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's USDT and USDC, 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 2022.12 The Bank for International Settlements (BIS) estimated in 2026 that about 98% of stablecoin value was denominated in dollars.3 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.456

DefinitionReport an error

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.4 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.7

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".6 Gorton and Zhang compare them to the privately issued banknotes of nineteenth-century America.8

HistoryReport an error

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.9 Realcoin was announced that same month, July 2014, and was renamed Tether in November 2014.1011 NuBits began in September 2014 and held its peg for about twenty months before falling below 50 cents in 2016.12

MakerDAO launched Dai on Ethereum on 18 December 2017, backed solely by ether.13 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.14

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.15

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.16 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.17

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.18 Terra'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.2 USDN and HUSD also lost their pegs in 2022.1920

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.21 US legislation followed in July 2025 with the GENIUS Act.4 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 2026.22232425

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 2026.26 Current totals are on DefiLlama, which tracked more than 400 pegged assets in October 2026.27

TypesReport an error

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.1

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.1

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".1 Liquity's LUSD adds a floor by letting holders redeem it for ether at face value.28

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.29 Its documentation attributes USDe's peg stability to delta-neutral hedges of the underlying assets.30

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".1 Clements argues that algorithmic stablecoins are "inherently fragile".31 Beanstalk says it "uses credit instead of collateral".32

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.33343536

How pegs are maintainedReport an error

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.37

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.38 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.39 Federal Reserve staff wrote in April 2026 that stablecoins with safer, more liquid reserves have lower run risk and have seen relatively stronger adoption.26

Uses and effectsReport an error

The International Monetary Fund attributes most recent growth to crypto trading, and says future demand could come from payments and tokenisation.40 Visa said in April 2026 that its stablecoin settlement pilot had reached an annualised US$7 billion.41

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.42 Another finds that stablecoin flows appear largely unaffected by capital flow restrictions.43

Risks and criticismReport an error

  • 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.62
  • 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.340
  • 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.63 The Financial Action Task Force described them in March 2026 as a relatively stable medium for moving proceeds.64 A UN report named USDT in Southeast Asia; Tether said it was disappointed and that its tokens can be traced on public blockchains.65
  • Central control. Issuers of reserve-backed coins can freeze tokens, and the GENIUS Act requires the ability to block, freeze, and reject transactions.4 The dispute over when an issuer should use that power is covered in USDC.
  • Stacked exposure. Federal Reserve staff identify complex intermediation chains and vertical integration as vulnerabilities.26

RegulationReport an error

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.4

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.44 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 2026.4546 New York set its own rules earlier, in guidance issued on 8 June 2022.47

European Union

MiCA's titles on asset-referenced and e-money tokens have applied since 30 June 2024.5 Tether ended its euro token that year, citing regulation and falling demand.48 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.49 Qivalis, a group of 37 European banks, received an e-money authorisation from De Nederlandsche Bank on 14 October 2026.50

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.51 The Financial Conduct Authority published final rules on 30 June 2026, and KPMG reports they take effect from October 2027.5253

Asia

  • Hong Kong. The Stablecoins Ordinance took effect on 1 August 2025.66 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.6768 Anchorpoint began rolling out HKDAP in August 2026, and Decrypt reported that HSBC's RedCoin went live in October.6970
  • Singapore. The Monetary Authority of Singapore finalised a framework for single-currency stablecoins on 15 August 2023, requiring par redemption within five business days.71
  • Japan. Amendments to the Payment Services Act were enacted on 3 June 2022.72 JPYC launched under this regime on 27 October 2025.73
  • 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.74

International

The Financial Stability Board published recommendations for global stablecoin arrangements on 17 July 2023.54 Its review of October 2025 found that their regulation "is lagging".55

List of stablecoinsReport an error

These lists cover tokens with significant supply on DefiLlama in October 2026, plus smaller ones of historical interest.27 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.

