Stablecoins by Market Capitalization (Page 3)
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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2545 |
dTRINITY USD
DUSD
|
$0.9988 | 0.0% | 0.0% | 0.1% | 0.0% | $568.93 | $1,173,767 | $1,173,767 | 0.9999999999999994 |
|
||
| 2564 |
Rai Reflex Index
RAI
|
$2.15 | 0.0% | 6.4% | 3.4% | 1.8% | $109,509 | $1,142,481 | $1,142,536 | 0.9999525072931048 |
|
||
| 2570 |
Anchored Coins AEUR
AEUR
|
$1.14 | 0.0% | 0.1% | 0.5% | 1.7% | $8,928.66 | $1,124,108 | $1,124,108 | 1.0 |
|
||
| 2587 |
Glo Dollar
USDGLO
|
$0.9923 | 0.1% | 0.8% | 0.7% | 0.3% | $8,324.77 | $1,110,777 | $1,110,777 | 1.0 |
|
||
| 2601 |
KRWQ
KRWQ
|
$0.0006814 | 0.0% | 0.1% | 0.1% | 0.2% | $28,655.65 | $1,092,296 | $1,092,296 | 0.9999999999999998 |
|
||
| 2637 |
Resolv USR
USR
|
Buy
|
$0.1285 | 1.4% | 1.6% | 11.9% | 8.6% | $23.25 | $1,042,394 | $1,042,394 | 1.0 |
|
|
| 2643 |
IDRX
IDRX
|
$0.00005604 | 0.0% | 0.7% | 0.2% | 0.7% | $35,651.63 | $1,038,719 | $1,038,719 | 1.0 |
|
||
| 2662 |
USDM1
USDM1
|
$1.00 | 0.0% | 0.0% | 1.0% | 1.0% | $163.45 | $1,024,659 | $1,024,659 | 1.0 |
|
||
| 2683 |
CAD Coin
CADC
|
$0.7167 | 0.1% | 0.7% | 1.1% | 1.8% | $63,580.76 | $990,455 | $611,955,368,369,241,300,000,000 | 1.6185082845167964e-18 |
|
||
| 2700 |
Convertible JPY Token
CJPY
|
$0.004581 | 0.2% | 1.2% | 2.1% | 4.1% | $2,364.22 | $973,835 | $430,922,409,866,476,200,000,000 | 2.259885528876852e-18 |
|
||
Magic Internet Money (Optimism)
MIM
|
$0.05412 | 0.2% | 5.0% | 21.6% | 64.2% | $12.07 | $970,684 | $970,684 | 0.9999999999999997 |
|
|||
| 2767 |
Alto DUSD
DUSD
|
$1.00 | 0.0% | 0.1% | 0.0% | 0.0% | $40,259.20 | $910,961 | $910,961 | 1.0 |
|
||
| 2810 |
Chain-key USDT
CKUSDT
|
$0.9986 | 0.0% | 0.0% | 0.1% | 0.1% | $59,791.57 | $867,177 | $867,177 | 1.0 |
|
||
| 2807 |
USX
USX
|
Buy
|
$0.9878 | 0.2% | 1.2% | 0.9% | 2.0% | $14.21 | $858,414 | $858,414 | 1.0 |
|
|
| 2820 |
CAD Digital
CADD
|
$0.7158 | 0.0% | 0.1% | 0.2% | 0.2% | $9,752.31 | $855,423 | $855,423 | 1.0 |
|
||
| 2852 |
Metal Dollar
XMD
|
$0.9879 | 0.2% | 0.4% | 0.2% | 0.4% | $1,053,079 | $826,398 | $826,398 | 1.0 |
|
||
| 2878 |
Worldwide USD
WUSD
|
$1.16 | 0.0% | 8.5% | 16.6% | 16.5% | $1.52 | $765,273 | $765,273 | 1.0 |
|
||
| 2944 |
Klaytn Dai
KDAI
|
$0.09330 | 1.0% | 0.1% | 1.0% | 0.5% | $151.68 | $745,211 | $745,211 | 1.0 |
|
||
| 2966 |
StablR Euro
EURR
|
$0.04241 | 92.3% | 93.7% | 93.9% | 92.7% | $825.34 | $727,104 | $727,104 | 1.0 |
|
||
| 2981 |
Reservoir srUSD
SRUSD
|
