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
|
$0.9989 | 0.0% | 0.0% | 0.1% | 0.1% | $343,971,492,691 | $187,329,733,544 | $192,790,845,644 | 0.97 |
|
||
| 5 |
USDC
USDC
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $21,656,548,209 | $75,987,231,446 | $75,999,656,950 | 1.0 |
|
||
| 12 |
USDS
USDS
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $63,696,395 | $10,944,603,954 | $10,944,603,954 | 1.0 |
|
||
| 25 |
USD1
USD1
|
$0.9980 | 0.0% | 0.0% | 0.0% | 0.2% | $1,608,139,801 | $4,637,577,609 | $4,636,205,535 | 1.0 |
|
||
| 26 |
Ethena USDe
USDE
|
$0.9987 | 0.0% | 0.0% | 0.0% | 0.0% | $103,793,551 | $4,506,159,395 | $4,506,158,397 | 1.0 |
|
||
| 28 |
Dai
DAI
|
Buy
|
$0.9997 | 0.0% | 0.0% | 0.1% | 0.0% | $259,142,852 | $4,356,340,705 | $4,350,287,182 | 1.0 |
|
|
| 35 |
PayPal USD
PYUSD
|
$1.00000 | 0.0% | 0.0% | 0.0% | 0.0% | $184,678,150 | $2,966,339,989 | $2,966,339,989 | 1.0 |
|
||
| 39 |
Global Dollar
USDG
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $125,065,485 | $2,603,045,270 | $2,603,045,270 | 1.0 |
|
||
| 42 |
Ondo US Dollar Yield
USDY
|
$1.13 | 0.4% | 0.4% | 0.0% | 0.3% | $398,008 | $2,121,339,623 | $2,121,339,623 | 1.0 |
|
||
| 49 |
Ripple USD
RLUSD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $205,702,487 | $1,748,374,714 | $1,748,374,714 | 1.0 |
|
||
| 55 |
Falcon USD
USDF
|
$0.9949 | 0.1% | 0.0% | 0.1% | 0.3% | $1,682,393 | $1,578,226,034 | $1,578,246,037 | 1.0 |
|
||
| 57 |
USDD
USDD
|
$0.9970 | 0.2% | 0.2% | 0.2% | 0.3% | $3,927,005 | $1,400,912,030 | $1,401,164,275 | 1.0 |
|
||
| 60 |
BFUSD
BFUSD
|
$0.9980 | 0.0% | 0.0% | 0.0% | 0.1% | $4,009,922 | $1,317,492,270 | $1,317,492,270 | 1.0 |
|
||
| 68 |
USDtb
USDTB
|
$0.9992 | 0.0% | 0.0% | 0.0% | 0.1% | $8,730,996 | $1,011,386,299 | $1,011,386,299 | 1.0 |
|
||
| 73 |
United Stables
U
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.1% | $14,899,032 | $949,576,907 | $949,576,907 | 1.0 |
|
||
| 96 |
GHO
GHO
|
Buy
|
$0.9995 | 0.0% | 0.0% | 0.1% | 0.0% | $7,501,146 | $583,686,127 | $583,686,127 | 1.0 |
|
|
| 99 |
Usual USD
USD0
|
$0.9985 | 0.0% | 0.0% | 0.0% | 0.0% | $104,165 | $553,077,373 | $553,077,373 | 1.0 |
|
||
| 100 |
A7A5
A7A5
|
Buy
|
$0.01313 | 0.3% | 0.6% | 0.7% | 5.4% | $8,693.78 | $514,673,361 | $514,673,361 | 1.0 |
|
|
| 102 |
YLDS
YLDS
|
Buy
|
$0.9997 | 0.0% | 0.0% | 0.0% | 0.0% | $7,693,256 | $509,401,071 | $547,376,548 | 0.93 |
|
|
| 104 |
TrueUSD
TUSD
|
$0.9982 | 0.2% | 0.0% | 0.0% | 0.0% | $29,383,693 | $493,852,284 | $493,852,284 | 1.0 |
|
||
| 105 |
USX
USX
|
Buy
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $9,196,100 | $493,323,465 | $493,323,465 | 1.0 |
|
|
Polymarket USD
PUSD
|