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 Bermuda75
CASH CASH Built on Stripe's Bridge for Phantom 2025 Backed 1:1 by dollars; announced 2025-09-3076
CFX MoveUSD MOVEUSD CFX Labs — Issued by CFX on Solana, Base, and Ethereum77
First Digital USD FDUSD First Digital group 2023-06 Cash and equivalents; reserves held by First Digital Trust7856
Frax USD frxUSD FRAX Inc. — Described as fiat-redeemable and fully collateralised79
Gemini Dollar GUSD Gemini 2018-09 Cash or equivalents; regulated by New York8081
Global Dollar USDG Paxos Digital Singapore 2024-11-01 Deposits, short-term government debt; DBS holds reserve cash82
M M Governance-approved minters on M0 — Base token for custom stablecoin extensions83
Open USD OUSD Bridge, for Open Standard 2026-09-30 Reserves at BlackRock, Lead Bank, and BNY24
Pax Dollar USDP Paxos 2018-09 Launched as Paxos Standard; dollar-backed84
PayPal USD PYUSD Paxos Trust Company 2023-08-07 Dollar deposits, short-term Treasuries, equivalents22
Ripple USD RLUSD Ripple's New York trust company 2024-12-17 Dollar deposits, Treasuries, cash equivalents8586
SoFiUSD SOFID SoFi Bank, N.A. 2025-12 Matched 1:1 with cash, per SoFi23
TrueUSD TUSD Techteryx (owner) — Reserve dispute; see Incidents87
Tether USDT Tether group 2014 Mostly US Treasuries, with gold and bitcoin88
USA₮ USAT Anchorage Digital Bank 2026-01-27 Tether-branded US token; liquid reserves8990
USDC USDC Circle 2018-09-26 Cash and a BlackRock-managed reserve fund9192
USD1 USD1 World Liberty Financial, with BitGo 2025 Treasuries, deposits, equivalents; announced 2025-03-259394
USD0 USD0 Usual Protocol 2024-05 Tokenised Treasury bills and repos9596
USDGO USDGO Anchorage Digital Bank; distributed by OSL 2026-02 Dollars and high-quality liquid assets97
USDtb USDtb Anchorage Digital Bank, with Ethena 2024-12 Treasury assets, including BlackRock's BUIDL fund9899

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 Transmuter100
apxUSD apxUSD Apyx — Synthetic; backed mainly by Strategy's STRC preferred stock101
Beanstalk BEAN Beanstalk DAO — No collateral requirement; uses credit32
BOLD BOLD Liquity V2 2025-05-19 Backed only by WETH, wstETH, and rETH; live date is the relaunch102103
crvUSD crvUSD Curve 2023-05-17 Liquidation mechanism LLAMMA, plus PegKeepers104
Dai DAI Maker Protocol, now Sky 2017-12-18 Multi-collateral vaults; upgradeable 1:1 to USDS13105106
DOLA DOLA Inverse Finance — Debt-backed; generated through borrowing on FiRM107
Ethena USDe USDe Ethena Labs 2024-02 Delta-hedged crypto collateral30108
Falcon USD USDf Falcon Finance 2025-04-30 Overcollateralised; market-neutral strategies109110
GHO GHO Aave 2023-07-15 Minted by borrowing against Aave collateral111112
Gyro Dollar GYD Gyroscope — Autonomous mint and redeem pricing with diversified reserves113
Liquity USD LUSD Liquity V1 2021-04-05 Ether only; 110% minimum collateral ratio11428
Magic Internet Money MIM Abracadabra — Minted against interest-bearing tokens115
Mustang USD MUST Mustang Finance, on SagaEVM — Listed as overcollateralised and crypto-backed57
Sky Dollar USDS Sky, formerly MakerDAO 2024 Upgraded version of DAI106116
Solstice USX USX Solstice Labs 2025-09-30 Backed 1:1 by stable collateral, per its launch release117
USDa USDa Avalon Labs 2024-11 Collateralised by bitcoin, per its launch release118
USDD USDD TRON DAO Reserve at launch 2022-05-05 Launched as algorithmic; now overcollateralised119120

Stablecoin-backed US dollar tokens

Token Ticker Issuer Launched Backing
Astherus USDF USDF Astherus, renamed Aster in 2025 — Listed as minted from USDT12157
Avant USD avUSD Avant Protocol — USDC, 1:135
Polymarket USD pUSD Polymarket 2026-04 USDC, 1:1; sole collateral on Polymarket34122
Saturn Dollar USDat Saturn — PYUSDx, a wrapper of PYUSD issued by MoonPay Digital Assets36
USD.AI USDai USD.AI — PYUSD; loan exposure sits in staked sUSDai33
United Stables U United Stables 2025-12-18 Stablecoins including USDT, USDC, and USD1, as minting collateral123

