Fiat-Backed
Fiat-backed stablecoins offer stability and reliability, directly pegged to traditional currencies.
Top gainers this week
Top losers this week
5 days at the top this week: $USDC is dominating the category
Up 68 places this week, $USAD is gaining ground
Down 61 places this week, $USDM is losing steam
Up 59 places this week, $USDT is gaining ground
$STABLE · 6 gem score this week
$USDC · 76 gem score this week
115 tokens rose and 70 fell this week
$USUAL +120 places this month
@radkoGovernance+3•16Can't wait for $BUIDL to actively trade on Uniswap $UNI
@panteoGovernance+3•13The noise around $USDe obscures its actual engineering. $ENA is tackling a core DeFi problem: generating sustainable, scalable, censorship-resistant yield on a synthetic dollar. They hedge derivatives to manage delta, a complex but potentially robust model.
Most fixate on the risks, ignoring the friction this solves for capital efficiency. Its long-term impact on stablecoin architecture is underestimated, currently mispriced.
@KingInTheNorthUSD•6$USDT is a gem!
The alpha and omega of stable coins- @KingInTheNorthUSD•3
I want to buy some $USDt but a quick question for all, will USDT go beyond $1?
Frequently asked questions
How has Fiat-Backed performed recently?
The Fiat-Backed category has seen mixed activity over the past month. In the last seven days, USD Coin (USDC) exhibited strong performance, leading with a 5-day streak and a high score. New entrants included (PoS) Tether USD (USDT), while Polymarket USD (pUSD) exited the top K. Notably, Lydia (USAD) and another Tether USD (USDT) token were among the top climbers, with significant score percentage increases. Conversely, Mountain Protocol (USDM) and Stables Labs USDX (USDX) were among the biggest fallers. Over the past 30 days, Usual EUR0 (USUAL), Frankencoin (ZCHF), and EURC saw notable gains. In contrast, apxUSD and USDS experienced significant declines. USD Coin (USDC) had the highest score in the last 30 days, while Usual EUR0 (USUAL) recorded the lowest. Both (PoS) Tether USD (USDT) and another Tether USD (USDT) entered the top K in the 30-day period, while USD Coin (USDC) and another USD Coin (USDC) exited.
What are fiat-backed stablecoins?
Fiat-backed stablecoins are cryptocurrencies designed to maintain a stable value by being pegged to a specific fiat currency, such as the US dollar or Euro. This peg is typically achieved by holding an equivalent amount of the underlying fiat currency in reserve.
How do fiat-backed stablecoins maintain their peg?
They maintain their peg by holding reserves of the corresponding fiat currency, or assets easily convertible to it, in a 1:1 ratio. Audits are often conducted to verify these reserves.
What are the benefits of using fiat-backed stablecoins?
Benefits include price stability, making them suitable for transactions, remittances, and as a safe haven during cryptocurrency market volatility. They bridge the gap between traditional finance and the crypto world.
Are fiat-backed stablecoins regulated?
The regulatory landscape for fiat-backed stablecoins is evolving globally. Some jurisdictions have introduced specific regulations, while others are still developing frameworks. The level of regulation can vary depending on the issuer and the jurisdiction.
What are the risks associated with fiat-backed stablecoins?
Risks can include the transparency and auditability of reserves, the potential for regulatory changes, counterparty risk if the issuer defaults, and smart contract risks if the stablecoin is issued on a blockchain.