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Stablecoins encyclopedia
Follow the backing, redemption rights, controls, and dependencies behind a price peg.
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13 entries
Getting started
The price target, different designs and what a token represents.
- Stablecoins · ExplanationWhat is a stablecoin? A target price and the system behind itStablecoins target a reference value using reserves, collateral or other mechanisms. Learn what the peg means and what a token holder actually owns.3 min · 7 sources
- Stablecoins · ExplanationA stablecoin peg is a target; its market price is a tradeWhy a one-dollar stablecoin trades above or below one dollar, how arbitrage helps and why eligibility, fees and liquidity matter.3 min · 5 sources
- Stablecoins · ExplanationCash-backed stablecoins: what sits behind the token?A reserve-backed stablecoin connects an on-chain token to off-chain assets. Understand reserve composition, redemption and the limits of cash-backed labels.3 min · 5 sources
- Stablecoins · ExplanationCrypto-backed stablecoins: debt, collateral and liquidationHow collateralized stablecoins are created, why collateral buffers matter, and how liquidation and oracle failures can affect the system.3 min · 3 sources
- Stablecoins · ExplanationAlgorithmic stablecoins: when the peg depends on incentivesHow supply adjustments and linked tokens can target a stable price, why feedback loops matter, and what the UST record demonstrates.3 min · 3 sources
- Stablecoins · ExplanationSynthetic dollars: a dollar target built from positionsHow a long asset and short derivative can offset price exposure, and why funding, custody and exchange risk remain in synthetic-dollar designs.3 min · 3 sources
- Stablecoins · ExplanationNon-dollar stablecoins: stable against which currency?A euro stablecoin can maintain its euro target while changing in dollar value. Understand reference currencies, local liquidity and issuer scope.3 min · 3 sources
- Stablecoins · ExplanationStablecoins vs CBDCs: who issues the money?Compare the issuer, claim and access model behind a stablecoin and a central bank digital currency without assuming either requires a public blockchain.3 min · 4 sources
- Stablecoins · ExplanationStablecoins vs tokenized bank depositsUnderstand how a tokenized commercial-bank deposit differs from a bearer-like stablecoin, including issuer claims, interbank settlement and design variations.3 min · 2 sources
- Stablecoins · ExplanationStablecoins vs Bitcoin: different monetary designsCompare Bitcoin with stablecoins through their target value, issuance rules, payment networks and the parties a holder depends on.3 min · 4 sources
- Stablecoins · ExplanationTokenized money-market funds: a fund share on blockchain railsA tokenized fund share can represent an investment in short-term assets. Understand shareholder rights, income, transfer controls and redemption timing.3 min · 2 sources
- Stablecoins · ExplanationWhy dollar stablecoins still carry currency riskWork through why a dollar stablecoin can gain or lose value in your home currency even when it stays exactly at its dollar reference.3 min · 2 sources
- Stablecoins · ExplanationAre stablecoins mined? Minting and network validationSeparate stablecoin issuance from blockchain consensus and understand why an offer to mine USDT is different from ordinary token creation.3 min · 7 sources
14 entries
Backing and redemption
Read reserves, understand redemption and investigate a price change.
