USDA Now Available in Trust Wallet’s New Earn Hub

To kick off the launch of its Earn Hub, Trust Wallet now lets users earn yield on three major stablecoins—USDT, USDC, and USDA — with instant withdrawals and low risk!

When depositing USDA to earn yield, Trust Wallet users can choose where their earnings come from:

• Angle Protocol: USDA is deposited into Angle Protocol’s stUSD (staked USDA) contract, earning yield from USDA’s reserves, which include real-world assets (RWAs) like U.S. Treasury bonds.
  The APY is 6.38% at the time of writing.

• Morpho protocol: USDA is supplied to a vault on the Morpho lending platform, generating yield from interest paid by borrowers.
  The APY is 1.55% at the time of writing.

Why Choose USDA to Earn Yield?

USDA is the most complete & reliable decentralized U.S. Dollar stablecoin.

USDA is over-collateralized, meaning more assets back it than the total USDA in circulation. Designed with robust risk management and transparency, it features advanced peg stability mechanisms, multiple audits, and real-time onchain reserve tracking.

Unlike centralized stablecoins, USDA is fully decentralized — no risk of your funds being ‘frozen’ in your wallet. Plus, while many stablecoins don’t pass reserve yields on to users, USDA distributes yield generated from its backing assets, including tokenized real-world assets (RWAs) like U.S. Treasury bonds.

With USDA now integrated into Trust Wallet’s Earn Hub, earning passive yield on a low-risk, reliable, transparent, and decentralized USD stablecoin has never been easier!

How to Earn Yield on USDA in Trust Wallet

Earning yield on USDA in Trust Wallet is simple and accessible on both mobile and browser extension:

1. Open Trust Wallet and navigate to the Earn section.

2. In the Stablecoin Market category, select USDA.

3. Choose Angle Protocol as the yield source, enter the amount, and confirm.

If you don’t already have USDA, you can easily swap into USDA directly within Trust Wallet before depositing.

This integration strengthens USDA’s presence in the DeFi space and brings Angle Protocol’s yield opportunities to a massive global audience. Offering an unmatched combination of security, yield, and transparency, USDA is the go-to stablecoin for effortless earning. If you're a Trust Wallet user, there's never been a better time to start putting your stablecoins to work — jump in and start earning today!

Learn more about the USDA stablecoin here.

Bleap combines the flexibility of stablecoins with the convenience of a debit card. Users can spend their EURA and USDA holdings 1:1 without any extra charges. Bleap eliminates conversion and exchange fees, delivering a truly seamless experience for stablecoin users. Whether you’re shopping, dining, or traveling, your stablecoins work exactly like traditional currency. And with up to 2% cashback on purchases, your EURA and USDA are even more valuable.

This partnership marks a new milestone for stablecoins and digital payments. Self-custody meets usability, as Bleap simplifies crypto wallet management. Instead of using seed phrases, Bleap uses a combination of cloud storage and social logins, backed by advanced security from PortalHQ. When users sign up, a smart wallet is created using ZeroDev technology, providing a user-friendly experience for handling digital assets.

Powered by Arbitrum, Bleap offers fast, fee-free transactions, giving stablecoins holders a superior user experience that bridges the gap between decentralized finance and everyday living.

With Bleap, spending crypto has never been easier — no need to convert to fiat, no hidden fees. Just swipe and go, seamlessly. Top up your wallet effortlessly by transferring stablecoins from another wallet or buying them straight from your bank account. And the best part? Bleap works with external wallets, giving you instant, fee-free options to move your funds in and out.

Bleap’s adoption of EURA and USDA represents a significant step forward for Angle Protocol’s vision of enabling stablecoin usage in all aspects of life. With this integration, users can experience the best of crypto and traditional finance in one intuitive platform. It’s never been easier to make your Angle's stablecoins work for you — earn cashback, spend globally, and embrace the future of payments!

Bleap is currently in Beta. Join here!

Key Takeaways:

• A stablecoin is a type of cryptocurrency designed to maintain a stable value by being pegged to a reserve asset, like the U.S. Dollar or gold.

• Stablecoins can come in different types: fiat-backed, crypto-backed, commodity-backed, and algorithmic stablecoins. Each type aims to maintain a stable value but uses different methods.

• Stablecoins are popular for trading, lending, and storing value in decentralized finance (DeFi) platforms, providing market stability within the crypto ecosystem.

Stablecoins are a type of cryptocurrencies designed to maintain a stable value by being pegged to a reserve asset like fiat currencies (e.g., Dollar, Euro) or commodities like precious metals. Stablecoins have become popular because they offer the stability of traditional currencies while providing the speed and low cost of cryptocurrency, especially for cross-border payments. Traders use them to protect against crypto market price volatility, and they are essential in decentralized finance (DeFi) for lending and earning interest. This stability also makes them suitable for everyday transactions, bridging the gap between digital and traditional finance (TradFi).

Stablecoins use various mechanisms to maintain a stable value, typically pegged to an asset like a fiat currency (e.g., the U.S. Dollar). They are usually backed by a reserve of assets that serves as collateral, ensuring their value remains stable. For example, an issuer might hold $1 million in reserve to support one million stablecoin units, allowing holders to redeem their stablecoins for an equivalent amount of the reserve asset. This linkage keeps the stablecoin’s value tied to real-world assets, like fiat currency. Depending on the type of stablecoin, stability can be maintained through reserves, collateralization, or algorithmic supply adjustments. Some stablecoins, such as Angle’s USDA and EURA, are decentralized and backed by cryptocurrencies rather than fiat, aligning with the decentralized philosophy of blockchain.

Stablecoins can be categorized into four main types, each with distinct characteristics. Fiat-backed stablecoins are pegged to traditional currencies like the U.S. Dollar or Euro and are maintained through reserves managed by custodians, with examples including Tether (USDT) and USDC. Commodity-backed stablecoins are tied to the value of physical assets like gold or silver, providing access to commodity investments but relying on centralized reserve management. Crypto-backed stablecoins are secured by various cryptocurrencies and are often over-collateralized, promoting decentralization and transparency; notable examples include DAI (now USDS) and USDA from Angle Protocol. Lastly, algorithmic stablecoins use software algorithms to adjust supply based on demand to maintain price stability without holding reserves, although they carry significant risks, as evidenced by the collapse of TerraUSD (UST) in 2022 when its associated Luna token lost substantial value. Each stablecoins type offers different levels of price stability and risk.

Fiat-collateralized stablecoins are backed by traditional currencies like the U.S. Dollar or Euro, providing stability through reserves held by custodians and subject to audits for transparency. Examples include Tether (USDT) and USDC, both maintaining a 1:1 value with the Dollar, with Tether being the third-largest cryptocurrency by market capitalization as of October 2024. However, they rely on centralized entities to manage reserves, which contrasts with the decentralized nature of cryptocurrency. Additionally, while these stablecoins generate revenue from reserves, users don't share in the profits, and concerns about transparency in audits and reserve backing persist.

Commodity-backed stablecoins are tied to the value of resources like gold, silver, or oil, with reserves often held by third-party custodians or invested in related financial instruments like ETFs. They offer the advantage of easy access to commodity investments through tokens. However, like fiat-backed stablecoins, they depend on centralized entities to manage reserves, which conflicts with cryptocurrency’s decentralized nature, and concerns about transparency and audits may arise.

Crypto-backed stablecoins are backed by a basket of cryptocurrencies, with assets proportioned to their volatility to maintain price stability. They are often over-collateralized for added security and transparency, allowing users to verify reserves without relying on centralized entities. Decentralized and accessible to all, these stablecoins align with the principles of cryptocurrency, and many share revenue from reserves with users, offering passive income. Examples include DAI (now USDS) from Sky and USDA from Angle. However, they generally have lower liquidity compared to fiat-backed stablecoins, and significant drops in the value of underlying cryptocurrencies can pose challenges.

Algorithmic stablecoins use software algorithms and smart contracts to adjust their supply based on demand, aiming to maintain a stable price without holding real reserves. Their key advantage is their decentralized nature. However, they can be risky due to the complexity of their mechanisms, which may fail to maintain the price peg. A prominent example is TerraUSD (UST), which lost its peg to the U.S. Dollar on May 11, 2022, after the Luna token's value collapsed, causing UST to drop by over 60%.