$1.15 | 0.4% | 0.2% | 0.4% | 0.7% | - | $715,381 | $715,381 | 1.0 |
|
||
| 2955 |
BitFi USD
BFUSD
|
$0.9856 | 0.0% | 0.0% | 2.4% | 1.4% | $20.11 | $683,230 | $683,230 | 1.0 |
|
||
| 3058 |
Moola Celo Dollars
MCUSD
|
$1.00 | 0.4% | 0.6% | 0.6% | 0.5% | $963.45 | $653,596 | $653,596 | 0.9999999964332781 |
|
||
Osmosis allUSDT
USDT
|
$0.9947 | 0.0% | 0.5% | 0.4% | 0.6% | $1,669.43 | $645,437 | $645,437 | 1.0 |
|
|||
| 2952 |
Pareto USP
USP
|
$0.8486 | 0.0% | 15.1% | 15.1% | 13.8% | $3.29 | $643,551 | $643,551 | 1.0 |
|
||
| 3093 |
AllUnity EUR
EURAU
|
$1.15 | 0.1% | 0.0% | 0.0% | 0.8% | $9,521.91 | $631,622 | $631,622 | 1.0 |
|
||
SMARDEX USDN
USDN
|
$1.00 | 0.0% | 0.1% | 0.1% | 0.3% | $62.55 | $627,106 | $627,106 | 1.0 |
|
|||
| 3103 |
Fathom Dollar
FXD
|
$0.7892 | 1.3% | 12.2% | 12.1% | 1.7% | $939.76 | $623,776 | $623,776 | 1.0 |
|
||
| 3108 |
Jarvis Synthetic Euro
JEUR
|
$1.15 | 0.3% | 14.6% | 0.1% | 96.8% | $226.30 | $620,950 | $620,950 | 1.0 |
|
||
| 3083 |
eUSD
EUSD
|
$1.02 | 0.0% | 1.6% | 4.0% | 3.3% | $62.85 | $616,652 | $616,652 | 1.0 |
|
||
| 3169 |
Virtue USD
VUSD
|
$1.00 | 1.2% | 0.2% | 0.4% | 0.9% | $3,193.63 | $585,207 | $585,207 | 1.0 |
|
||
| 3170 |
HeLa USD
HLUSD
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.1% | $2,020,600 | $584,446 | $1,798,419 | 0.3249778662269722 |
|
||
PXDC
PXDC
|
$1.03 | 0.2% | 7.5% | 0.4% | 1.0% | $7,673.26 | $537,722 | $537,722 | 1.0 |
|
|||
| 3253 |
Good Game US Dollar
GGUSD
|
$0.9998 | 0.0% | 0.1% | 0.0% | 0.0% | $629.04 | $535,983 | $535,983 | 1.0 |
|
||
| 3231 |
Yala Stablecoin
YU
|
$0.02356 | 0.0% | 10.3% | 11.8% | 26.3% | $2.81 | $530,265 | $530,265 | 1.0 |
|
||
| 3264 |
Newrails Euro
EURW
|
$1.15 | 0.1% | 0.1% | 0.0% | 1.0% | $2,725,061 | $526,468 | $526,468 | 1.0 |
|
||
| 3238 |
Threshold USD
THUSD
|
$1.00 | 0.0% | 0.0% | 0.2% | 3.8% | $306.10 | $516,836 | $200,697,803 | 0.002575195843454632 |
|
||
| 3287 |
Sperax USD
USDS
|
$0.9991 | 0.1% | 1.1% | 0.1% | 0.2% | $94,736.76 | $513,297 | $513,297 | 1.0 |
|
||
| 3309 |
Level USD
LVLUSD
|
$0.9988 | 0.0% | 0.0% | 0.0% | 0.0% | $0.9028 | $511,470 | $511,470 | 0.9999999999999999 |
|
||
| 3428 |
Overnight.fi USD+ (Base)
USD+
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $18,062.30 | $440,823 | $440,823 | 1.0 |
|
||
| 3531 |
Sigma bnb USD
BNBUSD
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $493.18 | $412,391 | $679,115 | 0.6072473778320807 |
|
||
Bread
BREAD
|
$1.00 | 0.1% | 0.1% | 0.3% | 0.4% | $139.37 | $409,512 | $409,512 | 0.9999999999999999 |
|
|||
| 3507 |