- Stablecoins · ExplanationWho can mint or redeem a stablecoin?Holding a token is different from opening an issuer account. Learn how direct minting, redemption, exchange sales and protocol conversions differ.3 min · 6 sources
- Stablecoins · ExplanationHow to read a stablecoin reserve reportMatch reserve assets to obligations at the same date, read the valuation and assurance scope, and distinguish reported backing from immediate liquidity.3 min · 5 sources
- Stablecoins · ExplanationAttestations, audits and proof of reserves answer different questionsRead the subject matter, criteria and time period before relying on an assurance label. Why proof of reserves alone does not establish solvency.3 min · 3 sources
- Stablecoins · ExplanationStablecoin depegging: observe the price, then investigate the causeA depeg can reflect local liquidity, blocked redemption, backing losses or a failed stabilization mechanism. Learn how to distinguish the evidence.3 min · 4 sources
- Stablecoins · ExplanationWhy an on-chain stablecoin can still depend on banksBlockchain transfers, reserve custody and fiat payouts run through different systems. Learn how bank access and settlement can affect a stablecoin.3 min · 5 sources
- Stablecoins · ExplanationStablecoin freezes and issuer controlPrivate keys authorize wallet actions, while token contracts can impose their own restrictions. Distinguish issuer freezes, platform restrictions and protocol powers.3 min · 6 sources
- Stablecoins · ExplanationWhere does stablecoin yield come from?Separate a stablecoin from the lending, savings or trading product around it. Trace yield to borrowers, reserve income, derivatives or subsidies.3 min · 9 sources
- Stablecoins · ExplanationTransferring a stablecoin is not redeeming itA transfer changes a token balance; a redemption follows a separate exit process. Learn to distinguish confirmations, exchange sales and bank settlement.3 min · 4 sources
- Stablecoins · ExplanationStablecoin market cap: supply times price, not a reserve auditCalculate a stablecoin market-cap measure and understand why it differs from reserves, transaction volume, circulating supply and immediately available redemption liquidity.3 min · 5 sources
- Stablecoins · ExplanationReserve maturity: why cash and a Treasury bill are differentUnderstand why the maturity of stablecoin reserve assets matters for cash availability without treating short-dated assets as an unconditional redemption guarantee.3 min · 3 sources
- Stablecoins · ExplanationSegregated reserves: what separation can and cannot establishRead claims that stablecoin reserves are segregated by asking which assets, accounts, beneficiaries and legal arrangements the disclosure actually describes.3 min · 3 sources
- Stablecoins · ExplanationAre stablecoins covered by US bank-deposit insurance?Distinguish US FDIC-insured bank deposits from stablecoins, reserve investments and balances held through nonbank crypto platforms.3 min · 3 sources
- Stablecoins · ExplanationStablecoin redemption arbitrage: why a peg can still slipFollow the economics of buying a discounted stablecoin for redemption and understand how eligibility, costs, delays and reserve concerns can keep a peg away from target.3 min · 2 sources
- Stablecoins · ExplanationTether authorized vs issued supply: what the labels meanInterpret Tether’s treasury authorization and circulation labels without treating every mint transaction as tokens already entering the market.3 min · 3 sources
19 entries
Individual tokens
Find the published explanation for a named token.
- Stablecoins · ExplanationWhat is USDC? The token, its reserves and its redemption routeUSDC targets the US dollar using issuer-managed reserves. Distinguish native tokens, holder eligibility, reserve evidence and third-party services.3 min · 6 sources
- Stablecoins · ExplanationWhat is USDT? Tether’s token and the meaning of its reservesUSDT targets one US dollar. Understand Tether’s reserve definition, token issuance, direct redemption conditions and the difference from exchange trading.3 min · 4 sources