Curious about the unique benefits of different types of stablecoins? ⚖
Our Stablecoin Ultimate Guide breaks down how each type—fiat-backed, crypto or commodity-backed, and algorithmic stablecoins—offers distinct advantages for stability and utility in the digital economy.

Launched in 2014 by Tether Limited, Tether (USDT) is one of the most widely used stablecoins available. It is designed to maintain a 1:1 peg with the U.S. Dollar price, with each USDT supposedly backed by a Dollar held in reserve. Intended for fast value transfers while minimizing the price volatility associated with other cryptocurrencies, USDT has gained popularity among traders and investors. However, questions regarding the transparency of its reserves have sparked controversy. Nonetheless, Tether continues to be the largest stablecoin by market capitalization.

Launched in September 2018 by Circle in partnership with Coinbase, USD Coin (USDC) is a stablecoin that maintains a 1:1 peg to the price of U.S. Dollar. Unlike some other stablecoins, USDC is fully regulated and undergoes regular audits, offering greater transparency regarding its reserves. Circle holds its fiat reserves in centralized financial institutions, which carries some counterparty risk. Nonetheless, USDC has become a popular choice as a more transparent alternative to Tether, supported by strong financial partnerships, including investments from companies like Goldman Sachs and Baidu.

DAI, launched in 2017 by MakerDAO, is a decentralized stablecoin that is pegged to the U.S. Dollar price. Unlike traditional fiat-backed stablecoins, DAI is supported by cryptocurrencies like Ether (ETH) and USDC, utilizing a unique system where its value is stabilized through self-executing smart contracts on the Ethereum blockchain. New DAI tokens are generated when loans are taken out on the MakerDAO platform, and the supply is adjusted to maintain the $1 peg. While DAI's decentralization provides independence from centralized control, its dependence on volatile crypto assets poses risks, such as potential depegging during market downturns. DAI tokens is currently in the process of migrating to USDS, and MakerDAO has been rebranded as Sky.

Looking for a reliable and secure stablecoins in the market? 🏆
Our article covers the best stablecoins of 2025, breaking down which ones offer the best stability and utility in today’s market. Read on to find the ideal stablecoin for your needs!

Stablecoins face several challenges and risks that users need to be aware of. One major concern is centralization, particularly with fiat-backed stablecoins that depend on traditional banking systems for their reserves; a bank failure could compromise the value of these stablecoins, undermining their stability, like the USDC depeg with the Silicon Valley Bank (SVB). Algorithmic stablecoins rely on complex mechanisms to maintain their pegs, and failures in these systems can lead to significant price volatility and depegging during market stress. Additionally, the growing regulatory scrutiny poses a risk, as governments worldwide seek to impose stricter regulations on stablecoins due to their rapid expansion and potential effects on the broader financial system. Regulatory bodies are advocating for stablecoins to be treated as financial market infrastructure, especially those considered systemically important, which could influence their future stability and adoption.

USDA is a decentralized and over-collateralized stablecoin developed by Angle Protocol. Its peg to the Dollar is supported by reserves that include tokenized Treasury bills, government bonds (RWAs), Ethereum, Bitcoin, and other liquid USD stablecoins. Price stability is maintained through multi-audited smart contracts. In addition to ensuring price stability, USDA provides a permissionless on-chain Dollar savings solution, enabling users to earn passive yields on their stablecoin. USDA is easily accessible and can be found across various blockchains, including Ethereum, Arbitrum, Optimism, Base, Polygon, Polygon zkEVM, BNB, Avalanche, Linea, and Celo. It can be purchased effortlessly by swapping crypto assets on decentralized exchanges like 1inch or Uniswap, and users can also borrow USDA directly from Morpho Blue.

EURA (formerly agEUR) is a stablecoin developed by Angle Protocol that maintains a 1:1 peg to the Euro. This decentralized and over-collateralized stablecoin ensures its parity with the Euro through reserves comprising tokenized Treasury bills, government bonds (RWAs), Ethereum, Bitcoin, and other liquid Euro stablecoins. Multi-audited smart contracts are employed to maintain price stability. In addition to providing stability, EURA offers a permissionless on-chain Euro savings product, enabling users to earn passive yields on their stablecoin deposits. EURA is widely accessible across various blockchains, including Ethereum, Arbitrum, Optimism, Base, Polygon, Polygon zkEVM, BNB, Avalanche, Linea, and Celo. It can be easily purchased by swapping crypto assets on decentralized exchanges like 1inch or Uniswap, and users can also borrow EURA through the Angle app.

Stablecoins present various use cases and advantages that increase their attractiveness within the cryptocurrency landscape. By pegging their value to traditional currencies or assets, they maintain price stability, making them suitable for transactions and remittances where fluctuations can be problematic. This price stability facilitates easy conversion between fiat and cryptocurrencies, promoting trading on decentralized exchanges and lowering risk. Moreover, stablecoins enhance cross-border payment efficiency by decreasing transaction costs and processing times compared to conventional banking systems. They also act as a dependable store of value and provide opportunities for earning passive income through yield-generating platforms, appealing to individual investors and businesses aiming to utilize digital crypto assets without the price volatility risks of other cryptocurrencies.

Understanding what are Stablecoins

Stablecoins are a category of cryptocurrency created to maintain a stable value by linking their worth to another asset, such as a fiat currency (like the Dollar or Euro) or commodities such as gold. By associating their value with more stable assets, stablecoins aim to reduce the price volatility typically experienced in the cryptocurrency market.

Fiat-backed stablecoins are directly supported by reserves of traditional currencies like the U.S. dollar or the euro. These reserves are held by trusted custodians and undergo regular audits to guarantee transparency and accountability. Prominent examples of fiat-backed stablecoins include Tether (USDT) and USD Coin (USDC), both of which strive to maintain a 1:1 peg to the dollar. This means that for every stablecoin issued, there is an equivalent dollar held in reserve, ensuring that users can redeem their tokens for fiat currency at any time.

Tether (USDT), launched in 2014 by Tether Limited, stands as one of the most prominent stablecoins in the cryptocurrency market today. Its structure is designed to maintain a 1:1 peg to the U.S. dollar, with the premise that each USDT token is backed by an equivalent dollar held in reserve. Tether was created to enable quick and efficient value transfers while minimizing the price volatility associated with other cryptocurrencies, making it particularly appealing to traders and investors looking for a stable digital asset.

USD Coin (USDC) was launched in September 2018 by Circle in collaboration with Coinbase, positioning itself as a stablecoin that maintains a 1:1 peg to the U.S. dollar. What sets USDC apart from some other stablecoins is its commitment to regulation and transparency; it undergoes regular audits to verify that each token is backed by an equivalent dollar held in reserve. Circle maintains its fiat reserves in reputable centralized financial institutions, which introduces a certain degree of counterparty risk. However, this structured approach has enhanced USDC’s reputation, making it a favored choice for those seeking a more transparent alternative to Tether.

Technology and Blockchain Infrastructure

USDT (Tether) and USDC (USD Coin) differ significantly in their technology and blockchain infrastructure. Tether was initially launched on the Bitcoin blockchain via the Omni Layer protocol but has since expanded to multiple blockchains, including Ethereum, Tron, and others, allowing for broader accessibility and usage across various platforms. This multi-chain approach has contributed to USDT's widespread adoption but has also raised concerns about the security and integrity of its reserves. On the other hand, USDC is primarily built on the Ethereum blockchain, utilizing the ERC-20 token standard, which ensures compatibility with a wide array of decentralized applications (dApps) and DeFi platforms. Additionally, USDC's focus on transparency and regulatory compliance is reflected in its technical infrastructure, as it employs a system of regular audits and partnerships with established financial institutions, enhancing trust among users. Ultimately, while both stablecoins aim to facilitate stable transactions, their differing technological foundations and approaches to blockchain infrastructure highlight their unique positions in the cryptocurrency ecosystem.