Ring USD
USDR
|
$1.00 | 0.0% | 0.0% | 0.1% | 0.1% | $4,212.89 | $401,189 | $100,403,966 | 0.003995747859869524 |
|
||
| 3499 |
Monerium GBP emoney
GBPE
|
$1.35 | 0.0% | 0.1% | 0.4% | 1.6% | $6,535.62 | $397,964 | $397,964 | 1.0 |
|
||
| 3534 |
Mento British Pound
GBPM
|
$1.35 | 0.0% | 0.0% | 0.2% | 0.3% | $1,800.67 | $396,126 | $396,126 | 1.0 |
|
||
| 24980 |
Juice Dollar
JUSD
|
$0.9990 | 0.0% | 0.0% | 0.1% | 0.1% | $4,172.66 | $375,589 | $375,589 | 1.0 | |||
Magic Internet Money (Avalanche)
MIM
|
$0.05668 | 0.3% | 0.1% | 15.1% | 62.9% | $1,500.14 | $369,226 | $369,226 | 0.9999999999999999 |
|
|||
| 3648 |
Reservoir rUSD
RUSD
|
$0.9988 | 0.3% | 0.0% | 0.7% | 0.5% | $316.47 | $351,205 | $351,205 | 1.0 |
|
||
| 3659 |
MANTRA USD
MANTRAUSD
|
$0.9961 | 0.3% | 0.7% | 0.1% | 0.2% | $10,039.60 | $348,765 | $348,765 | 1.0 |
|
||
| 3680 |
BOB
BOB
|
$0.9996 | 0.2% | 0.1% | 0.4% | 0.5% | $219.58 | $341,370 | $341,370 | 1.0 |
|
||
| 3755 |
ynUSD Max
YNUSDX
|
$0.9936 | 2.6% | 0.4% | 4.3% | 1.2% | $18,622.74 | $315,067 | $315,067 | 1.0 |
|
||
| 3806 |
UXD Stablecoin
UXD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $1,259.73 | $298,055 | $9,013,002 | 0.03306949302162737 |
|
||
| 3991 |
Prisma mkUSD
MKUSD
|
$1.00 | 0.1% | 0.5% | 0.4% | 0.4% | $494.82 | $245,839 | $245,839 | 0.9999999999999999 |
|
||
Overnight.fi USDT+
USDT+
|
$1.00 | 0.0% | 0.1% | 0.1% | 0.1% | $10.49 | $238,757 | $238,757 | 0.9999999999999999 |
|
|||
| 4088 |
BAI Stablecoin
BAI
|
$0.9978 | 0.3% | 2.2% | 1.2% | 0.1% | $4.21 | $229,179 | $229,179 | 1.0 |
|
||
| 3989 |
AURO USDA
USDA
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.0% | $1.68 | $224,746 | $10,091,027 | 0.022271881086260024 | |||
| 4112 |
Usual EUR
EUR0
|
$1.15 | 0.0% | 0.0% | 0.0% | 0.8% | $81,012.39 | $220,629 | $220,629 | 0.9999999999999999 |
|
||
| 4125 |
Mento Brazilian Real
BRLM
|
$0.1935 | 0.0% | 1.0% | 0.1% | 1.6% | $10,088.32 | $218,241 | $218,241 | 0.9999999999999998 |
|
||
| 4155 |
WEMIX Dollar
WEMIX$
|
$0.01087 | 0.0% | 2.6% | 98.9% | 98.9% | $485.93 | $214,776 | $214,776 | 1.0 |
|
||
| 4148 |
Euro Tether
EURT
|
$0.05144 | 2.1% | 47.1% | 8.4% | 5.2% | $109.66 | $213,667 | $2,571,883 | 0.08307797155928844 |
|
||
| 4170 |
USDtez
USDTZ
|
$0.7394 | 0.0% | 0.3% | 22.7% | 26.8% | $0.9659 | $203,865 | $203,865 | 1.0 |
|
||
| 4289 |
Diversified USD
DFIUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $13,764.10 | $186,133 | $186,133 | 1.0 |
|
||
| 4295 |
Argentine Peso
WARS
|
$0.0006379 | 0.2% | 0.2% | 0.2% | 1.9% | $2,510.25 | $185,627 | $185,627 | 1.0 |
