Dollar-denominated stable coins

Extracted Attributes

• Type

  Cryptocurrency

• Pegging

  Pegged to the U.S. dollar, typically at a 1:1 ratio

• Purpose

  Store of value, medium of exchange, protection against market volatility, on-chain savings, earning yield, global money transfer

• Mechanism

  Collateralized by reserves (e.g., U.S. dollar, short-term U.S. Treasury bills) or through algorithmic mechanisms

• Regulation Status

  Some are regulated (e.g., USDC, PYUSD, BUSD, GUSD), others less so

• Legislative Efforts

  STABLE Act, GENIUS Act (aim to establish licensing, issuance, operation, and supervision frameworks)

• Market Capitalization (Tether USDT)

  Over $112 billion (as of late June 2024)

• Total Market Capitalization (Stablecoins)

  Over $100 billion

Timeline

• Predicted to challenge the U.S. government's currency monopoly. (Source: All-In Podcast)

  2025

• Legislative efforts (STABLE Act, GENIUS Act) are seeking to establish a framework for licensing, issuance, operation, and supervision of U.S. dollar-denominated stablecoins. (Source: Arnold & Porter)

  Ongoing

Bahamian dollar

The dollar (sign: $; code: BSD) has been the currency of The Bahamas since 1966. It is normally abbreviated with the dollar sign $, or alternatively B$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. On 20 October 2020, the Bahamas became the first country to have a legal digital currency, introducing the Sand Dollar as an alternative to the traditional Bahamian dollar.

Web Search Results

• An Introduction to Stablecoins | Advisories - Arnold & Porter

  (STABLE) Act, and the Senate bill, known as the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, seek to establish a framework for licensing, issuance, operation, and supervision of U.S. dollar-denominated stablecoins. [...] _Store of Value_. Stablecoins can be held in a digital wallet as a store of value or an investment product, similar to a bank account or a money market fund. As a store of value, properly structured stablecoins can be used as a stable investment for those looking to avoid credit risk, market risk, currency volatility, inflation, and economic instability. The arguments for this use case presume robust mechanisms for pegging to high-value assets denominated in U.S. dollar (USD) or other

• Stablecoins: Definition, How They Work, and Types - Investopedia

  Such reserves are maintained by independent custodians and are regularly audited, something that should be considered cautiously. Tether (USDT) and TrueUSD (TUSD) are popular stablecoins backed by U.S. dollar reserves and denominated at parity to the dollar. As of late June 2024, Tether (USDT) was the third-largest cryptocurrency by market capitalization, worth more than $112 billion.3 ### Important [...] The most popular and largest stablecoin by market capitalization is Tether (USDT).1 It is pegged to the U.S. dollar at a 1:1 ratio and backed by reserves. It's also consistently in the top five cryptocurrencies by market cap. You can find Tether on most major crypto exchanges, including Kraken, Binance, and Coinbase. The Bottom Line ---------------

• Stablecoins: Everything You Need to Know - Chainlink

  USDC is a centralized stablecoin issued by Circle. Each USDC is backed by one dollar or an asset with equivalent fair value, held in off-chain accounts with regulated financial institutions. Customers with a U.S. dollar bank account can redeem 1 USDC for 1 USD, ensuring that the tokens maintain their 1:1 peg with the U.S. dollar. Other similar centralized stablecoins include USDT, BUSD, TUSD, USDP, and others. Some centralized stablecoins enable the issuer to freeze tokens belonging to a [...] For example, the most widely adopted stablecoins are dollar-pegged digital assets that effectively act as on-chain representations of the dollar. These stablecoins are leveraged by Web3 users around the world to build an on-chain savings account, protect against market volatility, leverage as a medium of exchange, earn yield, or send money across the globe. Given the $100B+ market cap for stablecoins, it’s crystal clear that Web3 users desire the stability that stablecoins offer. [...] At their core, stablecoins are cryptocurrencies that try to maintain a “peg”—the same market value as the external asset they represent. For example, a dollar-based stablecoin will aim to stay pegged to $1, while a gold stablecoin aims to stay pegged to the market price of gold. There are a variety of approaches stablecoins can take to match the price of the currency they’re pegged to consistently, such as collateralization with external assets or algorithmic mechanisms that leverage

• Top Stablecoin Tokens by Market Capitalization - CoinMarketCap

  | | | StablR USD USDR | $1.00 | | | | | VNX Swiss Franc VCHF | $1.26 | | | | | Quantoz EURQ EURQ | $1.17 | | | | | SMARDEX USDN USDN | $1.00 | | | | | Celo Euro CEUR | $1.17 | | | | | Fei USD FEI | $1.08 | | | | | Worldwide USD WUSD | $1.00 | | | | | Djed DJED | $0.99 | | | | | VNX Euro VEUR | $1.17 | | | | | Vai VAI | $1.00 | | | | | Sperax USD USDs | $1.05 | | | | | IDRX IDRX | $0.00 | | | | | Reflexer Ungovernance Token FLX | $2.51 | | [...] | | | Prisma mkUSD MKUSD | $1.00 | | | | | TheStandard USD USDS | $0.98 | | | | | Standard STND | $0.00 | | | | | Empty Set Dollar ESD | $0.00 | | | | | Basis Cash BAC | $0.00 | | | | | GHO GHO | $1.00 | | | | | Bucket Protocol BUCK Stablecoin BUCK | $1.00 | | | | | USDP Stablecoin USDP | $1.00 | | | | | xUSD xUSD | $1.00 | | | | | CAD Coin CADC | $0.73 | | | | | Overnight.fi USD+ (Base)USD+ | $1.00 | | | | | DOLA DOLA | $1.00 | | [...] | | | Angle Protocol EURA | $1.17 | | | | | xDAI xDAI | $0.97 | | | | | Brazilian Digital Token BRZ | $0.18 | | | | | Zedxion USDZ | $1.00 | | | | | Stables Labs (USDX)USDX | $1.00 | | | | | One Cash ONC | $0.06 | | | | | Meter Stable MTR | $0.59 | | | | | Amnis Aptos Coin AMAPT | $4.76 | | | | | Magic Internet Money MIM | $1.00 | | | | | Solayer USD SUSD | $1.10 | | | | | Fathom Dollar FXD | $0.83 | | | | | Edelcoin EDLC | $2.93 | |

• The Ultimate List (22 Stablecoins to Know) - MoonPay

  Examples of USD-backed stablecoins include USDT, USDC, BUSD, TUSD, and Gemini Dollar. ### Are stablecoins regulated? Some stablecoin tokens, like USDC, PYUSD, and BUSD, operate under strict regulatory frameworks, while other currencies are less regulated. Users should consult the token issuer's website to verify the extent of a stablecoin's regulatory compliance. ### Can stablecoins lose their peg? [...] ### 15. Gemini Dollar (GUSD) Issued by the Gemini Trust Company and the Gemini exchange, Gemini Dollar (GUSD) is a dollar-backed stablecoin that emphasizes regulatory compliance and security. It is one of the first regulated stablecoins, with its reserves audited monthly by an independent accounting firm. GUSD is used primarily within the Gemini exchange but is also gaining traction in decentralized applications (dApps) for purposes like lending and staking. GUSD logo [...] Binance (BUSD) is a stablecoin issued by Binance in partnership with Paxos, fully backed by USD held in FDIC-insured accounts and short-term US Treasury bills. Bolstered by its association with Paxos for its transparency and security, BUSD is widely used within Binance’s ecosystem for trading and DeFi activities (such as lending, borrowing, and providing liquidity). It also offers fast transaction speeds and minimal fees, making it a go-to choice for traders and developers on Binance.