- Stablecoins · ExplanationDAI and USDS: connected tokens in the Sky systemDAI and USDS have a documented one-to-one conversion route, while USDS, sUSDS and governance tokens perform different roles. Understand the shared dependencies.3 min · 5 sources
- Stablecoins · ExplanationUSDC and USDT: comparing two issuer-backed stablecoinsCompare USDC and USDT through their issuers, redemption terms, reserve disclosures and chain-specific tokens rather than treating either as an identical digital dollar.3 min · 4 sources
- Stablecoins · ExplanationWhat is PYUSD? Issuance, backing and controlsUnderstand PayPal USD through Paxos issuer disclosures, reserve-report scope and the difference between a payment token and a bank account.3 min · 3 sources
- Stablecoins · ExplanationWhat is EURC? A euro peg still carries dollar exchange-rate riskUnderstand Circle’s euro-referenced stablecoin EURC and separate its euro target from exchange-rate changes measured in dollars or another currency.3 min · 2 sources
- Stablecoins · ExplanationWhat is USDe? The synthetic dollar and its hedgeUnderstand Ethena’s synthetic dollar USDe through its backing portfolio, hedging mechanism and disclosed funding, custody and exchange dependencies.3 min · 3 sources
- Stablecoins · ExplanationWhat is sUSDe? A staking receipt, not the same token as USDeUnderstand sUSDe as a share in staked USDe, including reward accrual, cooldown conditions and the distinction between USDe-denominated accounting and dollar safety.3 min · 3 sources
- Stablecoins · ExplanationWhat is sUSDS? Shares in a USDS savings arrangementUnderstand Sky’s savings USDS token as a vault share, including rate accumulation, conversion into USDS and authorized contract controls.3 min · 3 sources
- Stablecoins · ExplanationWhat is Ripple USD (RLUSD)?Understand Ripple USD’s dollar reference, reserve disclosures, supported ledgers and the distinction between holding RLUSD and obtaining direct issuer redemption.3 min · 3 sources
- Stablecoins · ExplanationWhat is Global Dollar (USDG)?Learn what Global Dollar represents, which Paxos entities its terms name and why network-partner incentives differ from a return promised to every token holder.3 min · 2 sources
- Stablecoins · ExplanationWhat is Pax Dollar (USDP)?Identify Pax Dollar, its reserve and redemption model, and why a wallet balance differs from an approved account with the issuer.3 min · 3 sources
- Stablecoins · ExplanationWhat is First Digital USD (FDUSD)?Read First Digital USD’s issuer and redemption model using the current product page and its dated white paper, with reserve claims and access limitations kept explicit.3 min · 2 sources
- Stablecoins · ExplanationWhat is crvUSD? Curve’s lending stablecoinUnderstand how Curve’s crvUSD is minted against collateral and how LLAMMA’s gradual conversions differ from a guarantee against liquidation losses.3 min · 2 sources
- Stablecoins · ExplanationWhat is GHO? Aave’s stablecoinUnderstand GHO’s facilitator-based issuance, Aave borrowing relationship and governance-controlled stability mechanisms without assuming a fixed borrowing rate.3 min · 2 sources
- Stablecoins · ExplanationWhat is LUSD? Liquity V1’s stablecoinLearn how Liquity V1 creates LUSD against ETH and why protocol redemption for collateral differs from repaying your own loan or receiving bank dollars.3 min · 3 sources
- Stablecoins · ExplanationWhat is BOLD? Liquity V2’s stablecoinUnderstand Liquity V2’s BOLD stablecoin, collateral branches and user-set borrowing rates, including how redemptions can affect low-rate Troves.3 min · 2 sources
- Stablecoins · ExplanationWhat is frxUSD? Frax USD explainedRead the current Frax USD design through its custodian reserves, minting caps and redemption constraints, without importing assumptions from earlier FRAX models.3 min · 1 sources
- Stablecoins · ExplanationWhat is PAX Gold (PAXG)? Gold tokens vs dollar stablecoinsUnderstand PAXG’s allocated-gold reference and redemption conditions, and why a token backed by gold is not stable in US-dollar terms.3 min · 2 sources
13 entries
Payments and problems
Check destinations, payment records, fees and missing deposits.