Issuer and Trustworthiness

The differences between USDT (Tether) and USDC (USD Coin) in terms of issuers and trustworthiness are significant and influence user perception. USDT is issued by Tether Limited, a company that has faced scrutiny and controversy regarding the transparency of its reserves and the adequacy of its backing for the issued tokens. Despite being the largest stablecoin by market capitalization, Tether's lack of regular, comprehensive audits has raised questions about its reliability and trustworthiness in the eyes of many investors. In contrast, USDC is issued by Circle, a regulated financial technology company that emphasizes transparency and compliance. USDC undergoes regular third-party audits conducted by reputable firms, ensuring that each token is fully backed by U.S. dollars held in reserve. This commitment to regulatory oversight and clear communication has established USDC as a more trustworthy alternative, particularly for institutions and users who prioritize security and accountability in their digital assets. As a result, while both stablecoins serve similar purposes, USDC's stronger emphasis on trustworthiness has made it a preferred choice for those concerned about the potential risks associated with stablecoin investments.

Transparency and Audit

USDT (Tether) and USDC (USD Coin) differ markedly in their approaches to transparency and audits. Tether has faced criticism for its lack of regular and comprehensive audits, which has raised concerns about the actual backing of its reserves and the overall transparency of its operations. While Tether claims that each USDT is backed by an equivalent U.S. dollar, the infrequency of independent verification has led to skepticism among users. In contrast, USDC is committed to transparency and undergoes regular third-party audits by reputable firms, ensuring that each USDC token is fully backed by U.S. dollars held in reserve. This proactive approach to transparency enhances USDC’s credibility in the market, making it a more trusted option for users seeking assurance about the security and legitimacy of their stablecoin holdings.

Supply and Market Capitalization

USDT (Tether) and USDC (USD Coin) exhibit notable differences in terms of supply and market capitalization. Tether is the largest stablecoin by market capitalization, consistently leading the market with an extensive supply that reflects its widespread adoption across numerous exchanges and trading platforms. This dominance positions it as a major player in the cryptocurrency ecosystem. In contrast, USDC has a smaller market capitalization, with a supply that is more conservative and directly correlated to its backing by U.S. dollar reserves. While USDT's larger supply may indicate its popularity, it also raises questions about the management of its reserves. USDC’s more measured approach to supply, combined with its commitment to transparency and regulatory compliance, attracts users who prioritize trust and security in their stablecoin investments.

Regulatory Compliance

USDT (Tether) and USDC (USD Coin) differ significantly in their approach to regulatory compliance. USDC is issued by Circle, a company that prioritizes adherence to regulatory standards and actively engages with financial authorities to ensure compliance. This commitment includes regular audits and transparency regarding its reserves, which enhances user trust and aligns with best practices in the financial industry. In contrast, Tether has faced criticism for its less transparent operations and has been scrutinized for its compliance with regulatory requirements. While Tether claims to back its tokens with equivalent reserves, its historical lack of clear regulatory oversight has raised concerns among users and regulators alike. Consequently, USDC's proactive stance on regulatory compliance positions it as a more trustworthy option for users seeking a stablecoin aligned with industry standards and regulatory expectations.

Use Cases and Integration in the Digital Currency Market

USDT (Tether) and USDC (USD Coin) present distinct use cases and levels of integration within the digital currency market. USDT is widely utilized for trading and liquidity purposes, serving as a primary stablecoin on many cryptocurrency exchanges. Its extensive adoption allows traders to quickly move in and out of positions without converting to fiat, making it a go-to option for speculative trading and market liquidity. On the other hand, USDC is often favored for applications requiring greater regulatory compliance and transparency, such as decentralized finance (DeFi) platforms and payment solutions. Its integration into various financial ecosystems is enhanced by partnerships with regulated entities, making it a preferred choice for businesses and institutions seeking reliable and compliant stablecoin options. As a result, while USDT excels in trading and liquidity functions, USDC’s focus on regulatory adherence and broader applications in the digital economy positions it as a versatile tool for more diverse financial transactions.

Risks associated

USDT (Tether) and USDC (USD Coin) present different risks for users. Tether has faced criticism over the transparency of its reserves, raising concerns about whether each USDT is fully backed by a corresponding U.S. dollar, which can lead to significant market risk during volatility. In contrast, USDC emphasizes regulatory compliance and undergoes regular audits, which helps mitigate some risks. However, USDC may still encounter challenges related to regulatory changes. Overall, while both stablecoins are useful, their differing levels of transparency and regulatory adherence highlight distinct risks for users to consider.

Tether (USDT) Pros & Cons

Tether (USDT) Pros

Tether (USDT) offers several advantages that contribute to its popularity in the cryptocurrency market. One of its primary benefits is its extensive adoption across numerous exchanges, making it one of the most widely used stablecoins for trading and liquidity. This widespread integration allows traders to easily convert assets and move in and out of positions quickly. Additionally, USDT provides a reliable means of transferring value without the price volatility associated with other cryptocurrencies, making it an appealing option for those looking to preserve capital. Moreover, its ability to facilitate transactions in various markets globally adds to its versatility, enabling users to transact seamlessly across different platforms and currencies.

Tether (USDT) Cons

Despite its popularity, Tether (USDT) has several drawbacks that raise concerns among users. One significant issue is the lack of transparency regarding its reserves; Tether has faced scrutiny over whether each USDT token is genuinely backed by a corresponding U.S. dollar. This uncertainty can lead to distrust, particularly during periods of market volatility. Additionally, USDT's association with various regulatory controversies has raised questions about its long-term viability in a rapidly evolving regulatory landscape. As a result, while USDT serves as a widely used stablecoin, these drawbacks highlight risks that users should carefully consider.

USD Coin (USDC) Pros & Cons

USD Coin (USDC) Pros

USD Coin (USDC) offers several advantages that make it an attractive option in the cryptocurrency space. First and foremost, USDC emphasizes transparency and regulatory compliance, undergoing regular audits by reputable firms to ensure that each token is fully backed by U.S. dollars held in reserve. This commitment to accountability builds trust among users and institutional investors alike. Additionally, USDC’s integration with various decentralized finance (DeFi) platforms and payment solutions enhances its utility, allowing for a wide range of applications, from trading to remittances. Its stability and ease of use also make it a preferred choice for businesses seeking reliable digital currency options. Furthermore, USDC’s strong partnerships with established financial institutions bolster its credibility and support its ongoing adoption in the digital economy.

USD Coin (USDC) Cons

While USD Coin (USDC) has many strengths, it also comes with some drawbacks. One of the primary concerns is its reliance on centralized financial institutions to hold its reserves, which introduces counterparty risk; if these institutions were to face issues, it could affect USDC's stability. Additionally, USDC’s compliance with regulatory standards may limit its accessibility in certain regions or for specific user groups, potentially hindering broader adoption. Furthermore, as a relatively newer stablecoin compared to Tether (USDT), USDC may not have the same level of liquidity on all exchanges, which can impact trading efficiency. Finally, while its regulatory adherence is a strength, it may also make USDC susceptible to changing regulations, which could affect its use in the future. Overall, these factors highlight potential risks that users should consider when using USDC.

Yield-bearing stablecoins are a type of digital currency that not only maintain a stable value, typically pegged to a fiat currency like the U.S. dollar, but also generate interest or yield on the holdings. Unlike traditional stablecoins that simply act as a medium of exchange, yield-bearing stablecoins allow users to earn passive income by depositing their tokens into various decentralized finance (DeFi) platforms or savings protocols. These platforms utilize users' deposits to lend, stake, or invest in different financial products, distributing a portion of the returns back to the holders as yield. This innovative feature makes yield-bearing stablecoins an attractive option for those looking to enhance their earnings while enjoying the stability of a pegged asset.

stUSD Yield-Bearing Dollar Stablecoins from Angle

stUSD (staked USDA) is a yield-bearing version of the USDA Dollar stablecoin built by Angle Protocol. With stUSD, users get a Dollar stablecoin plus a native Dollar yield. The yield allocated to stUSD holders comes from the returns generated by the assets in USDA backing such as real-world assets (RWAs) like T-bills, and DeFi yield-bearing assets. Part of the yield also comes from interest rates paid by USDA borrowers. By combining yield from both DeFi and TradFi sources, stUSD offers the best risk-adjusted returns. It ensures stUSD holders always enjoy the highest secure yield effortlessly, requiring no action from them.

stEUR Yield-Bearing Euro Stablecoins from Angle

stEUR (staked EURA) is a yield-bearing version of the EURA stablecoin developed by Angle Protocol. With stEUR, users get a Euro stablecoin plus a native Euro yield. The yield allocated to stEUR holders comes from the returns generated by the assets in EURA backing such as real-world assets (RWAs) like T-bills, and DeFi yield-bearing assets. Part of the yield also comes from interest rate paid by EURA borrowers. By combining yield from both DeFi and TradFi sources, stEUR offers the best risk-adjusted returns. It ensures stEUR holders always enjoy the highest secure yield effortlessly, requiring no action from them.

