Stablecoins

Cryptocurrencies designed to maintain price stability relative to a reference asset (usually the US dollar). Categories: fiat-backed (USDT, USDC — held reserves), crypto-backed (DAI/USDS via Maker — over-collateralised), algorithmic (Terra UST — collapsed), delta-neutral (Ethena sUSDe — spot + short perps). Total stablecoin market cap exceeds $150B; foundational infrastructure for on-chain settlement.