Main stablecoins that investors need to study

Stablecoins are cryptocurrencies pegged to a specific asset—usually fiat currency such as the dollar or euro. This peg provides stablecoins with relative price stability compared to volatile digital assets like Bitcoin. However, history shows that even stablecoins do not always maintain their peg. Nonetheless, these tools remain critically important for the functioning of the cryptocurrency ecosystem, serving as a bridge between traditional finance and decentralized systems.

Fundamentals of Fiat-Backed Stablecoins

Fiat-pegged stablecoins operate on a simple principle: the issuer locks a certain amount of real currency and creates an equivalent amount of digital tokens via smart contracts. This mechanism guarantees a 1:1 ratio between the token and its backing. Examples include USDC and USDT, where each token is backed by one dollar in reserves.

Compared to traditional national currencies, stablecoins offer users a new level of accessibility for cross-border payments. Low fees, high transaction speed, and no geographic restrictions make these assets attractive to millions worldwide.

Leading Stablecoins on the Market and Their Characteristics

USDT: The Asset Class Pioneer

USDT, issued by Tether Limited in 2014, became the first digital dollar independent of a specific platform. This token gave users access to the benefits of cryptocurrencies while maintaining fiat currency stability. As of September 2023, Tether manages assets exceeding $86.3 billion with obligations of $83.2 billion, confirming the reliability of its reserve base.

USDC: A Consortium Approach

USDC was created by Circle in 2018 and is managed by the Centre consortium, which includes Circle, Bitcoin miner Bitmain, and cryptocurrency exchange Coinbase. This stablecoin supports the ERC-20 standard and is available on most centralized and decentralized exchanges. As of February 2026, USDC trades at $1.00 with a market capitalization of $73.29 billion, confirming its status as one of the largest stablecoins.

TUSD: Prioritizing Transparency

True USD was launched in 2018 by TrustToken and PrimeTrust to address trust issues in the sector. A key feature of TUSD is the use of third-party escrow accounts inaccessible to the issuers themselves. This prevents misuse of funds and significantly reduces risks for holders. TUSD maintains a $1.00 price with a current market cap of $493.82 million and provides real-time independent attestations of its reserves.

BUSD: A Retrospective

BUSD was issued by Binance in partnership with Paxos Trust and operated on the Ethereum blockchain supporting the BEP-2 standard. However, in November 2023, Binance announced the discontinuation of support for this token. At the time of the announcement, BUSD ranked fifth by market capitalization among stablecoins, but its market share was quickly taken over by other projects.

DAI: A Decentralized Alternative

DAI is a unique stablecoin issued through the decentralized Maker protocol on Ethereum. Unlike centralized counterparts, DAI is created via Maker Vault smart contracts that require crypto collateral. This makes it fully independent of central issuers. As of February 2026, DAI remains stable at $1.00 with a market cap of $4.20 billion, demonstrating growing trust in its decentralized mechanism.

Innovative Tokens: eUSD and peUSD from Lybra

Lybra Finance offers a new generation of yield-bearing stablecoins. Tokens eUSD and peUSD use liquid staking tokens as collateral and enable holders to earn attractive yields— a feature unique among traditional stablecoins.

Synthetic Dollars: An Alternative Approach

Synthetic dollars are designed for users seeking dollar stability without traditional banking involvement. Galoy has developed the Stablesats feature, allowing users to access stable USD prices via Bitcoin, using hedging mechanisms.

Reasons for the Growing Popularity of Stablecoins

Use in Decentralized Finance

Stablecoins have become a key component of the DeFi ecosystem, serving as collateral on lending and borrowing platforms. Unlike volatile assets like Bitcoin and Ethereum, stablecoins provide relatively constant value, essential for the operation of lending protocols.

Financial Accessibility for Developing Markets

Stablecoins provide unprecedented access to dollar investments for residents of countries with unstable local currencies. In regions with high inflation, these tokens help preserve asset value. Additionally, blockchain technology removes traditional banking barriers, enabling fast cross-border transfers with minimal fees.

Versatility of Use

Stablecoins are used in payment systems, remittances, and derivatives trading. Their low volatility and transaction speed make them ideal tools for these purposes.

Risks and Challenges for Stablecoins

Despite their advantages, stablecoins face significant risks. Their stability depends on the reliability of the underlying assets and the financial stability of the issuer. History shows cases where stablecoins lost their peg, sometimes without recovery.

Regulatory uncertainty also poses a serious challenge. While the crypto industry is evolving rapidly, regulators have yet to establish clear policies ensuring stablecoin reliability.

Network congestion can lead to delays and deprive users of instant access to funds. Agencies like Bluechip publish economic security ratings to help investors assess the reliability of various stablecoins.

How to Acquire Stablecoins

The easiest way to obtain stablecoins is to buy them on a centralized exchange with fiat currency. Alternatively, investors can swap other cryptocurrencies like Bitcoin or Ethereum for stablecoins.

Decentralized exchanges offer another option via P2P marketplaces. Many users prefer DEXs because this method does not require transferring funds to custody and allows maintaining control over private keys.

Conclusion

Stablecoins have firmly established themselves in the crypto ecosystem and continue to expand their applications. Thanks to their backing by real assets, these tokens connect the world of traditional finance with decentralized systems. As regulatory frameworks develop and blockchain technology expands, the influence of stablecoins is likely to grow even further.

Potential investors should remember that, as with any crypto assets, thorough research is essential before investing. Understanding how different stablecoins operate, their backing mechanisms, and the organizations managing them is critical for making informed decisions in the rapidly changing world of digital assets.