Choosing between USDC and USDT depends on your priorities. If you value transparency and regulatory compliance, USDC is often considered the better option due to its regular audits and strong backing. On the other hand, if you need liquidity and widespread adoption for trading purposes, USDT may be more advantageous, as it’s the largest stablecoin by market cap. Ultimately, both have their pros and cons, so it’s important to assess your specific needs.

The cost of transferring USDC or USDT is often similar, but it ultimately depends on the blockchain used for the transaction. Ethereum transactions can be more expensive, especially during peak times due to network congestion. In contrast, transferring on blockchains like Base or Solana typically incurs much lower fees. So, while both stablecoins may have comparable transfer costs, the actual price can vary significantly based on the chosen network.

You can generate revenue with both USDT and USDC by utilizing lending protocols like Aave or Morpho, where your deposits can earn interest over time. Alternatively, you can deposit your stablecoins into Angle's savings solution to earn a competitive yield. These options enable you to make the most of your assets while preserving their stable value, allowing your funds to work for you.

You can buy stablecoins through cryptocurrency exchanges like Coinbase, Binance, or Kraken by creating an account, depositing funds, and trading for stablecoins like USDT or USDC. Additionally, you can purchase stablecoins by swapping other cryptocurrencies on decentralized exchanges like Uniswap or 1inch. Some platforms also allow direct purchases using credit or debit cards.

You can sell stablecoins for fiat through popular cryptocurrency exchanges like Coinbase, Binance, or Kraken. Additionally, you can swap stablecoins for other cryptocurrencies on decentralized exchanges like Uniswap or 1inch. Some platforms also allow you to withdraw your stablecoins directly to your bank account for fiat.

Stablecoins have become a cornerstone in the cryptocurrency market, with their market capitalization growing significantly over the past few years. This price stability makes them useful for everyday transactions and encourages wider use. For traders, converting cryptocurrencies to stablecoins can protect profits and safeguard against market drops. They also streamline global payments, allowing fast and low-cost transactions without the price fluctuations of other cryptocurrencies. Overall, stablecoins enhance security and efficiency in trading and international money transfers.

To dive deeper into the role of stablecoins and their significance in the crypto ecosystem, check out our article on why are stablecoins so important →

Stablecoins come in various types, each designed to maintain a stable value through different mechanisms. The four main types of stablecoins—fiat-backed, crypto-backed, commodity-backed, and algorithmic—offer unique approaches to price stability and risk management in the cryptocurrency market.

Fiat-backed stablecoins offer market price stability by being directly backed by traditional fiat currencies such as the U.S. Dollar or Euro in reserves. These reserves are managed by custodians and are audited regularly to ensure transparency. Notable examples include Tether (USDT) and USDC token from Circle, both of which aim to maintain a 1:1 value with the Dollar.

Commodity-backed stablecoins fall under the category of fiat-collateralized stablecoins, as they are tied to the market value of resources like gold, silver, or oil. These cryptocurrencies often hold physical commodities or financial instruments such as ETFs through third-party custodians. One of the main advantages of commodity-backed stablecoins is that they offer convenient access to commodity investments, much like other tokens. However, they also face drawbacks similar to those of fiat-backed stablecoins, relying on centralized entities for reserve management, which contradicts the decentralized nature of cryptocurrencies.

Crypto-backed stablecoins are secured by a variety of cryptocurrencies assets, such as Bitcoin (BTC), Ethereum (ETH), or tokenized ETFs available in the market. They are typically over-collateralized to enhance security and reduce value fluctuations. A key advantage of these stablecoins is their decentralization and accessibility, aligning with the core principles of cryptocurrency. Many also enable users to earn passive income by distributing revenue from their reserves, which are generally transparent and verifiable, lessening the dependence on centralized entities. Notable examples include DAI (now USDS) and USDA from Angle Protocol.

Algorithmic stablecoins are a type of stablecoin that utilize software algorithms and smart contracts to automatically adjust the supply based on demand changes, aiming to keep a stable price without holding actual reserves. A key advantage of these stablecoins is their decentralized nature. However, they also have notable disadvantages that can present significant risks. One major concern is their dependence on complex mechanisms, which can fail to maintain the price peg. A prominent example is TerraUSD (UST), which saw its value drop by over 60% on May 11, 2022, after the related Luna token lost more than 80% of its value in just one night, leading to a complete loss of its peg to the U.S. Dollar.

Stablecoins are categorized by the type of collateral that backs their value, each with unique mechanisms to maintain price stability. Below are examples of stablecoins classified by their collateral types, including fiat-backed, commodity-backed, crypto-backed, and algorithmic stablecoins.

Tether (USDT)

Tether (USDT), introduced in 2014 by Tether Limited, is one of the leading stablecoins available today. Its design is centered around a 1:1 peg to the U.S. Dollar, with each USDT tokens claimed to be backed by $1 fiat currency held in reserve. Developed to facilitate fast value transfers and mitigate the price volatility found in other cryptocurrencies, USDT has garnered interest from traders and investors. However, questions regarding the transparency of its reserves have sparked controversies. Despite these issues, Tether continues to hold the position of the largest stablecoin by market capitalization.

USD Coin (USDC)

USD Coin (USDC), launched in September 2018 by Circle in partnership with Coinbase, is a stablecoin that maintains a 1:1 peg fiat currency to the U.S. Dollar. Unlike certain other stablecoins, USDC is fully regulated and undergoes regular audits, ensuring greater transparency regarding its reserves. Circle holds its fiat reserves in centralized financial institutions, which introduces some counterparty risk. Nevertheless, USDC has become popular as a more transparent alternative to Tether, bolstered by strong financial partnerships, including investments from firms like Goldman Sachs. The USD Coin (USDC) token is the second largest stablecoin by market capitalization.

Tether Gold (XAUT)

Tether Gold (XAUT) is a stablecoin pegged to the value of gold. Each XAUT token represents indirect ownership of one troy ounce of physical gold, securely stored in vaults. This cryptocurrency combines the benefits of physical gold with the convenience and liquidity of digital assets, allowing holders to conduct transactions globally while avoiding the traditional challenges associated with gold storage. Issued by Tether, XAUT aims to merge the price stability of gold with the flexibility and security of blockchain technology, utilizing Ethereum for transparent and secure transactions. Holders of XAUT can either redeem their tokens for physical gold or trade them on partner platforms.

PAX Gold (PAXG)

Pax Gold (PAXG) is a stablecoin backed by physical gold, where each token represents one troy ounce of fine gold. Operating on the Ethereum blockchain, PAXG allows users to buy, sell, and exchange tokens for physical gold. It combines the benefits of cryptocurrencies, like fungibility and liquidity, with gold ownership, without the drawbacks of storage and transport costs. Each PAXG token is linked to a specific ounce of gold stored securely in London by Paxos Trust Company. Investors can trade PAXG on various cryptocurrency exchanges, and its price closely tracks that of physical gold, while being divisible up to 18 decimal places for added flexibility.

Ethena USDe (USDe)

Ethena (USDe) is a decentralized synthetic Dollar protocol built on Ethereum, designed to provide a stablecoin alternative for DeFi and Web3 applications. It utilizes a delta hedging strategy to ensure price stability, scalability, and resistance to censorship. Each USDe is backed by a diversified basket of cryptocurrencies, aiming to maintain a stable parity with the U.S. Dollar.

USDA (USDA)

USDA, the stablecoin from Angle Protocol, represents the future of stablecoins with its innovative over-collateralized approach. Pegged 1:1 to the U.S. Dollar, USDA is supported by a diversified reserve of assets, including tokenized Treasury Bills, government bonds, Ethereum, Bitcoin, and other liquid stablecoins. What truly distinguishes USDA is its ability to generate secure yields for holders, derived from both traditional finance (TradFi) and decentralized finance (DeFi). This enables users to achieve optimal returns without needing to switch between different financial systems. As liquid as USDC, USDA can be easily exchanged without fees or slippage, positioning it as a significant player in onchain forex markets.

