Fiat-Backed
Fiat-backed stablecoins offer stability and reliability, directly pegged to traditional currencies.
Top gainers this week
Top losers this week
$DAI · 7 days on top this week
Down 55 places this week, $USR is losing steam
$FOREX fell 49 places this week
$TSD -48 places this week
$RLUSD · 5 gem score this week
$DAI hit a gem score of 78 this week
66 tokens rose and 128 fell this week
$USDT +68 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 performance over the past month. Over the last 30 days, DAI has been a strong performer, leading with a 15-day streak and achieving the highest score among all tokens. It also entered the top K during this period. In contrast, TSD Stablecoin (TSD) and SkyTrade USDT (SUSDT) were notable fallers over both the 7-day and 30-day windows. Newcomers Stables Labs USDX (USDX) on Arbitrum and Ethereum, along with apxUSD and UNITED STATES XRP RESERVE, saw significant rank increases in the past week. Other climbers over the month include Tether USD (USDT) on BNB Chain, USD Coin (USDC) on BNB Chain, BUSD Token (BUSD) and World Liberty Financial USD (USD1). The overall market breadth for the category saw more tokens down than up in the past 7 days, with 131 tokens declining versus 62 advancing. Over the 30-day period, 111 tokens were down while 82 were up.
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.