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
$UNI -121 places this week
$USDC +108 places this week
$USAD fell 48 places this week
$USUAL · 0 gem score this week
$DAI hit a gem score of 83 this week
297 tokens rose and 42 fell this week
@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 shows notable activity across both the 7-day and 30-day windows. Dai Stablecoin (DAI) is the overall score leader, maintaining a 7-day streak as the top scorer and extending it to an 8-day streak over the 30-day period. USD Coin (USDC) was a significant climber in both periods, with a rank delta of 108 and a score percentage increase of 74.9%. Other climbers include Tether USD from BSC (TokensExpress) (USDT), HEXDC Stablecoin (HEXDC), Matrix Dai (MXDAI), and Falcon USD (USDf). Conversely, Unicoin (UNI) and uusd were the biggest fallers, with rank deltas of -121 and -120 respectively. Peer to Peer (EUR) (EUR), Lydia (USAD), and Compound USD Coin (cUSDC) also experienced declines. The category saw 297 tokens trending up and 42 trending down in both timeframes, indicating a generally positive breadth of movement within fiat-backed tokens. Usual EUR0 (USUAL) recorded the lowest score in both periods.
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.