USDD (USDD)

USDD (Decentralized USD) is an algorithmic stablecoin launched in 2022 by Justin Sun, the founder of the Tron DAO. It operates across multiple blockchain networks, including Ethereum, Tron, and BNB Chain, and is pegged to the U.S. Dollar at a 1:1 ratio. The USDD token is over-collateralized, backed by a diverse range of digital assets such as TRX, BTC, and USDC, ensuring its stability and price value. It is designed to maintain a fixed exchange rate against the U.S. Dollar, making it a reliable store of value within the decentralized ecosystem and DeFi applications.

Frax (FRAX)

FRAX is a decentralized stablecoin pegged to the U.S. Dollar that employs a mix of collateral and algorithmic mechanisms to maintain its stable value. It is part of the Frax Finance ecosystem, which provides a variety of DeFi services, including lending and liquidity provision.

Now that we’ve covered the main types of stablecoins with examples for each, check out our comparison article to find the best stablecoins available in 2025 →
This article compares leading stablecoins, helping you find the best stablecoins based on price stability, security, and use case!

There are four types of stablecoins in the market: fiat-backed, commodity-backed, crypto-backed, and algorithmic stablecoins.

Fiat-backed stablecoins are pegged to traditional currencies and supported by bank reserves; commodity-backed stablecoins are linked to physical assets like gold or silver; crypto-backed stablecoins are secured by a diverse range of cryptocurrencies and are often over-collateralized; and algorithmic stablecoins use algorithms and smart contracts to adjust their supply based on demand to maintain a stable price without real reserves asset.

The best type of stablecoin is crypto-backed stablecoins. Often over-collateralized, they enhance security and reduce value fluctuations. These decentralized stablecoins are accessible to all, aligning with cryptocurrency principles. Many distribute revenue from their reserves to users, allowing for passive income, and their transparent, verifiable reserves reduce reliance on centralized entities. A notable example is the USDA token from Angle.

Among them, Tether (USDT) stands out for its high liquidity, although concerns about the security of its reserves remain. On the other hand, USD Coin (USDC) is regarded as one of the safest stablecoins, backed by verified reserves and transparency that inspires user confidence. USDA from Angle shines with its innovative mechanisms, offering robustness and attractive yield through its redistribution model, making it particularly appealing to investors seeking returns. In Europe, EURA from Angle emerges as the most traded Euro stablecoin, providing a stable solution for transactions in fiat currency. Additionally, projects like Dai (DAI) continue to attract users with their decentralized nature, while PayPal USD (PYUSD) brings the reputation and trust of one of the world’s largest payment platforms into the stablecoin arena. Other notable stablecoins such as TrueUSD (TUSD), Ethena USDe (USDe), Frax (FRAX), and Pax Dollar (USDP) contribute to this landscape by offering various models that cater to different user needs, from decentralization to flexibility.

This varied ecosystem illustrates that, in a rapidly evolving market, understanding the best available options is essential for effectively navigating the world of stablecoins in 2025. With each stablecoin presenting distinct benefits, users can make informed choices that align with their financial goals.

If you're feeling a little lost, be sure to read our comprehensive article to gain an understanding of what stablecoins are, how they function, and the various types available. This resource will provide you with valuable insights into the mechanics of stablecoins and their significance in the cryptocurrency market.

Tether (USDT) Review

Tether (USDT) is one of the most popular and widely used stablecoins in the crypto market, known for its high liquidity and strong presence across multiple exchanges. Pegged to the US Dollar, USDT offers a stable value, making it a preferred choice for traders seeking to avoid the price volatility of other cryptocurrencies. However, concerns have been raised about the transparency of its reserves, leading to ongoing debates about its long-term security. Despite this, USDT remains a dominant force in the world of digital assets, providing a reliable way to move funds on the blockchain and participate in decentralized finance (DeFi) ecosystems.

Tether (USDT) Pros and Cons

Tether (USDT) Pros

USDT token offers unmatched liquidity and is the most widely accepted stablecoin on crypto exchanges such as Coinbase, Binance, making it easy to trade or transfer across different platforms. It provides a reliable hedge against the price volatility of other cryptocurrencies, allowing traders to move in and out of positions quickly. Additionally, its wide integration in decentralized finance (DeFi) applications and its role in cross-border blockchain transactions make it a versatile tool for users globally.

Tether (USDT) Cons

Tether has faced criticism over the transparency of its reserves, with ongoing concerns about whether it is fully backed by USD. This lack of full audit clarity has raised doubts about its long-term stability and security. Regulatory scrutiny has also increased, which could impact its future availability or the trust users place in it. These factors pose potential risks, especially for large-scale holders or institutions.

USD Coin (USDC) Review

USD Coin (USDC) is a widely trusted and popular stablecoin pegged to the US Dollar, developed by Circle in collaboration with Coinbase. Launched in 2018, USDC has become a favorite in the crypto community due to its emphasis on transparency and regulatory compliance. Each USDC token is fully backed by USD reserves, with regular audits providing users confidence in its stability. It is extensively used in decentralized finance (DeFi) platforms, exchanges, and payments, offering a secure and stable way to store and transfer value within the blockchain ecosystem.

USD Coin (USDC) Pros and Cons

USD Coin (USDC) Pros

The USDC token is known for its high level of transparency, with regular third-party audits ensuring that every token is fully backed by USD reserves. This strong focus on regulatory compliance and transparency has earned USDC the trust of both individual users and institutions. It is widely available across most popular exchanges like Binance, Coinbase, and DeFi platforms, offering a reliable and secure means for trading, transferring, and storing value.

USD Coin (USDC) Cons

Despite its strengths, USDC's centralized nature can be seen as a drawback by some in the crypto community, particularly those who prioritize decentralization. Circle, the issuer, retains the ability to freeze or blacklist wallets holding USDC, which raises concerns about censorship and control. Additionally, its reliance on the traditional banking system means it could be affected by regulatory changes or disruptions in fiat currency reserves.

To explore the key differences between two of the most popular stablecoins, USD Coin (USDC) and Tether (USDT), check out our article on USDC vs USDT: A Stablecoin Comparison →

DAI (DAI) Review

Dai (DAI) is a decentralized stablecoin pegged to the US Dollar and issued through the MakerDAO protocol. Unlike many stablecoins backed by traditional fiat currency reserves, DAI is created by users who lock up crypto assets on the blockchain, such as Ethereum (ETH), as collateral in a system of smart contracts. This decentralized approach allows the DAI token to maintain its peg without relying on a centralized authority. Since its launch in 2017, DAI has become a fundamental part of the decentralized finance (DeFi) ecosystem, offering stability and flexibility to users seeking a stablecoin with a focus on decentralization.

DAI (DAI) Pros and Cons

DAI (DAI) Pros

The key advantage of the DAI token is its decentralized nature, which ensures that users retain control over the system without the need for a central issuer. It’s highly transparent, with all collateral and transactions managed by smart contracts on the Ethereum blockchain. DAI is widely adopted in DeFi, making it versatile for activities like lending, borrowing, and yield farming. Its decentralized governance model, through MakerDAO, empowers the community to make decisions about its future.

DAI (DAI) Cons

One of the challenges with DAI is its dependence on volatile collateral, such as Ethereum, which can cause instability during sharp market downturns. In times of extreme price drops, the system faces liquidation risks, potentially affecting the peg. Additionally, as more centralized assets like USDC are used as collateral, there are concerns that DAI could lose some of its decentralized character. Managing and interacting with DAI on the blockchain can also be more complex compared to fully fiat-backed stablecoins.

PayPay USD (PYUSD) Review

PayPal USD (PYUSD) is a stablecoin issued by PayPal and backed 1:1 by US Dollar reserves. Launched in 2023, PYUSD aims to integrate the stability of a Dollar-backed asset with the convenience of digital transactions, particularly within PayPal’s extensive global network. Designed for seamless payments, transfers, and crypto transactions, PYUSD brings the credibility and trust of PayPal into the stablecoin space. It offers a bridge between traditional finance and decentralized finance (DeFi), allowing users to interact with both systems using a familiar and widely accepted platform.