$1.00 | 0.0% | 0.0% | 0.1% | 0.0% | $51,898.66 | $480,087,987 | $454,103,360 | 1.06 |
|
|||
| 109 |
apxUSD
APXUSD
|
$0.9158 | 2.2% | 6.7% | 8.4% | 8.4% | $77,126,777 | $449,134,685 | $449,153,614 | 1.0 |
|
||
| 116 |
EURC
EURC
|
Buy
|
$1.16 | 0.1% | 0.2% | 0.1% | 0.7% | $37,861,733 | $434,059,388 | $434,067,263 | 1.0 |
|
|
| 129 |
First Digital USD
FDUSD
|
$0.9975 | 0.0% | 0.0% | 0.1% | 0.1% | $140,317,856 | $338,805,463 | $338,805,463 | 1.0 |
|
||
Binance-Peg BUSD
BUSD
|
$0.9998 | 0.1% | 0.1% | 0.3% | 0.3% | $3,114,047 | $283,023,864 | $283,023,864 | 1.0 |
|
|||
| 144 |
Legacy Frax Dollar
FRAX
|
Buy
|
$0.9918 | 0.0% | 0.0% | 0.0% | 0.1% | $2,547,567 | $273,592,796 | $273,592,796 | 1.0 |
|
|
| 155 |
Royal Dollar
RUSD
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $133,287,633 | $249,787,560 | $4,995,751,203 | 0.05 |
|
||
| 173 |
USDa
USDA
|
$0.9832 | 0.0% | 0.1% | 0.1% | 0.6% | $1,990.39 | $216,965,375 | $216,965,375 | 1.0 |
|
||
| 176 |
MegaUSD
USDM
|
$0.9995 | 0.0% | 0.1% | 0.0% | 0.1% | $3,539,002 | $211,175,387 | $210,821,426 | 1.0 |
|
||
| 182 |
crvUSD
CRVUSD
|
$0.9980 | 0.0% | 0.0% | 0.0% | 0.2% | $32,498,199 | $195,912,233 | $195,676,002 | 1.0 |
|
||
| 198 |
USAT
USAT
|
$0.9985 | 0.0% | 0.0% | 0.1% | 0.1% | $2,940,028 | $167,236,528 | $167,236,528 | 1.0 |
|
||
| 205 |
Satoshi Stablecoin
SATUSD
|
$0.9939 | 0.2% | 0.4% | 0.0% | 0.0% | $8,207.65 | $158,230,564 | $158,230,564 | 1.0 |
|
||
| 211 |
STASIS EURO
EURS
|
Buy
|
$1.22 | 0.7% | 0.1% | 0.1% | 1.0% | $169,719 | $151,291,776 | $151,291,776 | 1.0 |
|
|
| 212 |
GUSD
GUSD
|
$0.9958 | 0.2% | 0.3% | 0.2% | 0.5% | $1,408,552 | $149,288,053 | $318,927,678 | 0.47 |
|
||
| 218 |
AUSD
AUSD
|
$0.9997 | 0.0% | 0.0% | 0.0% | 0.0% | $14,889,888 | $144,746,155 | $144,746,155 | 1.0 |
|
||
Noble USDC
USDC.N
|
$0.9985 | 0.3% | 0.2% | 0.1% | 0.1% | $295,924 | $142,755,869 | $142,993,793 | 1.0 |
|
|||
| 221 |
Saturn Dollar
USDAT
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $10,143,306 | $141,213,318 | $141,102,477 | 1.0 |
|
||
| 226 |
Neutrl USD
NUSD
|
$0.9989 | 0.0% | 0.0% | 0.0% | 0.0% | $2,767,774 | $135,755,886 | $135,757,083 | 1.0 |
|
||
| 237 |
Frax USD
FRXUSD
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $10,492,445 | $128,223,517 | $128,297,784 | 1.0 |
|
||
| 240 |
CASH
CASH
|
Buy
|
$0.9990 | 0.1% | 0.2% | 0.0% | 0.0% | $13,724,058 | $125,664,613 | $125,664,613 | 1.0 |
|
|
| 246 |
EUR CoinVertible
EURCV
|
$1.16 | 0.0% | 0.2% | 0.1% | 0.7% | $44,683,476 | $122,798,309 | $122,798,309 | 1.0 |
|
||
| 252 |
Aster USDF
USDF
|
$0.9988 | 0.1% | 0.2% | 0.1% | 0.1% | $207,705 | $116,277,672 | $116,298,564 | 1.0 |
|
||
| 271 |
Avant USD
AVUSD
|