|
||
| 4301 |
Token Teknoloji A.Ş. EURO
EUROT
|
$1.16 | 0.0% | 0.0% | 0.0% | 0.9% | $2,811.08 | $184,802 | $184,802 | 1.0 |
|
||
| 4317 |
Hedera Swiss Franc
HCHF
|
$1.31 | 0.5% | 2.2% | 1.3% | 2.3% | $56.01 | $182,734 | $182,734 | 1.0 |
|
||
| 4301 |
Etherfuse GILTS
GILTS
|
$1.42 | 0.0% | 0.0% | 0.4% | 0.3% | $122.72 | $177,367 | $177,367 | 1.0 |
|
||
| 4400 |
VNX British Pound
VGBP
|
$1.34 | 0.0% | 0.1% | 0.1% | 0.0% | $2.03 | $169,188 | $169,188 | 1.0 |
|
||
| 4433 |
Mento Kenyan Shilling
KESM
|
$0.007739 | 0.0% | 0.0% | 0.2% | 0.6% | $69.86 | $164,766 | $164,766 | 1.0 |
|
||
| 4503 |
Meta USD
MUSD
|
$0.9946 | 0.1% | 0.3% | 0.2% | 0.3% | $752.41 | $153,648 | $153,648 | 1.0 |
|
||
| 4506 |
Grai
GRAI
|
$0.5986 | 0.2% | 1.1% | 3.6% | 40.0% | $1.53 | $153,128 | $153,128 | 0.9999999999999998 |
|
||
| 4492 |
USDCx
USDCX
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $76,141,375 | $150,019 | $150,019 | 1.0 |
|
||
| 4532 |
USDFC
USDFC
|
$1.01 | 0.1% | 0.4% | 0.5% | 1.1% | $14,361.51 | $149,956 | $149,956 | 0.9999999999999994 |
|
||
| 4573 |
Argon
ARGN
|
$1.06 | 0.0% | 0.0% | 0.1% | 0.4% | $79.38 | $143,674 | $143,674 | 0.9999999999999994 |
|
||
| 4647 |
Telcoin MXN
EMXN
|
$0.05858 | 0.0% | 0.4% | 1.8% | 2.4% | $9,766.41 | $133,774 | $133,774 | 1.0 |
|
||
| 4687 |
BYUSD
BYUSD
|
$0.9998 | 0.1% | 0.2% | 0.2% | 0.5% | $4,473.32 | $130,203 | $130,203 | 1.0 |
|
||
| 4690 |
Zephyr Protocol Stable Dollar
ZSD
|
$0.9622 | 0.4% | 1.1% | 0.6% | 1.4% | $14,157.02 | $130,014 | $130,014 | 1.0 |
|
||
| 4757 |
JUST Stablecoin
USDJ
|
$0.04944 | 1.4% | 90.1% | 4.8% | 4.0% | $9,265.31 | $123,724 | $123,724 | 1.0 |
|
||
| 4812 |
xUSD
XUSD
|
$0.9995 | 0.0% | 0.0% | 0.0% | 0.0% | $213.53 | $117,380 | $117,380 | 1.0 |
|
||
| 4893 |
Basis Cash
BAC
|
$0.001997 | 0.2% | 1.8% | 6.5% | 34.6% | $789.99 | $108,974 | $108,974 | 1.0 |
|
||
| 4992 |
Inverse USD
INVUSD
|
$0.9887 | 0.0% | 0.0% | 0.4% | 0.1% | $129.95 | $99,700.13 | $99,700.13 | 0.9999999999999997 |
|
||
| 5003 |
Sumer.Money suUSD
SUUSD
|
$1.05 | 0.1% | 1.9% | 0.1% | 12.2% | $37.63 | $98,589.62 | $98,589.62 | 1.0 |
|
||
| 5038 |
eUSD (OLD)
EUSD
|
$1.06 | 0.0% | 0.1% | 0.1% | 1.4% | $1.02 | $98,307.31 | $98,307.31 | 1.0 |
|
||
| 4922 |
f(x) rUSD
RUSD
|
$0.9964 | 0.0% | 0.0% | 0.1% | 0.1% | $250.97 | $92,603.67 | $92,603.67 | 1.0 |
|
||
| 5130 |
Colombian Peso
WCOP
|
$0.0003175 | 0.0% | 0.0% | 4.0% | 2.5% | $250.93 | $87,840.02 | $87,840.02 | 1.0 |
|
||
| 5082 |
Mento Swiss Franc
CHFM
|