- Stablecoins · ExplanationFinding the correct stablecoin contract for a networkIdentify a stablecoin by its network and official contract, distinguishing authentic deployments, bridged versions, imitations and test tokens.3 min · 4 sources
- Stablecoins · ExplanationStablecoin transfer fees: why you may still need the native tokenSeparate network gas, platform withdrawal fees, swap costs and redemption charges when comparing the cost of moving a stablecoin.3 min · 4 sources
- Stablecoins · ExplanationSent a stablecoin on the wrong network: what to checkUnderstand why the same-looking address does not guarantee a stablecoin deposit is supported on another network and what evidence is needed to assess recovery.3 min · 7 sources
- Stablecoins · ExplanationStablecoin off-ramps: from tokens to a bank balanceFollow the steps between a stablecoin wallet and spendable bank money, including issuer redemption, market sale, conversion and payout.3 min · 3 sources
- Stablecoins · ExplanationHow stablecoin cross-border payments workTrace a cross-border stablecoin payment from sender funding to recipient payout, keeping token settlement, currency conversion and local access separate.3 min · 3 sources
- Stablecoins · ExplanationAccepting stablecoin payments: what a merchant receivesCompare direct stablecoin wallet payments with a processor that settles to a merchant balance, including fulfillment and refund records.3 min · 6 sources
- Stablecoins · ExplanationHow stablecoin refunds workLearn why a stablecoin refund usually creates a new payment, how processor refunds differ, and what must be checked before returning funds.3 min · 6 sources
- Stablecoins · ExplanationStablecoin payroll: payment rails and wage obligationsSeparate the currency in which compensation is owed from the stablecoin used to deliver it, including recipient access, privacy and payment records.3 min · 4 sources
- Stablecoins · ExplanationReconciling stablecoin payments with invoicesMatch stablecoin transfers to invoices without treating every wallet movement or repeated notification as a new customer payment.3 min · 4 sources
- Stablecoins · ExplanationStablecoin deposit memos and destination tagsUnderstand when a stablecoin deposit needs a memo or destination tag, why an address alone may not identify a customer, and how to handle missing attribution.3 min · 5 sources
- Stablecoins · ExplanationStablecoin sent but not credited: a diagnostic guideDiagnose a stablecoin deposit by separating broadcast, execution, confirmation, token identity and a custodial service’s internal credit.3 min · 7 sources
- Stablecoins · ExplanationHow to identify counterfeit stablecoin tokensCheck whether a token or payment is the real stablecoin claimed, using chain-specific issuer records instead of logos, symbols or displayed wallet values.3 min · 3 sources
- Stablecoins · ExplanationWhat a small stablecoin test transfer can proveUse a small transfer to test a specific receiving route while understanding what it cannot prove about later amounts, access or asset safety.3 min · 4 sources
6 entries
Networks and bridges
Understand the network before moving a token.
- Stablecoins · ExplanationNative, bridged and wrapped stablecoinsThe same ticker can hide different contracts and exit routes. Learn how native issuance, lock-and-mint bridges and burn-and-mint transfers differ.3 min · 5 sources
- Stablecoins · ExplanationCircle CCTP: moving native USDC by burning and mintingFollow a native USDC cross-chain transfer through burning, Circle attestation and destination minting, including the separate dependencies at each stage.3 min · 3 sources
- Stablecoins · ExplanationUSDT TRC-20 vs ERC-20: the network differenceDistinguish USDT on TRON from USDT on Ethereum, including receiving-network support, token identity and the asset used for network costs.3 min · 6 sources
- Stablecoins · ExplanationWhy sending USDT on TRON uses Energy and BandwidthUnderstand the two resources used by TRON token transfers, the TRX fallback and why a displayed USDT balance may not be enough to send.3 min · 3 sources
- Stablecoins · ExplanationUSDC on Solana: token accounts, SOL and transfersRead Solana USDC through its mint, token accounts and transaction fees, without confusing native USDC with bridged or similarly named tokens.3 min · 5 sources
- Stablecoins · ExplanationMoving stablecoins across chains: bridge or exchange?Compare bridging a stablecoin with depositing and withdrawing through an exchange, focusing on custody, destination tokens and incomplete transfer stages.3 min · 3 sources
Browse titles and other names A–Z
Browse A–Z
Titles and aliases lead to the same encyclopedia entries.
A · 9 terms
- A stablecoin peg is a target; its market price is a trade
- Accepting stablecoin payments what a merchant receives
- Accepting stablecoin payments: what a merchant receives
- algo stablecoins
- Algorithmic stablecoins: when the peg depends on incentives
- Are stablecoins covered by US bank-deposit insurance?