$0.9978 | 0.1% | 0.1% | 0.1% | 0.2% | $17,331.77 | $100,941,378 | $100,632,499 | 1.0 |
|
||
| 275 |
StandX DUSD
DUSD
|
$0.9962 | 0.2% | 0.2% | 0.2% | 0.3% | $587,380 | $100,210,438 | $100,209,587 | 1.0 |
|
||
| 277 |
Unity USD
UUSD
|
$0.9991 | 0.0% | 0.1% | 0.1% | 0.1% | $3,027,153 | $99,827,029 | $99,827,029 | 1.0 |
|
||
| 279 |
DAI on PulseChain
DAI
|
Buy
|
$0.002247 | 1.3% | 3.0% | 48.0% | 52.2% | $1,108,696 | $99,666,220 | $99,666,220 | 1.0 |
|
|
| 298 |
Cap USD
CUSD
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $146.16 | $86,983,413 | $86,983,413 | 1.0 |
|
||
| 300 |
JUSD
JUSD
|
$0.9989 | 0.0% | 0.0% | 0.1% | 0.1% | $136,193 | $86,134,253 | $50,046,515,279 | 0.0 |
|
||
| 302 |
USDA
USDA
|
$0.9680 | 1.6% | 2.2% | 2.3% | 2.7% | $684,639 | $85,586,473 | $85,586,473 | 1.0 |
|
||
| 318 |
Main Street USD
MSUSD
|
$0.9998 | 0.0% | 0.0% | 0.3% | 0.0% | $698,093 | $81,902,717 | $81,902,717 | 1.0 |
|
||
| 328 |
Precious Metals USD
PMUSD
|
$0.7946 | 0.2% | 1.9% | 6.3% | 17.1% | $86,032.40 | $79,617,694 | $79,617,694 | 1.0 |
|
||
| 332 |
Mustang
MUST
|
$0.5030 | - | - | - | - | $5.62 | $77,648,369 | $77,650,370 | 1.0 |
|
||
| 340 |
XDAI
XDAI
|
Buy
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $514,361 | $75,758,249 | $75,757,770 | 1.0 |
|
|
| 339 |
USDX
USDX
|
$0.6781 | 0.8% | 0.7% | 1.7% | 26.8% | $6,766.93 | $75,705,228 | $75,705,228 | 1.0 |
|
||
| 342 |
Lista USD
LISUSD
|
$0.9980 | 0.0% | 0.0% | 0.2% | 0.0% | $85,827.64 | $75,412,708 | $75,321,707 | 1.0 |
|
||
| 344 |
Cygnus Finance Global USD
CGUSD
|
$0.9919 | 0.0% | 0.0% | 0.0% | 0.2% | $1.03 | $75,178,249 | $75,178,249 | 1.0 |
|
||
| 347 |
Felix feUSD
FEUSD
|
$0.9937 | 0.0% | 0.3% | 0.5% | 0.2% | $223,008 | $74,576,696 | $8,851,121,581 | 0.01 |
|
||
| 351 |
Crown BRLV
BRLV
|
$0.1989 | - | 0.0% | 0.9% | 1.1% | $214.41 | $73,467,086 | $73,467,086 | 1.0 |
|
||
| 353 |
Ondo U.S. Dollar Token
USDON
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $71,556,585 | $73,215,397 | $73,215,397 | 1.0 |
|
||
Magic Internet Money (Arbitrum)
MIM
|
$0.9932 | 0.1% | 0.0% | 0.1% | 0.4% | $76,121.39 | $64,344,745 | $64,344,745 | 1.0 |
|
|||
| 403 |
DOLA
DOLA
|
Buy
|
$0.9938 | 0.0% | 0.0% | 0.0% | 0.1% | $348,158 | $61,986,783 | $89,942,525 | 0.69 |
|
|
| 426 |
Eurite
EURI
|
$1.16 | 0.1% | 0.1% | 0.1% | 0.8% | $22,539,338 | $57,585,740 | $57,585,740 | 1.0 |
|
||
Magic Internet Money (Ethereum)
MIM
|
$0.9935 | 0.1% | 0.0% | 0.2% | 0.5% | $63,647.92 | $55,259,912 | $173,796,467 | 0.32 |
|
|||
| 448 |
JupUSD
JUPUSD
|
$0.9986 | 0.0% | 0.1% | 0.1% | 0.1% | $7,466,154 | $53,876,913 | $53,876,913 | 1.0 |
|
||
| 457 |
f(x) Protocol fxUSD
FXUSD
|
$0.9996 | 0.1% | 0.1% | 0.8% | 0.0% | $19,977,154 | $52,726,636 | $54,228,578 | 0.97 |