PayPal USD (PYUSD) Pros and Cons

PayPal USD (PYUSD) Pros

PYUSD benefits from the strong reputation and vast user base of PayPal, making it accessible to millions of people worldwide. Its backing by US Dollar reserves, with full transparency and regulatory oversight, provides a high level of security and trust. PYUSD is designed to be easily integrated into PayPal’s ecosystem, enabling simple and fast payments, transfers, and potential usage within DeFi. Its mainstream accessibility could help onboard more users into the crypto space.

PayPal USD (PYUSD) Cons

PYUSD’s primary drawback is its centralized nature, as it is controlled and issued by PayPal. This centralization gives PayPal the ability to freeze or restrict accounts and funds, which may raise concerns about censorship and lack of control for users. Additionally, as a newer stablecoin, PYUSD may face competition from more established options like USDC and USDT, and its adoption in the broader crypto and DeFi markets is still growing. Its reliance on traditional financial institutions also ties it to potential regulatory risks.

TrueUSD (TUSD) Review

TrueUSD (TUSD) is a stablecoin pegged to the US Dollar and launched in 2018 by TrustToken. As one of the first regulated stablecoins, TUSD is designed to provide a reliable and transparent digital asset that facilitates stable blockchain transactions in the cryptocurrency ecosystem. Each TUSD token is fully backed by USD held in escrow accounts, with regular third-party audits ensuring the integrity of its reserves. TUSD aims to combine the benefits of blockchain technology with the stability of fiat currencies, making it an attractive option for users seeking a dependable stablecoin for trading and payments.

TrueUSD (TUSD) Pros and Cons

TrueUSD (TUSD) Pros

One of the main advantages of TUSD is its high level of transparency, supported by regular audits that verify its USD reserves. This ensures that each TUSD token is fully backed, providing users with confidence in its stability. TUSD is widely accepted across numerous popular exchanges like Binance and platforms, making it easy to trade and transfer. Additionally, its regulatory compliance helps to build trust among users, positioning TUSD as a reliable option for those looking to engage in cryptocurrency transactions without the price volatility of other digital assets.

TrueUSD (TUSD) Cons

Despite its strengths, TUSD’s centralized nature may be a concern for users who prioritize decentralization in their crypto dealings. As a regulated stablecoin, TrueUSD relies on traditional banking systems, which can lead to potential vulnerabilities related to regulatory changes or banking issues. Furthermore, while TUSD is gaining traction, it still faces stiff competition from more established stablecoins like USDT and USDC, which may limit its adoption and usage in the broader cryptocurrency market.

Ethena USDe (USDe) Review

Ethena USDe is a stablecoin protocol that leverages a delta-neutral strategy to maintain its peg to the US Dollar, making it an appealing option for DeFi and Web3 applications. The protocol employs a diversified basket of cryptocurrencies as collateral, reducing the risks associated with any single asset. This diversified approach, combined with the use of positions in derivatives, helps mitigate market price volatility and provides a stable medium of exchange. Additionally, Ethena's proactive measures, such as maintaining a reserve fund to counteract potential negative funding rates, enhance user confidence and security within the protocol.

Ethena USDe (USDe) Pros and Cons

Ethena USDe (USDe) Pros

Ethena USDe (USDe) stands out in the stablecoin market due to its decentralized custody system, OES, which eliminates single points of failure and enhances transparency compared to centralized stablecoins like USDT and USDC. This decentralized blockchain structure ensures censorship resistance, as USDe does not rely on traditional banking systems for USD management; instead, it employs on-chain, auditable custody solutions available 24/7, improving asset security and accessibility. Additionally, USDe’s innovative peg-maintenance mechanism allows it to avoid the heavy overcollateralization typical of algorithmic stablecoins like Dai, which often require over 150% collateral. This streamlined approach promotes scalability and efficiency, making USDe a practical choice for blockchain transactions and value storage in the DeFi ecosystem.

Ethena USDe (USDe) Cons

Despite its innovative design, USDe is not without risks. The reliance on derivative positions exposes the protocol to funding rate risks, which can affect profitability if negative rates persist over time. Additionally, the collateral used—stETH—can experience value divergence from ETH, leading to potential liquidation risks if the spread widens too much. This could compromise the stability of USDe. Furthermore, the protocol’s dependence on external custodians, like Fireblocks, introduces counterparty risks, where any operational failures could impact its viability.

Frax (FRAX) Review

Frax (FRAX) is a decentralized stablecoin pegged to the U.S. Dollar, designed to provide users with a reliable and stable digital asset within the cryptocurrency ecosystem. Launched as part of the Frax Finance platform, FRAX combines collateralization and algorithmic mechanisms to maintain its value. The unique hybrid model adjusts the proportion of collateral backing the stablecoin based on market demand, ensuring both price stability and scalability. Unlike traditional stablecoins that rely solely on fiat currency reserves, FRAX aims to create a more flexible and efficient approach to stability, appealing to users in decentralized finance (DeFi) and beyond.

Frax (FRAX) Pros and Cons

Frax (FRAX) Pros

One of the standout features of FRAX is its decentralized blockchain governance model, which allows the community of FRAX holders to participate in decision-making processes, promoting transparency and trust. This community-driven approach enhances the resilience of the protocol against manipulation. Additionally, FRAX offers various DeFi services, including lending and liquidity provision, and incentivizes user participation through a staking system where users can lock their tokens to earn rewards. This fosters engagement and contributes to the network's growth while providing users with opportunities to earn passive income.

Frax (FRAX) Cons

Despite its innovative approach, Frax is not without challenges. The reliance on U.S. Dollar reserves held in regulated bank accounts introduces a degree of centralization and dependence on third-party institutions, which can compromise the protocol’s security and trustworthiness. Additionally, unlike many other stablecoins, FRAX is not over-collateralized, making it more susceptible to market fluctuations and increasing the risk of losing its peg to the Dollar. Furthermore, as a stablecoin designed to maintain its Dollar peg, FRAX may face regulatory scrutiny that could result in compliance costs and restrictions. The hybrid model, which combines collateralization with algorithmic elements, may also be complex for novice users to understand, potentially hindering wider adoption in the cryptocurrency space.

Pax Dollar (USDP) Review

Pax Dollar (USDP) is a fiat-collateralized stablecoin pegged to the U.S. Dollar and issued by Paxos Trust Company, a regulated financial institution. It is backed 1:1 by U.S. Dollars held in reserve, ensuring both stability and transparency for users. Operating on the Ethereum blockchain, USDP enables secure and instantaneous transactions across the globe, making it a versatile choice for various financial activities, including trading, purchases, and savings. Users can redeem their USDP token for U.S. Dollars at any time, further reinforcing the stability and reliability of this digital asset. As the demand for stablecoins continues to rise, USDP has emerged as a trusted option for those looking to engage in the cryptocurrency space while minimizing exposure to price volatility.

Pax Dollar (USDP) Pros and Cons

Pax Dollar (USDP) Pros

One of the primary advantages of Pax Dollar is its stability, as it is pegged to the U.S. Dollar. This characteristic makes USDP suitable for blockchain transactions without the concern of price fluctuations that often accompany other cryptocurrencies. Additionally, being fully regulated and compliant with U.S. financial laws instills a sense of security and trust among users, who can confidently engage in transactions. Pax Dollar also boasts transparency, with its reserve holdings audited monthly by reputable auditing firms, ensuring that users can trust that each USDP is backed by an actual Dollar.

Pax Dollar (USDP) Cons

Despite its strengths, Pax Dollar has some limitations. As a stablecoin, it does not offer the potential for capital appreciation that other cryptocurrencies might provide; its value remains stable, making it less appealing for investors seeking growth. Moreover, the centralized nature of Pax Dollar, along with its regulatory oversight, may deter users who prefer decentralized cryptocurrencies. This centralization can create a perceived lack of autonomy, as users must rely on a third party to manage their assets. Lastly, while USDP is widely accepted, its utility may still be somewhat limited compared to more versatile cryptocurrencies that can be used for a broader range of applications within the DeFi space.

