Stablecoins by Market Capitalization
A stablecoin is a type of cryptocurrency that is designed to maintain a stable value by being pegged to an external reference, such as a fiat currency.
What is a stablecoin? Stablecoin is a cryptocurrency that is designed to minimize volatility by pegging to a more stable asset. Fiat currency digital asset is the most popular use case for stablecoins. It typically tracks popular national currencies such as the US Dollar, Euro, and the British Pound. Benefit of this includes being able to take advantage of blockchain technology and peer-to-peer value transfer while not being exposed to high volatility such as Bitcoin, Ethereum, or other cryptocurrencies. Stablecoins are relatively new kind of technology and each of them comes with different implementations, liquidity, risks, and acceptance.
| # | Coin | Price | 1h | 24h | 7d | 30d | 24h Volume | Market Cap | FDV | Market Cap / FDV | Last 7 Days | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 |
Tether
USDT
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.1% | $23,872,912,706 | $182,443,725,858 | $187,905,265,868 | 0.9709346090730655 |
|
||
| 6 |
USDC
USDC
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $4,917,051,650 | $71,517,839,212 | $71,549,828,812 | 0.9995529045853184 |
|
||
| 14 |
USDS
USDS
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $178,633,683 | $9,989,106,860 | $9,989,106,860 | 1.0 |
|
||
| 23 |
Ethena USDe
USDE
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $11,164,974 | $4,582,629,626 | $4,582,629,626 | 1.0 |
|
||
| 24 |
Dai
DAI
|
Buy
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $41,738,155 | $4,518,683,804 | $4,518,683,804 | 1.0 |
|
|
| 29 |
USD1
USD1
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.1% | $381,830,529 | $3,941,678,440 | $3,941,678,440 | 1.0 |
|
||
| 34 |
Global Dollar
USDG
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $259,160,503 | $3,146,058,328 | $3,146,058,328 | 1.0 |
|
||
| 35 |
PayPal USD
PYUSD
|
$1.00 | 0.0% | 0.1% | 0.0% | 0.0% | $6,286,146 | $3,031,114,816 | $3,031,114,816 | 0.9999999999999997 |
|
||
| 42 |
Ripple USD
RLUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $319,358,088 | $2,467,884,557 | $2,467,884,557 | 1.0 |
|
||
| 51 |
Falcon USD
USDF
|
$0.9953 | 0.0% | 0.0% | 0.0% | 0.1% | $425,628 | $1,883,241,729 | $1,883,241,729 | 1.0 |
|
||
| 55 |
USDD
USDD
|
$0.9980 | 0.1% | 0.1% | 0.2% | 0.1% | $3,611,759 | $1,774,439,205 | $1,775,534,227 | 0.9993832716408428 |
|
||
| 62 |
United Stables
U
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.0% | $56,342,007 | $1,609,699,816 | $1,609,699,816 | 1.0 |
|
||
| 66 |
BFUSD
BFUSD
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.1% | $1,649,406 | $1,318,692,839 | $1,318,692,839 | 1.0 |
|
||
| 68 |
USDGO
USDGO
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $15,379,490 | $1,303,500,684 | $1,303,500,684 | 1.0 |
