Fiat-Backed
Fiat-backed stablecoins offer stability and reliability, directly pegged to traditional currencies.
Top gainers this week
Top losers this week
$DAI climbed 87 places this week
$USAD fell 76 places this week
$USDT climbed 67 places this week
$sUSD sank to a 5 gem score this week
$DAI hit a gem score of 79 this week
$USDT dropped out of the top ranks this week
79 tokens rose and 118 fell this week
$USUAL +125 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 shown mixed signals over the past 7 and 30 days. In the last week, 118 tokens were down while 80 were up. DAI Stablecoin (DAI) was a top climber, with its score increasing by 39.9%, and also recorded the highest score overall at 79.0683. Tether USD (USDT) on BNB Smart Chain also climbed significantly by 23.2%. Conversely, Lydia (USAD) experienced the largest decline, with its score falling by 59.2%. Over the 30-day period, the category saw more tokens up (125) than down (73). Usual EUR0 (USUAL) was the top climber, followed by Frankencoin (ZCHF) and BUSD Token (BUSD), which saw its score increase by 37.7%. Hylo USD (hyUSD) and L3USD experienced notable declines, with L3USD's score dropping by 70.5%.
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.