-428] Frax North Star proposal, V2*. [^coinex-frax]: CoinEx (2026). *CoinEx will support FXS mainnet swap and token rename*. [^ct-maker]: Cointelegraph (2020). *Maker debt crisis post-mortem recommends new safeguards*. [^glassnode]: Glassnode (2020). *What really happened to MakerDAO?* [^ct-bean]: Cointelegraph (2022). *Beanstalk Farms loses $182M in DeFi governance exploit*. [^fortune-usdd]: Fortune, via CoinDesk (2022). *Another algorithmic stablecoin loses its peg as Tron's USDD falls, with founder Justin Sun vowing to deploy $2 billion*. [^unchained-mim]: Unchained (2024). *MIM loses peg after $6.5 million exploit on Abracadabra Ethereum cauldrons*. [^sec-tusd]: US Securities and Exchange Commission (2024). *Press release 2024-145*. [^ct-usd0]: Cointelegraph (2025). *Usual Protocol to activate 'revenue switch' after USD0++ depegs*. [^block-usd0]: The Block (2025). *Usual Money's protocol update sparks community concern as USD0++ drops below 92 cents*. [^decrypt-fdusd]: Decrypt (2025). *Binance-backed FDUSD stablecoin loses dollar peg following Justin Sun accusations*. [^decrypt-susd]: Decrypt (2025). *Synthetix's sUSD stablecoin depegs to new low of $0.66*. [^synthetix-blog]: Synthetix (2025). *The Repeggening*. [^ct-falcon]: Cointelegraph (2025). *Falcon USD stablecoin depegs amid liquidity drop and transparency fears*. [^nydfs-paxos]: New York State Department of Financial Services (2025). *Press release on Paxos settlement*. [^block-paxos]: The Block (2025). *Paxos settles with New York financial regulator for $48.5 million over involvement with Binance BUSD partnership*. [^ct-usde]: Cointelegraph (2025). *USDe depeg oracle issues, Ethena founder*. [^block-binance]: The Block (2025). *Binance pays $283 million in compensation following Friday's depegs, covering user losses*. [^block-pyusd]: The Block (2025). *Paxos mistakenly mints $300 trillion PYUSD on Ethereum, citing tech error*. [^decrypt-tusd]: Decrypt (2025). *Dubai court issues worldwide freeze of $456 million tied to Justin Sun's stablecoin bailout*. [^ct-saga]: Cointelegraph (2026). *Saga pauses chainlet after $7M exploit that depegged its stablecoin*. [^block-usr]: The Block (2026). *Resolv's USR stablecoin depegs after attacker mints 80 million unbacked tokens, extracts roughly $25 million*. [^block-wlf]: The Block (2026). *OCC grants conditional approval for Trump-backed World Liberty National Trust bank*. [^ab-wlf]: American Banker (2026). *Trump-linked crypto firm gets OCC nod for trust bank charter*.