|
||
| 82 |
Open USD
OUSD
|
$0.9993 | 0.0% | 0.0% | 0.0% | 0.0% | $100,765 | $837,603,979 | $837,603,979 | 1.0 |
|
||
| 90 |
GHO
GHO
|
Buy
|
$0.9982 | 0.0% | 0.0% | 0.1% | 0.1% | $818,200 | $697,718,825 | $697,718,825 | 1.0 |
|
|
| 105 |
Usual USD
USD0
|
$0.9988 | 0.0% | 0.1% | 0.0% | 0.0% | $1,573,840 | $541,184,101 | $541,184,101 | 1.0 |
|
||
| 111 |
TrueUSD
TUSD
|
$0.9987 | 0.0% | 0.0% | 0.0% | 0.1% | $2,354,974 | $493,867,768 | $493,867,768 | 1.0 |
|
||
| 112 |
YLDS
YLDS
|
Buy
|
$0.9990 | 0.0% | 0.1% | 0.0% | 0.1% | $3,980,340 | $493,766,610 | $493,766,610 | 1.0 |
|
|
| 114 |
EURC
EURC
|
Buy
|
$1.12 | 0.0% | 0.1% | 0.3% | 1.7% | $10,690,000 | $483,029,506 | $483,029,506 | 1.0 |
|
|
| 116 |
A7A5
A7A5
|
Buy
|
$0.01221 | 0.0% | 1.2% | 4.8% | 3.9% | $3,083.25 | $479,327,837 | $479,327,837 | 1.0 |
|
|
USDtb
USDTB
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.1% | $511,404 | $476,823,512 | $476,823,512 | 1.0 |
|
|||
| 124 |
Re Protocol reUSD
REUSD
|
$1.11 | 0.0% | 0.0% | 0.1% | 0.6% | $1,534,021 | $358,200,698 | $358,200,698 | 1.0 |
|
||
| 127 |
SoFiUSD
SOFID
|
$0.9993 | 0.0% | 0.0% | 0.1% | 0.7% | $3,894,492 | $349,959,852 | $349,959,852 | 1.0 |
|
||
| 138 |
apxUSD
APXUSD
|
$0.9897 | 0.1% | 0.4% | 1.5% | 0.5% | $259,184 | $304,025,150 | $304,025,150 | 1.0 |
|
||
| 140 |
First Digital USD
FDUSD
|
$0.9971 | 0.0% | 0.0% | 0.0% | 0.2% | $56,448,549 | $303,758,673 | $303,758,673 | 1.0 |
|
||
Binance-Peg BUSD
BUSD
|
$0.9953 | 0.0% | 0.4% | 0.5% | 0.6% | $979,867 | $281,862,084 | $281,862,084 | 1.0 |
|
|||
| 171 |
Legacy Frax Dollar
FRAX
|
Buy
|
$0.9920 | 0.1% | 0.0% | 0.0% | 0.1% | $809,039 | $217,562,364 | $217,562,364 | 1.0 |
|
|
| 177 |
USX
USX
|
Buy
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.0% | $89,791.54 | $201,778,527 | $201,778,527 | 1.0 |
|
|
| 178 |
crvUSD
CRVUSD
|
$0.9987 | 0.0% | 0.0% | 0.0% | 0.1% | $8,493,270 | $201,688,463 | $201,688,463 | 1.0 |
|
||
| 182 |
EUR CoinVertible
EURCV
|
$1.12 | 0.0% | 0.1% | 0.2% | 1.7% | $9,461,808 | $190,973,034 | $190,973,034 | 1.0 |
|
||
| 186 |
USAT
USAT
|
$0.9986 | 0.0% | 0.0% | 0.0% | 0.1% | $1,168,284 | $183,062,429 | $183,062,429 | 1.0 |
|
||
Polymarket USD
PUSD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $5,269.97 | $174,224,494 | $174,224,494 | 1.0 |
|
|||
| 191 |
AUSD
AUSD
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.1% | $1,424,131 | $170,321,264 | $170,321,264 | 1.0 |
|
||
| 214 |
GUSD
GUSD
|
$0.9974 | 0.0% | 0.0% | 0.0% | 0.1% | $215,435 | $149,402,414 | $319,171,991 | 0.46809375 |
|
||
| 223 |
JPY Coin
JPYC
|
$0.006343 | 0.2% | 0.2% | 0.9% | 0.2% | $428,999 | $135,007,776 | $135,007,776 | 1.0 |
|
||
| 227 |
JPYSC
JPYSC
|
$0.006375 | 0.0% | 0.0% | 0.7% | 0.2% | - | $132,096,055 | $132,096,055 | 1.0 |
|
||
| 230 |
CASH
CASH
|
Buy
|
$0.9989 | 0.0% | 0.0% | 0.0% | 0.1% | $3,156,577 | $128,704,071 | $128,704,071 | 1.0 |
|
|
| 247 |