|
||
| 459 |
Brazilian Digital
BRZ
|
$0.1962 | 0.1% | 1.1% | 0.2% | 2.2% | $247,118 | $52,241,092 | $52,239,890 | 1.0 |
|
||
| 466 |
Fidelity Digital Dollar
FIDD
|
$0.9997 | 0.0% | 0.0% | 0.1% | 0.0% | $13,854,320 | $50,800,127 | $50,800,127 | 1.0 |
|
||
| 470 |
USDKG
USDKG
|
$0.9997 | 0.0% | 0.0% | 0.1% | 0.0% | $1,221.11 | $49,985,445 | $49,985,445 | 1.0 |
|
||
| 471 |
Alloy Tether
AUSDT
|
$0.9995 | 0.0% | 0.0% | 0.1% | 0.5% | $2,173.78 | $49,972,795 | $49,972,795 | 1.0 |
|
||
Yuzu USD
YZUSD
|
$0.9985 | 0.1% | 0.0% | 0.0% | 0.1% | $383,145 | $41,184,070 | $41,184,070 | 1.0 |
|
|||
| 529 |
Frankencoin
ZCHF
|
$1.26 | 0.0% | 0.3% | 0.5% | 0.7% | $486,249 | $40,388,857 | $40,388,857 | 1.0 |
|
||
| 536 |
Gemini Dollar
GUSD
|
$0.9987 | 0.0% | 0.0% | 0.1% | 0.1% | $340,670 | $39,350,580 | $39,350,580 | 1.0 |
|
||
| 546 |
StraitsX XUSD
XUSD
|
$1.00 | 0.0% | 0.0% | 0.1% | 0.0% | $2,991,986 | $38,256,148 | $38,256,148 | 1.0 |
|
||
| 552 |
BUSD
BUSD
|
$0.9968 | 0.1% | 0.3% | 0.1% | 0.2% | $1,178.59 | $37,721,121 | $37,721,121 | 1.0 |
|
||
| 574 |
Aegis YUSD
YUSD
|
$0.9984 | 0.0% | 0.0% | 0.0% | 0.5% | $59,553.55 | $35,982,413 | $35,982,413 | 1.0 |
|
||
| 587 |
Resupply USD
REUSD
|
$0.9986 | 0.0% | 0.1% | 0.0% | 0.0% | $939,187 | $34,354,070 | $34,354,070 | 1.0 |
|
||
| 591 |
TerraClassicUSD
USTC
|
$0.006120 | 0.3% | 2.2% | 3.5% | 18.6% | $2,332,178 | $34,165,792 | $37,247,633 | 0.92 |
|
||
| 603 |
BOLD
BOLD
|
$0.9998 | 0.0% | 0.0% | 0.1% | 0.0% | $773,906 | $33,240,611 | $33,208,503 | 1.0 |
|
||
| 606 |
OpenEden OpenDollar
USDO
|
$0.9985 | 0.0% | 0.0% | 0.0% | 0.1% | $1,152.72 | $33,121,165 | $33,121,165 | 1.0 |
|
||
| 610 |
XT Stablecoin XTUSD
XTUSD
|
$0.9994 | 0.0% | 0.0% | 0.0% | 0.0% | $5,370,405 | $32,782,751 | $32,782,751 | 1.0 |
|
||
| 615 |
MetaMask USD
MUSD
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $3,172,434 | $32,366,993 | $32,366,993 | 1.0 |
|
||
| 624 |
Hive Dollar
HBD
|
$0.9690 | 0.3% | 3.0% | 1.0% | 4.5% | $8,617.63 | $31,997,509 | $31,997,509 | 1.0 |
|
||
| 625 |
Pax Dollar
USDP
|
$0.9992 | 0.0% | 0.0% | 0.0% | 0.0% | $25,377,654 | $31,930,378 | $31,930,378 | 1.0 |
|
||
| 632 |
Tokenised GBP
TGBP
|
$1.34 | 0.0% | 0.2% | 0.2% | 0.8% | $160,927 | $31,674,664 | $31,674,664 | 1.0 |
|
||
| 647 |
Noon USN
USN
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $19,337.95 | $31,054,959 | $31,054,959 | 1.0 |
|
||
| 665 |
Mezo USD
MUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.1% | $231,277 | $29,651,485 | $29,660,131 | 1.0 |
|
||
| 683 |
Liquity USD
LUSD
|
$1.00 | 0.1% | 0.0% | 0.1% | 0.1% | $68,277.81 | $28,623,945 | $28,623,945 | 1.0 |
|
||
| 691 |