Other currencies

Token Ticker Peg Issuer Launched Notes
A7A5 A7A5 Russian rouble Old Vector (Kyrgyzstan) 2025-01 Under US sanctions; see Incidents124125
AUDD AUDD Australian dollar AUDC Pty Ltd, Novatti affiliate 2022-11-01 Date is launch on Stellar12657
AxCNH AxCNH Offshore yuan AnchorX (Hong Kong) 2025-09-17 The HKMA said no such coin was issued in Hong Kong127
Bilira TRYB Turkish lira BiLira — Reserves in Turkish bank accounts128
Brazilian Digital Token BRZ Brazilian real Transfero 2019 Backed 1:1 with reals, per Transfero129
EUR CoinVertible EURCV Euro Societe Generale-Forge 2023-04 100% backed by cash, per the issuer130131
EURC EURC Euro Circle Internet Financial Europe 2022-06-30 Launched as Euro Coin; French e-money institution132133
Eurite EURI Euro Banking Circle S.A. 2024-08-26 Redeemable at par134
Frankencoin ZCHF Swiss franc Decentralised 2023-04 Oracle-free, collateralised; date is public beta135
HKDAP HKDAP Hong Kong dollar Anchorpoint Financial 2026-08-12 Phased rollout, first to institutional distributors and professional investors69
JPY Coin JPYC Japanese yen JPYC Inc. 2025-10-27 Deposits and government bonds, per the company73
JPYSC JPYSC Japanese yen SBI Shinsei Trust Bank 2026-06-24 Reserves managed by a trust bank136
Monerium EUR EURe Euro Monerium hf — Supervised by the Central Bank of Iceland137
RedCoin RCHKD Hong Kong dollar HSBC 2026-10 Reported on HSBC's private ledger, inside its PayMe app70
STASIS Euro EURS Euro STASIS (Malta) 2018-07 Euro-backed, per STASIS138
Tether CNH CNHT Offshore yuan Tether 2019-09-09 Current status not confirmed139
XSGD XSGD Singapore dollar StraitsX — In-principle approval from Singapore's regulator in 2023140

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 gold141
Tether Gold XAUT One troy ounce of gold TG Commodities Limited Gold held in a Swiss vault142

Announced

Project Reference Status
Qivalis Euro E-money authorisation on 2026-10-14; issuance planned within months50

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 times143144
Figure YLDS YLDS A yield-bearing SEC-registered security145
Gate USD GUSD Described by Gate as "a principal-protected flexible earn product"146
Multipli rwaUSDi rwaUSDi A permissioned credit token for private credit pools, with delayed redemption147

Failed, retired, and winding down

Token Ticker Date Outcome
Basis — 2018-12 Shut down and returned unspent capital15
BitUSD BitUSD 2018-11 Lost its peg; global settlement triggered on 2018-11-259
Binance USD BUSD 2023-02-21 Paxos stopped minting at the direction of New York's regulator148
Diem — 2022-01-31 Abandoned before launch17
Elixir deUSD deUSD 2025-11-06 Shut down after losses tied to Stream Finance149
Euro Tether EURT 2025-11-27 Redemption deadline after Tether ended support48
Fei USD FEI 2022-08 Fei Labs proposed winding down Tribe DAO on 2022-08-19150
flexUSD flexUSD 2022-06 Its issuer, CoinFLEX, halted withdrawals and later restructured15157
GMO GYEN GYEN 2026-11-11 Redemption deadline in a wind-down by GMO Trust152153
HUSD HUSD 2022-10 Delisted by Huobi; fell to about US$0.3015420
Legacy Frax Dollar FRAX 2025 Original FRAX; proposed renaming in FIP-428, see below58
Iron IRON 2021-06-16 Run; settled near 75 cents18
Neutrino USD USDN 2022 Repeated depegs, as low as US$0.5319
NuBits NBT 2016 Fell below 50 cents12
RAI RAI 2025-06-09 Unpegged managed-float asset; shut down through global settlement155156
Real USD USDR 2023-10-11 Fell about 50% in a rush of redemptions157
Stable Labs USDX USDX 2025-11-06 Fell to about US$0.30; cause unconfirmed158
Stream xUSD xUSD 2025-11 Stream disclosed a US$93 million loss; fell to about US$0.26159
Synthetix sUSD sUSD 2026-06 Deprecated under SIP-423160
TerraUSD UST 2022-05 Collapsed with LUNA2
USDH USDH 2026 Phase-out announced on Hyperliquid161

