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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.
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
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
03 — Crypto-collateralized stablecoins and over-collateralization
Locking 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
04 — Algorithmic stablecoins and how UST failed in 2022
The mint-and-burn loop that holds an uncollateralized peg in calm markets is the same loop that destroys it once confidence turns.
8 min
05 — Attestations versus audits: what a reserve report proves
An 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
06 — Depegs: how they start, how they resolve, and what is normal
Small 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
07 — Stablecoins as a payment rail, compared honestly
A blockchain transfer settles value in minutes, but a payment system also handles disputes, fraud liability, compliance and the conversion at each end.
8 min
08 — How stablecoin reserves are regulated: the main regimes
Every regime answers the same handful of questions about issuance, reserves, segregation and redemption; the differences lie in the answers.
8 min