Avant USD
AVUSD
|
$0.9984 | 0.0% | 0.1% | 0.0% | 0.1% | $2,301.56 | $117,744,929 | $117,744,929 | 1.0 |
|
||
| 257 |
Aster USDF
USDF
|
$0.9977 | 0.0% | 0.0% | 0.1% | 0.1% | $29,766.70 | $112,360,756 | $112,360,756 | 1.0 |
|
||
| 259 |
Saturn Dollar
USDAT
|
$0.9989 | 0.0% | 0.0% | 0.0% | 0.1% | $227,190 | $111,197,105 | $111,197,105 | 1.0 |
|
||
| 272 |
Frax USD
FRXUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $3,361,828 | $101,751,480 | $101,757,603 | 0.999939830291621 |
|
||
| 279 |
Unity USD
UUSD
|
$0.9992 | 0.0% | 0.0% | 0.0% | 0.1% | $2,757,342 | $99,917,305 | $99,917,305 | 1.0 |
|
||
USDa
USDA
|
$0.9671 | 0.0% | 0.6% | 1.9% | 1.6% | $10.67 | $94,542,304 | $94,542,304 | 1.0 |
|
|||
| 309 |
USDA
USDA
|
$0.9577 | 0.5% | 0.5% | 0.4% | 9.2% | $908,689 | $83,292,645 | $83,292,645 | 1.0 |
|
||
| 317 |
USDsui
USDSUI
|
$0.9996 | 0.1% | 0.0% | 0.1% | 0.4% | $1,537,189 | $79,132,620 | $79,132,620 | 1.0 |
|
||
| 320 |
f(x) Protocol fxUSD
FXUSD
|
$0.9994 | 0.0% | 0.0% | 0.1% | 0.0% | $985,908 | $78,239,695 | $78,239,695 | 1.0 |
|
||
| 329 |
Cygnus Finance Global USD
CGUSD
|
$0.9924 | 0.0% | 0.0% | 0.1% | 0.0% | $1.03 | $75,682,035 | $75,682,035 | 1.0 |
|
||
| 330 |
Lista USD
LISUSD
|
$0.9959 | 0.0% | 0.0% | 0.0% | 0.1% | $536.46 | $75,570,308 | $75,570,308 | 1.0 |
|
||
| 331 |
Cap USD
CUSD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | - | $75,368,184 | $75,368,184 | 1.0 |
|
||
| 332 |
Felix feUSD
FEUSD
|
$0.9991 | 0.0% | 0.1% | 0.3% | 0.1% | $79,352.11 | $74,938,022 | $8,890,311,711 | 0.008429178189295523 |
|
||
| 335 |
DOLA
DOLA
|
Buy
|
$0.9974 | 0.0% | 0.1% | 0.1% | 0.0% | $713,849 | $74,725,679 | $112,763,228 | 0.6626777179238011 |
|
|
| 336 |
Crown BRLV
BRLV
|
$0.2002 | 0.0% | 0.0% | 1.3% | 13.7% | $50.45 | $74,041,442 | $74,041,442 | 1.0 |
|
||
| 341 |
Tori trUSD
TRUSD
|
$0.9986 | 0.0% | 0.0% | 0.1% | 0.1% | $1,274,998 | $71,980,601 | $71,980,601 | 1.0 |
|
||
| 360 |
Axis USD
USDX
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.0% | $250,605 | $67,065,703 | $67,065,703 | 1.0 |
|
||
| 376 |
Ondo U.S. Dollar Token
USDON
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | - | $63,359,474 | $63,359,474 | 1.0 |
|
||
Royal Euro
REUR
|
$4.13 | 0.0% | 262.8% | 260.8% | 254.5% | $19,804,868 | $62,008,637 | $20,669,545,573 | 0.0029999999999999996 |
|
|||
| 395 |
Precious Metals USD
PMUSD
|
$0.6352 | 0.0% | 0.0% | 7.2% | 47.4% | $822.95 | $59,710,098 | $59,710,098 | 1.0 |
|
||
Yuzu USD
YZUSD
|
$0.9991 | 0.0% | 0.1% | 0.2% | 0.2% | $24.34 | $55,661,983 | $55,661,983 | 1.0 |
|
|||
| 418 |
Brazilian Digital
BRZ
|
$0.2012 | 0.6% | 1.5% | 2.8% | 4.6% | $71,827.32 | $53,685,121 | $53,685,121 | 1.0 |
|
||
Neutrl USD
NUSD
|
$0.9983 | 0.0% | 0.0% | 0.1% | 0.1% | $10,315.61 | $53,296,810 | $53,296,810 | 1.0 |
|
|||
| 431 |
Resupply USD
REUSD
|
$0.9898 | 0.0% | 0.0% | 0.1% | 0.1% | $1,294,072 | $51,684,411 | $51,684,411 | 1.0 |
|
||