Binance also issued a separate Binance-Peg BUSD on other chains, and stopped supporting BUSD in 2023, offering conversion to FDUSD.56 FRAX combined collateralised and algorithmic design.57 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 2026.5859

IncidentsReport an error

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.162163
2021-06-16 IRON Run on a token about 75% backed by USDC and 25% by TITAN.18
2022-04 BEAN Attacker used flash loans to take over governance; Cointelegraph reported losses of US$182 million.164
2022-05 UST Collapse of TerraUSD and LUNA.2
2022-06-13 USDD Fell to 91 cents on KuCoin; the reserve added US$650 million of USDC.165
2023-03-10 USDC Fell to about 86 cents after Silicon Valley Bank failed.21
2024-01-30 MIM Fell to US$0.76 after a US$6.5 million exploit.166
2024-09-24 TUSD The SEC charged TrueCoin and TrustToken with misrepresenting TUSD's backing. They settled without admitting or denying the claims.167
2025-01-09 USD0++ Usual's staked token fell to US$0.89 after a new floor price.168169
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$0.95.170
2025-04 sUSD Fell to US$0.66. Synthetix attributed the depeg to changes under SIP-420.171172
2025-07 USDf Fell to US$0.9783 on CoinMarketCap data amid collateral concerns; other outlets reported different lows.173
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.174175
2025-08-14 A7A5 The US Treasury sanctioned its issuer, Old Vector, and the exchange Grinex.124 Elliptic reports no new minting since July 2025.125
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.176177
2025-10-15 PYUSD Paxos minted 300 trillion PYUSD in error and burned it.178
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.17987
2026-01 MUST A US$7 million SagaEVM exploit depegged Saga's dollar and affected Mustang.180
2026-03-22 USR Attacker minted about 80 million unbacked Resolv USR and extracted about US$25 million.181

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.6061

TimelineReport an error

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 alsoReport an error

ReferencesReport an error

  1. ^ a b c d e Baughman, G., Carapella, F., Gerszten, J., and Mills, D. (2022). The stable in stablecoins. FEDS Notes, Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/econres/notes/feds-notes/the-stable-in-stablecoins-20221216.html 

  2. ^ a b c d Liu, J., Makarov, I., and Schoar, A. (2023). Anatomy of a run: the Terra Luna crash. NBER Working Paper 31160. https://www.nber.org/papers/w31160 

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  11. ^ CoinDesk (2014). Realcoin rebrands as 'Tether' to avoid altcoin association. https://www.coindesk.com/markets/2014/11/20/realcoin-rebrands-as-tether-to-avoid-altcoin-association 

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  14. ^ The Block (2019). Multi-Collateral Dai goes live on MakerDAO. https://theblock.co/news/ecosystems/2019-11-18-multi-collateral-dai-goes-live-on-makerdao-47416 

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  16. ^ CoinDesk (2019). Facebook unveils Libra cryptocurrency, targeting 1.7 billion unbanked. https://www.coindesk.com/markets/2019/06/18/facebook-unveils-libra-cryptocurrency-targeting-17-billion-unbanked 

  17. ^ a b CoinDesk (2022). Diem confirms shutdown as Silvergate acquires the project's assets. https://www.coindesk.com/business/2022/01/31/silvergate-bank-confirms-diem-tech-acquisition 

  18. ^ a b c Board of Governors of the Federal Reserve System (2022). Runs on algorithmic stablecoins: evidence from Iron, Titan, and Steel. FEDS Notes. https://www.federalreserve.gov/econres/notes/feds-notes/runs-on-algorithmic-stablecoins-evidence-from-iron-titan-and-steel-20220602.htm 