Monerium EUR emoney
EURE
|
$1.16 | 0.0% | 0.4% | 0.1% | 0.9% | $109,406 | $27,882,106 | $27,874,955 | 1.0 |
|
||
| 721 |
Monerium EUR emoney [OLD]
EURE
|
$1.16 | 0.1% | 0.3% | 0.2% | 1.0% | $873,145 | $25,922,132 | $25,923,877 | 1.0 |
|
||
| 720 |
Bucket Protocol BUCK Stablecoin
BUCK
|
$0.9986 | 0.2% | 0.1% | 0.1% | 0.1% | $2,234,524 | $25,920,566 | $25,920,566 | 1.0 |
|
||
| 724 |
Metronome Synth USD
MSUSD
|
$0.9972 | 0.1% | 0.2% | 0.2% | 0.2% | $16,011,457 | $25,725,497 | $25,725,497 | 1.0 |
|
||
| 754 |
BRLA Digital BRLA
BRLA
|
$0.1964 | 0.0% | 1.1% | 0.2% | 2.1% | $371,285 | $24,330,167 | $24,330,167 | 1.0 |
|
||
| 779 |
Electronic USD
EUSD
|
$0.9993 | 0.1% | 0.0% | 0.6% | 0.1% | $659,171 | $22,984,593 | $22,984,593 | 1.0 |
|
||
| 782 |
Honey
HONEY
|
$0.9988 | 0.0% | 0.0% | 0.1% | 0.0% | $963,300 | $22,939,705 | $22,939,705 | 1.0 |
|
||
| 817 |
USDH
USDH
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $7,054,309 | $21,359,683 | $100,053,240,929 | 0.0 |
|
||
| 841 |
JPY Coin
JPYC
|
$0.006248 | 0.1% | 0.1% | 0.4% | 1.0% | $288,129 | $20,468,557 | $20,468,557 | 1.0 |
|
||
| 849 |
Synthetix sUSD
SUSD
|
$0.6107 | 0.1% | 4.6% | 8.2% | 16.3% | $76,146.73 | $20,116,502 | $20,116,502 | 1.0 |
|
||
| 880 |
Unity
UTY
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.0% | $669.33 | $18,712,736 | $18,712,736 | 1.0 |
|
||
| 879 |
JPY Coin
JPYC
|
$0.007114 | 0.0% | 0.4% | 8.3% | 1.3% | $822.46 | $18,708,693 | $18,708,693 | 1.0 |
|
||
Stablecoins Categories
| Name | 24h | Market Cap |
|---|---|---|
|
All Stablecoins
|
0.4%
|
$313,848,115,099
|
|
USD Stablecoin
|
0.1%
|
|
|
Fiat-backed Stablecoin
|
0.4%
|
|
|
GENIUS Act Compliant Stablecoin
|
0.0%
|
|
|
MiCA-Compliant Stablecoin
|
0.3%
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Crypto-backed Stablecoin
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1.2%
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Synthetic Dollar
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0.7%
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US Treasury-backed Stablecoin
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0.8%
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Algorithmic Stablecoin
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1.5%
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EUR Stablecoin
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0.3%
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RUB Stablecoin
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0.5%
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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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