$1.22 | 0.0% | 0.5% | 1.3% | 1.1% | $707.67 | $86,231.24 | $86,231.24 | 1.0 |
|
||
Magic Internet Money (Fantom)
MIM
|
$0.04854 | 0.7% | 0.7% | 9.6% | 63.6% | $102.00 | $83,698.06 | $83,698.06 | 1.0 |
|
|||
| 5201 |
HYDT
HYDT
|
$0.9196 | 0.1% | 0.8% | 1.7% | 4.7% | $65.24 | $82,154.41 | $82,154.41 | 1.0 |
|
||
| 5258 |
ARSe Digital
ARSE
|
$0.0006386 | 0.0% | 0.3% | 0.7% | 1.2% | $2,097.69 | $78,375.68 | $78,375.68 | 1.0 |
|
||
| 5371 |
Mento Japanese Yen
JPYM
|
$0.006363 | 0.0% | 1.1% | 1.1% | 3.0% | $19.34 | $74,550.93 | $74,550.93 | 1.0 |
|
||
| 5320 |
Silk
SILK
|
$0.1093 | 0.6% | 6.4% | 12.9% | 48.4% | $16,269.25 | $74,443.79 | $74,443.79 | 1.0 |
|
||
| 5377 |
Autonomous Secure Dollar
USSD
|
$0.9976 | 0.0% | 0.0% | 0.1% | 0.0% | $5.61 | $70,728.33 | $70,728.33 | 1.0 |
|
||
| 5380 |
Chilean Peso
WCLP
|
$0.001104 | 0.2% | 0.4% | 0.9% | 7.8% | $197.71 | $70,623.31 | $70,623.31 | 1.0 |
|
||
| 5494 |
Solid
SOLID
|
$1.00 | 0.4% | 1.1% | 0.1% | 1.7% | $10,820.63 | $63,558.56 | $63,558.56 | 1.0 |
|
||
| 5514 |
High Yield USD (Base)
HYUSD
|
$1.14 | 0.0% | 0.0% | 0.0% | 0.0% | $1.30 | $62,142.78 | $62,142.78 | 1.0 |
|
||
| 5555 |
Aesyx Dollar
AXD
|
$1.00 | 0.0% | 0.1% | 0.2% | 0.0% | $1.48 | $59,588.54 | $59,588.54 | 1.0 |
|
||
| 5405 |
Mento Nigerian Naira
NGNM
|
$0.0007305 | 0.0% | 0.0% | 0.0% | 0.1% | $9.94 | $56,598.66 | $56,598.66 | 1.0 |
|
||
| 5605 |
Mexican Peso
WMXN
|
$0.05818 | 0.6% | 0.0% | 0.3% | 0.2% | $121.56 | $56,026.23 | $56,026.23 | 1.0 |
|
||
HEX Dollar Coin
HEXDC
|
$1.20 | 0.5% | 11.1% | 0.7% | 9.3% | $2,200.02 | $52,032.93 | $52,032.93 | 1.0 |
|
|||
| 5742 |
Mento South African Rand
ZARM
|
$0.06137 | 0.0% | 0.9% | 2.6% | 0.8% | $2.45 | $49,985.19 | $49,985.19 | 1.0 |
|
||
| 5787 |
Dephaser JPY
JPYT
|
$0.006121 | 0.0% | 0.0% | 0.2% | 0.3% | $253.76 | $46,724.31 | $46,724.31 | 1.0 |
|
||
| 5622 |
Real MXN
MXNE
|
$0.03064 | 0.0% | 47.6% | 46.8% | 47.0% | $4.22 | $43,782.56 | $43,782.56 | 1.0 |
|
||
Stablecoins Categories
| Name | 24h | Market Cap |
|---|---|---|
|
All Stablecoins
|
0.0%
|
$286,961,884,140
|
|
USD Stablecoin
|
0.0%
|
|
|
Fiat-backed Stablecoin
|
0.0%
|
|
|
MiCA-Compliant Stablecoin
|
0.0%
|
|
|
GENIUS Act Compliant Stablecoin
|
0.0%
|
|
|
Crypto-backed Stablecoin
|
0.0%
|
|
|
US Treasury-backed Stablecoin
|
1.6%
|
|
|
Algorithmic Stablecoin
|
0.2%
|
|
|
Synthetic Dollar
|
0.0%
|
|
|
EUR Stablecoin
|
0.9%
|
|
|
RUB Stablecoin
|
2.3%
|
|
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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