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  20. ^ a b The Block (2022). HUSD stablecoin sharply loses peg even further, drops to just $0.30. https://www.theblock.co/amp/post/181312/husd-stablecoin-sharply-loses-peg-even-further-drops-to-just-0-30 

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  24. ^ a b Unchained (2026). Open USD stablecoin goes live as Stripe, Visa and Mastercard open it to businesses. https://unchainedcrypto.com/open-usd-stablecoin-goes-live-as-stripe-visa-and-mastercard-open-it-to-businesses/ 

  25. ^ CoinDesk (2026). Open USD rattled Circle's stock, but its key backers still support USDC. https://www.coindesk.com/business/2026/08/03/open-usd-rattled-circle-s-stock-but-its-key-backers-still-support-usdc 

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  83. ^ The Block (2024). Cosmos-based Noble first to launch custom stablecoin using cryptodollar infrastructure startup M^0. https://www.theblock.co/post/329332/cosmos-based-noble-first-to-launch-custom-stablecoin-using-cryptodollar-infrastructure-startup-m0 

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  90. ^ USAT. USA₮. https://usat.io/ 

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  110. ^ Falcon Finance. USDf peg stability. https://docs.falcon.finance/mechanism/usdf-synthetic-dollar/usdf-peg-stability 

  111. ^ The Block (2023). Aave DAO deploys GHO stablecoin on Ethereum mainnet. https://www.theblock.co/post/239688/aave-dao-deploys-gho-stablecoin-on-ethereum-mainnet 

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  113. ^ Gyroscope. GYD overview. https://docs.gyro.finance/gyd/ 

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  116. ^ Sky (archived 2025). sky.money. https://web.archive.org/web/2025/https://sky.money/ 

  117. ^ Decrypt, via Chainwire (2025). Solstice Finance officially launches USX, a Solana-native stablecoin with $160M deposited TVL. https://decrypt.co/342125/solstice-finance-officially-launches-usx-a-solana-native-stablecoin-with-160m-deposited-tvl 

  118. ^ Decrypt, via Avalon Labs (2024). Avalon Labs introduces USDa: a BTC-backed stablecoin for liquidity in DeFi and CeFi ecosystems. https://decrypt.co/291138/avalon-labs-introduces-usda-a-btc-backed-stablecoin 

  119. ^ The Block (2022). Tron's new algorithmic stablecoin USDD goes live. https://www.theblock.co/post/145231/trons-new-stablecoin-usdd-goes-live 

  120. ^ The Block (2025). Justin Sun says 'stop' asking questions about the next iteration of Tron's USDD stablecoin and its 20% yield. https://www.theblock.co/post/334835/justin-sun-says-stop-asking-questions-about-the-next-iteration-of-trons-usdd-stablecoin-and-its-20-yield 

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  126. ^ Stellar (2022). Novatti announces AUDD stablecoin to go live on November 1. https://stellar.org/press/novatti-announces-audd-stablecoin-to-go-live-on-november-1 

  127. ^ The Standard (2025). China's yuan stablecoin debut in Kazakhstan signals blockchain ambition. https://www.thestandard.com.hk/innovation/article/312793/Chinas-yuan-stablecoin-debut-in-Kazakhstan-signals-blockchain-ambition 

  128. ^ BiLira. TRYB stablecoin. https://bilira.co/en/product/tryb-stablecoin 

  129. ^ Transfero. BRZ. https://transfero.com/stablecoins/brz 

  130. ^ Societe Generale-Forge. EUR CoinVertible. https://www.sgforge.com/product/coinvertible/ 

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  132. ^ Circle (2022). Circle announces a fully-reserved, euro-backed stablecoin, Euro Coin (EUROC). https://www.circle.com/pressroom/circle-announces-a-fully-reserved-euro-backed-stablecoin-euro-coin-euroc 

  133. ^ Circle. EURC. https://www.circle.com/eurc 

  134. ^ Banking Circle (2024). Banking Circle launches the first bank-backed MiCA-compliant stablecoin, EURI. https://www.bankingcircle.com/banking-circle-launches-the-first-bank-backed-mica-compliant-stablecoin-euri/ 

  135. ^ Frankencoin (2023). Introducing Frankencoin: an oracle-free collateralized Swiss franc stablecoin project. https://frankencoin.substack.com/p/introducing-frankencoin-an-oracle 