Alloy Tether
AUSDT
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $0.9950 | $50,110,423 | $50,110,423 | 1.0 |
|
|||
USDKG
USDKG
|
$1.00 | 0.0% | 0.1% | 0.2% | 0.1% | $33,935.72 | $50,055,177 | $50,055,177 | 1.0 |
|
|||
| 455 |
BRLA Digital BRLA
BRLA
|
$0.2005 | 1.0% | 0.5% | 2.2% | 3.9% | $154,480 | $48,497,934 | $48,497,934 | 1.0 |
|
||
| 478 |
Fidelity Digital Dollar
FIDD
|
$0.9992 | 0.0% | 0.0% | 0.0% | 0.0% | $2,944,659 | $46,075,498 | $46,075,498 | 1.0 |
|
||
| 481 |
AllUnity CHF
CHFAU
|
$1.21 | 0.0% | 0.3% | 0.1% | 0.0% | $5,604.62 | $45,470,461 | $45,470,461 | 1.0 |
|
||
| 483 |
Metronome Synth USD
MSUSD
|
$0.8792 | 0.1% | 0.2% | 0.6% | 0.9% | $858,641 | $45,400,207 | $45,400,207 | 1.0 |
|
||
XDAI
XDAI
|
Buy
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $182,005 | $43,865,218 | $43,865,218 | 1.0 |
|
||
| 500 |
JupUSD
JUPUSD
|
$0.9989 | 0.0% | 0.0% | 0.0% | 0.1% | $478,042 | $42,894,167 | $42,894,167 | 1.0 |
|
||
| 503 |
Frankencoin
ZCHF
|
$1.21 | 0.0% | 0.1% | 0.0% | 0.0% | $817,279 | $42,251,594 | $42,251,594 | 1.0 |
|
||
| 513 |
Main Street USD
MSUSD
|
$0.5466 | 0.0% | 0.1% | 0.1% | 1.9% | $70.97 | $41,507,011 | $41,507,011 | 1.0 |
|
||
| 539 |
BOLD
BOLD
|
$0.9956 | 0.0% | 0.1% | 0.0% | 0.0% | $449,504 | $38,264,648 | $38,264,648 | 1.0 |
|
||
| 548 |
Noon USN
USN
|
$1.00 | 0.0% | 0.2% | 0.2% | 0.1% | $20,012.50 | $37,468,961 | $37,468,961 | 1.0 |
|
||
| 561 |
Eurite
EURI
|
$1.12 | 0.0% | 0.1% | 0.3% | 1.6% | $1,864,883 | $36,763,827 | $36,763,827 | 1.0 |
|
||
| 562 |
pathUSD
PATHUSD
|
$0.9994 | 0.0% | 0.2% | 0.6% | 0.7% | $9,895.17 | $36,696,347 | $36,696,347 | 1.0 |
|
||
| 568 |
Gemini Dollar
GUSD
|
$0.9985 | 0.0% | 0.0% | 0.0% | 0.1% | $270,824 | $36,195,678 | $36,195,678 | 1.0 |
|
||
| 585 |
Aegis YUSD
YUSD
|
$0.9987 | 0.0% | 0.0% | 0.1% | 0.1% | $2,252.83 | $34,499,017 | $34,499,017 | 1.0 |
|
||
| 588 |
BUSD
BUSD
|
$0.9983 | 0.0% | 0.2% | 0.1% | 0.1% | $2,593.80 | $34,356,695 | $34,356,695 | 1.0 |
|
||
| 591 |
StraitsX XUSD
XUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $5,231,680 | $34,186,063 | $34,186,063 | 1.0 |
|
||
| 607 |
MetaMask USD
MUSD
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.1% | $520,397 | $32,877,873 | $32,877,873 | 1.0 |
|
||
| 634 |
Universal USD
USDU
|
$0.9992 | 0.0% | 0.2% | 0.2% | 0.1% | $4,739.70 | $30,736,291 | $30,736,291 | 1.0 |
|
||
| 636 |
Monerium EUR emoney
EURE
|
$1.12 | 0.0% | 0.3% | 0.6% | 2.0% | $217,595 | $30,575,830 | $30,575,830 | 1.0 |
|
||
| 656 |
Mezo USD
MUSD
|
$0.9884 | 0.0% | 0.1% | 0.1% | 0.1% | $143,712 | $29,140,601 | $29,140,601 | 1.0 |
|
||
| 674 |
TerraClassicUSD
USTC
|
$0.005038 | 1.2% | 0.2% | 4.3% | 15.6% | $3,866,868 | $28,083,118 | $30,596,252 | 0.9178613637113546 |
|
||
| 696 |
Tokenised GBP
TGBP
|
$1.34 | 0.0% | 0.0% | 0.3% | 1.0% | $162,730 | $26,613,115 | $26,613,115 | 1.0 |
|
||
| 705 |
Bucket Protocol BUCK Stablecoin
BUCK
|