Yield-bearing stablecoins are a type of digital asset designed to maintain a stable value while generating interest or returns for their holders. Unlike traditional stablecoins, which merely serve as a medium of exchange pegged to fiat currencies, yield-bearing stablecoins utilize various DeFi (decentralized finance) protocols and mechanisms to generate passive income. This can be achieved through lending, liquidity provision, or yield farming strategies, allowing users to earn interest on their holdings while still enjoying the benefits of price stability. Examples of yield-bearing stablecoins include platforms like MakerDAO or Angle Protocol, where users can deposit their stablecoins to earn yields, making these assets appealing for those seeking both stability and income generation in the rapidly evolving blockchain and cryptocurrency ecosystem.

stUSD: Yield-Bearing Dollar Stablecoins

stUSD (staked USDA) represents a yield-bearing variant of the USDA Dollar stablecoin from Angle Protocol. With stUSD, users benefit from a Dollar stablecoin along with a native Dollar yield. The yield provided to stUSD holders is derived from the returns generated by the underlying assets backing the USDA, which include real-world assets (RWAs) like Treasury bills and yield-bearing DeFi assets. Additionally, part of the yield comes from interest payments made by USDA borrowers. By merging yields from both decentralized finance (DeFi) and traditional finance (TradFi) sources, stUSD delivers optimal low-risk returns, ensuring that stUSD holders receive the highest secure yield without needing to take any action.

stEUR: Yield-Bearing Euro Stablecoins

stEUR (staked EURA) is a yield-bearing version of the EURA stablecoin developed by Angle Protocol. With stEUR, users receive a Euro stablecoin along with an inherent Euro yield. The yield distributed to stEUR holders is derived from the returns generated by the assets backing EURA, including real-world assets (RWAs) such as Treasury bills and yield-producing DeFi assets. Additionally, part of the yield is sourced from the interest paid by EURA borrowers. By integrating yields from both decentralized finance (DeFi) and traditional finance (TradFi) sources, stEUR provides optimal low-risk returns, ensuring that stEUR holders can consistently enjoy the highest secure yield effortlessly without requiring any action on their part.

Stablecoins are a category of cryptocurrency created to maintain a stable value by connecting their worth to another asset, such as a fiat currency (like the Dollar or Euro) or commodities such as gold. By tying their value to more stable assets, stablecoins aim to lessen the price volatility that is often observed in the cryptocurrency market.

The stability of stablecoins makes them useful for everyday transactions and encourages wider use. For traders, converting cryptocurrencies to stablecoins can protect profits and safeguard against market drops. They also streamline global payments, allowing fast and low-cost blockchain transactions without the price fluctuations of other cryptocurrencies. Overall, stablecoins enhance security and efficiency in trading and international money transfers.

A stablecoin is typically supported by a reserve of assets that acts as collateral to uphold its value. For example, the issuer may keep $1 million in a bank to back one million units of the stablecoin, guaranteeing that holders can exchange their stablecoins for an equivalent amount of the reserve asset. This approach ties the stablecoin's value to tangible assets, such as fiat currency. Certain stablecoins, like Angle's USDA and EURA, are decentralized and backed by cryptocurrencies instead of fiat currencies, reflecting the decentralized principles of blockchain technology.

Fiat-backed Stablecoins

Fiat-collateralized stablecoins are secured by traditional currencies like the U.S. Dollar or Euro, offering stability through reserves held by custodians that are subject to audits for transparency. Notable examples include Tether (USDT) and USDC. However, these stablecoins rely on centralized organizations to manage their reserves, which contrasts with the decentralized nature of cryptocurrencies. Additionally, while these stablecoins earn revenue from their reserves, users do not receive a share of the profits, and there are ongoing concerns regarding the transparency of audits and the sufficiency of reserve backing.

Commodity-backed Stablecoins

Commodity-backed stablecoins are linked to the value of resources such as gold, silver, or oil, with reserves typically held by third-party custodians or invested in related financial instruments like ETFs. They provide the benefit of straightforward access to commodity investments via tokens. However, similar to fiat-backed stablecoins, they rely on centralized organizations to manage their reserves, which is at odds with the decentralized ethos of cryptocurrency, raising potential concerns regarding transparency and audits.

Crypto-backed Stablecoins

Crypto-backed stablecoins are supported by cryptocurrencies. They are often over-collateralized for enhanced security and transparency, enabling users to verify the reserves independently without depending on centralized authorities. These stablecoins are decentralized and accessible to everyone, adhering to the core principles of cryptocurrency, and many distribute revenue from reserves to users, providing a source of passive income. Examples include DAI (now USDS) from Sky and USDA from Angle.

Algorithmic Stablecoins

Algorithmic stablecoins utilize software algorithms and smart contracts to modify their supply in response to demand, striving to maintain a stable price without relying on actual reserves. Their main advantage lies in their decentralized structure. However, they can be risky due to the complexity of their mechanisms, which may struggle to keep the price peg intact. A notable example is TerraUSD (UST), which lost its peg to the U.S. Dollar on May 11, 2022, following a collapse in the value of the Luna token, resulting in UST dropping by more than 60%.

The top stablecoins by market cap are currently Tether (USDT), USDC (USDC), DAI (DAI), and Ethena USDe (USDE).

While they are designed to maintain a stable value, traders can make money on stablecoins by taking advantage of price fluctuations against volatile assets. Additionally, some stablecoins offer yield-generating opportunities through lending or staking, allowing holders to earn interest on their holdings. This makes them a viable option for those looking to generate income while maintaining a relatively stable investment.

The market showcases a diverse array of stablecoins, each with unique features, such as Tether (USDT) for high liquidity and USD Coin (USDC) for its safety and transparency. Other notable options like USDA from Angle and Ethena USDe (USDe), which offers attractive yields, and the decentralized Dai (DAI), along with PayPal USD (PYUSD), highlight the variety available, enabling users to make informed choices that align with their financial goals.

You can acquire stablecoins via cryptocurrency exchanges such as Coinbase, Binance, or Kraken by setting up an account, depositing funds, and trading for stablecoins like USDT or USDC. Furthermore, you can buy stablecoins by swapping other cryptocurrencies on decentralized exchanges like Uniswap or 1inch. Some platforms also offer the option to make direct purchases using credit or debit cards.

Stablecoins are a type of cryptocurrency designed to maintain a stable value by pegging their worth to another asset, such as a fiat currency (like the Dollar or Euro) or commodities like gold. By linking their value to more stable assets, stablecoins aim to reduce the price volatility commonly associated with cryptocurrencies.

Stablecoins are essential for reducing the price volatility that often affects the cryptocurrency market. While cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) offer benefits such as decentralized transactions, their unpredictable price swings can complicate everyday use. Stablecoins address this issue by maintaining a steady value pegged to stable assets like fiat currencies or commodities. This predictability allows users to transact confidently, ensuring that their purchasing power remains stable and facilitating broader adoption in everyday transactions.

For crypto traders, capitalizing on market gains is essential, especially when conditions are favorable. Converting your traditional cryptocurrencies into stablecoins can be an effective strategy for locking in profits from your crypto services, ensuring you secure funds before a potential market decline. This approach is particularly beneficial for traders who frequently switch between various volatile cryptocurrencies throughout the day or week. In summary, stablecoins enable you to protect against market volatility without the hassle of off-ramping your assets.

Stablecoins are crucial for global payments because they offer a fast, low-cost, and secure way to transfer funds across borders. Unlike traditional methods, which often involve high fees and long processing times, stablecoins allow instant transactions with minimal costs. This makes them especially useful for people sending money to family abroad, ensuring the value sent is the value received, without the price volatility associated with other cryptocurrencies.

A stablecoin is typically backed by a reserve of assets, which acts as collateral to maintain its value. For example, the entity issuing the stablecoin may hold $1 million in a traditional bank to back one million stablecoin units. This ensures that whenever a holder wants to redeem their stablecoins, an equivalent amount of the backing asset is withdrawn from the reserve. This system keeps the stablecoin’s value pegged to real-world assets, like fiat currency. There are also more complex stablecoins backed by other cryptocurrencies, such as Angle’s USDA and EURA.