  136. ^ The Block (2026). SBI Group launches Japan's first trust bank-backed stablecoin JPYSC. https://theblock.co/post/405952/japan-sbi-group-launches-jpysc 

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  139. ^ The Block (2019). Tether has launched CNHT stablecoin pegged to offshore Chinese yuan. https://www.theblock.co/news/markets/2019-09-09-tether-launches-cnht-stablecoin-pegged-to-offshore-chinese-yuan-38940 

  140. ^ StraitsX (2023). StraitsX obtains in-principle approval under the Payment Services Act. https://www.straitsx.com/blog-post/straitsx-obtains-ipa-under-the-payment-services-act 

  141. ^ Paxos (2019). Paxos launches PAX Gold: physical gold on the blockchain. https://www.paxos.com/newsroom/paxos-launches-pax-gold-physical-gold-on-the-blockchain 

  142. ^ CoinCodex. Tether announces Tether Gold (XAUT), a gold-backed token. https://coincodex.com/article/6712/tether-announces-gold-backed-tether-gold-token 

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  144. ^ CoinDesk. BUIDL. https://www.coindesk.com/price/buidl 

  145. ^ Fortune (2025). Figure gains SEC approval for first interest-bearing stablecoin launch. https://fortune.com/crypto/2025/02/20/figure-markets-sec-approved-stablecoin-ylds-mike-cagney 

  146. ^ Gate. GUSD. https://www.gate.com/gusd 

  147. ^ Multipli. rwaUSDi: the institutional credit layer for tokenized private markets. https://docs.multipli.fi/rwausd/liquidity-classes-why-segmentation-by-design/rwausdi-the-institutional-credit-layer-for-tokenized-private-markets.md 

  148. ^ Paxos (2023). Paxos will halt minting new BUSD tokens. https://paxos.com/2023/02/13/paxos-will-halt-minting-new-busd-tokens 

  149. ^ The Block (2025). Elixir sunsets deUSD synthetic stablecoin following Stream Finance unwinding, aims for full redemptions. https://www.theblock.co/amp/post/377961/elixir-sunsets-deusd-synthetic-stablecoin-following-stream-finance-unwinding-aims-full-redemptions 

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  151. ^ The Block (2023). Coinflex says restructuring plan is approved by Seychelles court. https://www.theblock.co/amp/post/217724/coinflex-restructuring-plan-approved 

  152. ^ GMO-Z.com Trust Company. GMO Trust stablecoin site. https://stablecoin.z.com 

  153. ^ The Block (2020). New York regulator licenses GMO Internet to issue the first JPY-pegged stablecoin. https://www.theblock.co/linked/89651/new-york-regulator-gmo-internet-jpy-pegged-stablecoin 

  154. ^ The Block (2022). Crypto exchange Huobi to delist HUSD stablecoin. https://www.theblock.co/amp/post/180515/crypto-exchange-huobi-to-delist-husd-stablecoin 

  155. ^ Reflexer. FAQ. https://docs.reflexer.finance/faq 

  156. ^ Reflexer (2025). Global Settlement update. https://x.com/reflexerfinance/status/1933586893658296722 

  157. ^ The Block (2023). Real USD (USDR) stablecoin depegs and price crashes by 50%. https://www.theblock.co/amp/post/255946/real-usd-usdr-stablecoin-depegs-and-price-crashes-by-50 

  158. ^ ForkLog (2025). USDX stablecoin loses its dollar peg, drops to $0.30. https://forklog.com/en/usdx-stablecoin-loses-its-dollar-peg-drops-to-0-30/ 

  159. ^ Decrypt (2025). Stream Finance stablecoin plunges 77% after protocol's fund manager loses $93 million. https://decrypt.co/347285/stream-finance-stablecoin-plunges-77-protocol-fund-manager-loses-93-million 

  160. ^ Synthetix (2026). 420 legacy staking. https://docs.synthetix.io/legacy-migration/420-legacy-staking 

  161. ^ The Block (2026). Coinbase becomes Hyperliquid's official USDC treasury deployer as USDH sunsets. https://www.theblock.co/post/401233/coinbase-hyperliquid-official-deployer-usdc 

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