$0.9992 | 0.2% | 0.1% | 0.2% | 0.1% | $185,276 | $25,942,314 | $25,942,314 | 1.0 |
|
||
| 708 |
Liquity USD
LUSD
|
$1.00 | 0.0% | 0.2% | 0.0% | 0.4% | $133,415 | $25,740,535 | $25,740,535 | 1.0 |
|
||
| 717 |
Hex Trust USD
USDX
|
$0.9911 | 0.1% | 1.3% | 1.3% | 0.3% | $184.68 | $25,409,396 | $25,409,396 | 1.0 |
|
||
| 738 |
Hylo USD
HYUSD
|
$0.9979 | 0.0% | 0.0% | 0.1% | 0.0% | $370,994 | $24,256,289 | $24,256,289 | 1.0 |
|
||
| 742 |
Monerium EUR emoney [OLD]
EURE
|
$1.12 | 0.0% | 0.2% | 0.3% | 2.0% | $185,782 | $24,151,582 | $24,151,582 | 1.0 |
|
||
| 756 |
JPY Coin
JPYC
|
$0.008978 | 0.3% | 0.9% | 8.2% | 4.1% | $103.80 | $23,341,853 | $23,341,853 | 1.0 |
|
||
| 765 |
Electronic USD
EUSD
|
$0.9962 | 0.1% | 0.1% | 0.0% | 0.2% | $123,722 | $22,835,026 | $22,835,026 | 1.0 |
|
||
| 772 |
Pax Dollar
USDP
|
$0.9989 | 0.0% | 0.1% | 0.1% | 0.2% | $90,500.57 | $22,473,864 | $22,473,864 | 1.0 |
|
||
| 786 |
JPY Coin v1
JPYC
|
$0.008812 | 0.3% | 0.5% | 7.8% | 3.0% | $90.82 | $21,749,550 | $21,749,550 | 1.0 |
|
||
| 795 |
USDH
USDH
|
$0.9965 | 0.0% | 0.1% | 0.2% | 0.0% | $623.52 | $21,284,658 | $99,654,865,752 | 0.0002135837334679498 |
|
||
| 807 |
StandX DUSD
DUSD
|
$0.9981 | 0.0% | 0.0% | 0.0% | 0.0% | $52,876.47 | $20,637,935 | $20,637,935 | 1.0 |
|
||
| 848 |
NXUSD
NXUSD
|
$1.02 | 0.0% | 2.0% | 0.1% | 3.0% | $1.18 | $19,349,653 | $19,349,653 | 1.0 |
|
||
| 867 |
USDPT | Western Union
USDPT
|
$0.9996 | 0.0% | 0.0% | 0.1% | 0.0% | $20,673.58 | $18,448,860 | $18,448,860 | 1.0 |
|
||
| 939 |
MegaUSD
USDM
|
$0.9967 | 0.0% | 0.3% | 0.2% | 0.4% | $401,967 | $16,053,750 | $16,053,750 | 1.0 |
|
||
Stablecoins Categories
| Name | 24h | Market Cap |
|---|---|---|
|
All Stablecoins
|
0.1%
|
$297,047,089,595
|
|
USD Stablecoin
|
0.1%
|
|
|
Fiat-backed Stablecoin
|
0.1%
|
|
|
GENIUS Act Compliant Stablecoin
|
0.1%
|
|
|
MiCA-Compliant Stablecoin
|
0.1%
|
|
|
Synthetic Dollar
|
0.2%
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Crypto-backed Stablecoin
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0.3%
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US Treasury-backed Stablecoin
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0.1%
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Algorithmic Stablecoin
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0.8%
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EUR Stablecoin
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0.2%
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RUB Stablecoin
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1.2%
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All Stablecoins
MiCA-Compliant Stablecoin
Fiat-backed stablecoins that are fully authorized under the European Union's Markets in Crypto-Assets (MiCA) regulation. These assets are issued by regulated entities such as Electronic Money Institutions (EMIs) or licensed credit institutions and adhere to strict European standards regarding 1:1 liquid reserve backing, transparent public auditing, and safeguarded custody to ensure consumer protection and financial stability.
