Learn track
Stablecoins and payments
A stablecoin is a token designed to hold a fixed value; the mechanism that holds it there determines how the token behaves under stress.
8lessen
58 minreading in all
Foundationwhere it starts
01
Lessons in this track
01
What is a stablecoin, and what are the three families?A stablecoin is a token designed to hold a fixed value; the mechanism that holds it there determines how the token behaves under stress.
6 min · Foundation
02
Fiat-backed stablecoins: what is actually in the reserve?Reserve composition, who is allowed to redeem, and who keeps the interest the reserve earns are the three facts that define a fiat-backed token.
7 min · Working knowledge
03
Crypto-collateralized stablecoins and over-collateralizationLocking volatile collateral to mint a dollar token works only if the surplus, the price feed and the liquidators all hold up at the same time.
7 min · Working knowledge
04
Algorithmic stablecoins and how UST failed in 2022The mint-and-burn loop that holds an uncollateralized peg in calm markets is the same loop that destroys it once confidence turns.
8 min · Advanced
05
Attestations versus audits: what a reserve report provesAn attestation checks a stated figure on a stated date; an audit examines the financial statements as a whole, and the difference is not cosmetic.
7 min · Working knowledge
06
Depegs: how they start, how they resolve, and what is normalSmall deviations from a dollar are a permanent feature of any traded stablecoin; the useful signal is in size, duration and which venues move.
7 min · Working knowledge
07
Stablecoins as a payment rail, compared honestlyA blockchain transfer settles value in minutes, but a payment system also handles disputes, fraud liability, compliance and the conversion at each end.
8 min · Working knowledge
08
How stablecoin reserves are regulated: the main regimesEvery regime answers the same handful of questions about issuance, reserves, segregation and redemption; the differences lie in the answers.
8 min · Advanced
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DeFi
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How networks work
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Institutional access and regulation
10 lessen
Market structure
10 lessen
Protocol economics
12 lessen
Risk
10 lessen
Start here
10 lessen
Supply and issuance
6 lessen
Using this site
12 lessen