- Are stablecoins mined Minting and network validation
- Are stablecoins mined? Minting and network validation
- Attestations, audits and proof of reserves answer different questions
C · 7 terms
E · 3 terms
H · 4 terms
M · 2 terms
N · 3 terms
O · 1 terms
R · 4 terms
S · 49 terms
- Savings USDS
- Segregated reserves: what separation can and cannot establish
- Sent a stablecoin on the wrong network: what to check
- stable coin
- stablecoin blacklisting
- stablecoin blocklisting
- stablecoin bridge vs exchange
- stablecoin cross border payments
- stablecoin currency risk
- Stablecoin depegging: observe the price, then investigate the cause
- stablecoin deposit memos
- Stablecoin deposit memos and destination tags
- stablecoin deposit not credited
- stablecoin discount
- stablecoin eligibility
- Stablecoin freezes and issuer control
- Stablecoin market cap: supply times price, not a reserve audit
- stablecoin merchant payments
- stablecoin minting vs mining
- stablecoin off ramps
- Stablecoin off-ramps from tokens to a bank balance
- Stablecoin off-ramps: from tokens to a bank balance
- stablecoin payment reconciliation
- stablecoin payment refunds
- stablecoin payroll
- Stablecoin payroll payment rails and wage obligations
- Stablecoin payroll: payment rails and wage obligations
- stablecoin premium
- stablecoin price failure
- Stablecoin redemption arbitrage: why a peg can still slip
- stablecoin returns
- Stablecoin sent but not credited a diagnostic guide
- Stablecoin sent but not credited: a diagnostic guide
- stablecoin test transfers
- Stablecoin transfer fees: why you may still need the native token
- stablecoins
- stablecoins vs bitcoin
- Stablecoins vs Bitcoin different monetary designs
- Stablecoins vs Bitcoin: different monetary designs
- stablecoins vs cbdcs
- Stablecoins vs CBDCs who issues the money
- Stablecoins vs CBDCs: who issues the money?
- Stablecoins vs tokenized bank deposits
- stablecoins vs tokenized deposits
- staked USDe
- sUSDe
- sUSDS
- Synthetic dollars: a dollar target built from positions
- synthetic stablecoins
T · 9 terms
- tether authorized vs issued
- Tether authorized vs issued supply what the labels mean
- Tether authorized vs issued supply: what the labels mean
- Tether dollar
- tokenized MMFs
- Tokenized money-market funds: a fund share on blockchain rails
- transfer versus redemption
- Transferring a stablecoin is not redeeming it
- tron usdt energy bandwidth
U · 11 terms
W · 45 terms
- What a small stablecoin test transfer can prove
- What is a stablecoin? A target price and the system behind it
- what is bold
- What is BOLD Liquity V2’s stablecoin
- What is BOLD? Liquity V2’s stablecoin
- what is crvusd
- What is crvUSD Curve’s lending stablecoin
- What is crvUSD? Curve’s lending stablecoin
- What is EURC? A euro peg still carries dollar exchange-rate risk
- what is fdusd
- What is First Digital USD (FDUSD)
- What is First Digital USD (FDUSD)?
- what is frxusd
- What is frxUSD Frax USD explained
- What is frxUSD? Frax USD explained
- what is gho
- What is GHO Aave’s stablecoin
- What is GHO? Aave’s stablecoin
- What is Global Dollar (USDG)
- What is Global Dollar (USDG)?
- what is lusd
- What is LUSD Liquity V1’s stablecoin
- What is LUSD? Liquity V1’s stablecoin
- What is Pax Dollar (USDP)
- What is Pax Dollar (USDP)?
- what is pax gold
- What is PAX Gold (PAXG) Gold tokens vs dollar stablecoins
- What is PAX Gold (PAXG)? Gold tokens vs dollar stablecoins
- What is PYUSD? Issuance, backing and controls
- What is Ripple USD (RLUSD)
- What is Ripple USD (RLUSD)?
- what is rlusd
- What is sUSDe? A staking receipt, not the same token as USDe
- What is sUSDS? Shares in a USDS savings arrangement
- What is USDC? The token, its reserves and its redemption route
- What is USDe? The synthetic dollar and its hedge
- what is usdg
- what is usdp
- What is USDT? Tether’s token and the meaning of its reserves
- Where does stablecoin yield come from?
- Who can mint or redeem a stablecoin?
- Why an on-chain stablecoin can still depend on banks
- Why dollar stablecoins still carry currency risk
- Why sending USDT on TRON uses Energy and Bandwidth
- wrapped stablecoins
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