Algorithmic Stablecoin
An algorithmic stablecoin is a type of stablecoin that maintains its peg to a specific value, such as a fiat currency or other assets through algorithmic mechanisms. These mechanisms adjust the supply of the stablecoin based on market demand often by issuing more coins when the price is above the peg and buying back or burning coins when the price is below the peg.
Top Stablecoins Sectors Market Cap Chart
Major Stablecoins Sectors Performance Chart
What are Stablecoins
Stablecoins are a type of cryptocurrency pegged to a reference asset like fiat money, or other commodities like gold. Stablecoins minimize the volatility of the crypto space by maintaining their pegs. There are four major types of stablecoins: fiat-backed stablecoins, crypto-collateralized stablecoins, commodity-backed stablecoins, and algorithmic stablecoins.
Centralized Stablecoins
Fiat-backed stablecoins, like USDT and USDC, are issued by a central entity and backed by reserves that are equal or greater than their tokens in circulation. However, the reserve breakdown between USDT and USDC is quite different. In the case of USDT, this includes secured loans, corporate bonds, funds and precious metals in addition to cash and cash equivalents. On the other hand, USDC is only backed by U.S. Treasury Securities and cash deposits. Commodity-collateralized stablecoins are similar to fiat-backed stablecoins, except that they are backed by other physical assets like precious metals, oils, or real estate.
Decentralized Stablecoins
Unlike centralized stablecoins, which are issued by a central entity, decentralized stablecoins run on smart contracts, with governance input from a designated community (the DAO). DAI by MakerDao is an example of a decentralized stablecoin, and it is collateralized by other cryptocurrencies such as ETH. In order for DAI to maintain a stable price, users borrow against their locked collateral. Due to the volatility of cryptocurrencies, users must deposit collateral worth more than the value they intend to borrow, and this collateral can be liquidated by the protocol if the value decreases below a certain threshold.
Finally, there are algorithmic stablecoins. These rely on two tokens – a stablecoin and another cryptocurrency that serves as the backing of the stablecoin – and an algorithm (or smart contract) regulates the supply and demand so that the stablecoin can maintain its peg. This worked in the case of Terra’s UST and LUNA, until UST’s depeg in May 2022 resulted in arbitrageurs exchanging it for LUNA, which was then dumped on the open market, creating a freefall on both fronts.
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