Stablecoins are classified into four main types based on how they're backed. Fiat-collateralized stablecoins are tied to traditional currencies like the US Dollar, offering stability through reserves. Commodity-backed stablecoins are pegged to the market value of resources like gold, silver, or oil. Crypto-backed stablecoins use cryptocurrencies as collateral, often requiring over-collateralization. Algorithmic stablecoins rely on algorithms to manage supply and stabilize their value without backing from any asset. Each type has different pros and cons regarding stability and risk.

Fiat-backed stablecoins are digital assets designed to maintain a stable value by being tied directly to a government-issued currency, such as the U.S. Dollar or Euro. Each unit of a fiat-backed stablecoin is typically backed by an equivalent amount of fiat currency held in reserve by a trusted institution, like a bank. This backing structure aims to keep the stablecoin’s value close to the fiat currency, usually at a 1:1 ratio.

Benefits of fiat-collateralized stablecoins

Fiat-backed stablecoins provide stability by being directly backed by traditional currencies like the U.S. Dollar or the Euro. The reserves are held by custodians and regularly audited for transparency. Popular examples include Tether (USDT) and USDC from Circle, both maintaining a 1:1 value with the Dollar. As of October 2024, Tether (USDT) is the third-largest cryptocurrency by market capitalization.

Disadvantages of fiat-collateralized stablecoins

Fiat-backed stablecoins have several notable drawbacks. They rely on centralized entities to manage reserves, which contradicts the decentralized ethos of cryptocurrency. While these stablecoins generate revenue from their reserves, they do not share any of this profit with users, limiting benefits for holders. Additionally, the opacity of reserves and unclear audits can raise concerns, leaving users unsure about the actual backing of these stablecoins.

Crypto-backed stablecoins are a type of stablecoin that maintain their value through collateral in other cryptocurrencies rather than fiat currencies.

These stablecoins are managed through smart contracts on blockchain platforms, where users lock up their crypto assets as collateral to mint stablecoins. If the value of the collateral falls below a certain threshold, it can be liquidated to maintain the stablecoin's peg to a stable asset, typically the U.S. Dollar.

Benefits of crypto-backed stablecoins

Crypto-backed stablecoins offer several advantages. They are backed by a diverse basket of cryptocurrencies, with the proportion of each asset adjusted according to its volatility to maintain a stable price. These stablecoins are often over-collateralized to provide extra security and reduce the risk of value fluctuations. One of the main benefits of crypto-backed stablecoins is that they are decentralized and accessible to everyone, aligning with the core principles of cryptocurrency. Many of these stablecoins share the revenue generated from their backing with users, enabling holders to earn passive income. Additionally, their reserves are typically transparent and verifiable, which means users don’t have to rely on centralized entities. Examples include DAI (now USDS) from Sky and USDA from Angle, which illustrate these benefits.

Disadvantages of crypto-backed stablecoins

While crypto-backed stablecoins have their benefits, they also come with notable disadvantages. They generally have less liquidity than fiat-backed stablecoins, which dominate the market. Finally, if these stablecoins are typically over-collateralized to mitigate potential price volatility, a significant drop in the price of the underlying cryptocurrency can create challenges.

Commodity-backed stablecoins are stablecoins that derive their value from reserves of physical assets, such as precious metals (like gold and silver), oil, or other commodities. Each unit of a commodity-backed stablecoin represents a specific quantity or value of the underlying commodity, and the issuing entity typically holds this commodity in reserve. This backing helps the stablecoin maintain a more stable value, similar to the price of the underlying commodity.

Benefits of commodity-backed stablecoins

Commodity-backed stablecoins can be considered a sub-category of fiat-collateralized stablecoins. These cryptocurrencies are pegged to the market value of resources. Typically, they hold the physical commodities through third-party custodians or invest in financial instruments related to these assets, such as ETFs. The main advantage of these stablecoins is that they allow easy access to investing in a commodity, just like any other token.

Disadvantages of commodity-backed stablecoins

Just like fiat-backed stablecoins, commodity-backed stablecoins also have their drawbacks. They rely on centralized entities to manage reserves, which contradicts the decentralized ethos of cryptocurrencies. Additionally, a lack of transparency and unclear audits can raise concerns about the actual backing of these stablecoins.

Algorithmic stablecoins are a type of stablecoin that use software algorithms to automatically adjust the coin's supply in response to changes in demand, aiming to maintain a stable price without holding real reserves.

For example, when demand for the stablecoin rises and its price goes above the intended peg (usually $1), the algorithm will increase the supply by minting more coins, thereby bringing the price down. Conversely, if the price falls below the peg, the algorithm will reduce supply, often by buying back or burning coins, to help push the price up.

Benefits of algorithmic stablecoins

Algorithmic stablecoins offer advantages, including decentralization and independence from collateral, which reduces reliance on banks or centralized entities and aligns with blockchain’s decentralized ethos. They are able to adjust supply to meet demand without requiring additional reserves. Their lack of traditional asset backing can also reduce regulatory risks, providing resilience to certain restrictions.

Disadvantages of algorithmic stablecoins

Algorithmic stablecoins come with several disadvantages that can pose significant risks. One major issue is their reliance on complex mechanisms, which can lead to failures in maintaining the price peg. A notable example is the TerraUSD (UST), whose value plummeted by over 60% on May 11, 2022, as the associated Luna token lost more than 80% of its value overnight, resulting in a complete loss of its peg to the U.S. Dollar.

Tether (USDT), launched in 2014 by Tether Limited, is one of the most popular stablecoins on the market. Its concept is based on a 1:1 peg to the US Dollar, with each USDT issued supposedly backed by $1 Dollar held in reserve. Created to enable quick value transfers and avoid the price volatility of other cryptocurrencies, USDT has attracted traders and investors. However, controversies have arisen over the transparency of its reserves. Despite this, Tether remains the largest stablecoin by market capitalization.

USD Coin (USDC), launched in September 2018 by Circle in collaboration with Coinbase, is a stablecoin pegged 1:1 to the US Dollar. Unlike some other stablecoins, USDC is fully regulated and regularly audited, providing greater transparency about its reserves. Circle stores its fiat reserves in centralized financial institutions, which introduces a degree of counterparty risk. Despite this, USDC has gained popularity as a more transparent alternative to Tether, backed by strong financial partnerships, including investments from companies like Goldman Sachs and Baidu.

DAI, launched in 2017 by MakerDAO, is a decentralized stablecoin pegged to the US Dollar. Unlike traditional fiat-backed stablecoins, DAI is backed by cryptocurrencies such as Ether (ETH) and USDC, creating a unique system where its value is stabilized through self-executing smart contracts on the Ethereum blockchain. New DAI tokens are created when loans are taken out on the MakerDAO platform, and the supply is adjusted to maintain the $1 peg. While DAI's decentralization offers independence from centralized control, its reliance on volatile crypto assets introduces risks, such as potential depegging during market downturns.

DAI is currently being migrated to USDS, and MakerDAO has been rebranded as Sky.

USDA, the stablecoin by Angle Protocol, represents the future of stablecoins with its innovative over-collateralized model. Pegged 1:1 to the US Dollar, USDA is backed by a diversified reserve of assets, including tokenized Treasury Bills, government bonds, Ethereum, Bitcoin, and other liquid stablecoins. What truly sets USDA apart is its ability to generate safe yields for holders, sourced from both traditional finance (TradFi) and decentralized finance (DeFi). This allows users to enjoy optimal returns without needing to switch between systems. As liquid as USDC, USDA can be exchanged easily with no fees or slippage, positioning it as a key player in on-chain forex markets.

EURA, the Euro stablecoin by Angle Protocol, is currently the most traded Euro stablecoin on the market. Designed to withstand adverse market conditions, EURA is backed by secured debt and Euro-denominated stable assets, with anti-depeg mechanisms built on advanced research. Available on over 13 blockchains, EURA also offers a Euro yield to its users, sourced from the returns generated by its backing assets. As liquid as EURC, it can be exchanged 1:1 with EURC from Circle, without any fees or slippage, making it a reliable and efficient choice for Euro-based on-chain transactions. With Angle, transparency is not just a feature but a foundation, allowing users to track the collateral reserves behind EURA in real-time.

Stablecoins play a crucial role in the cryptocurrency ecosystem due to their stability. While cryptocurrencies like Bitcoin and Ether offer benefits such as trustless transactions without intermediaries, their unpredictable price fluctuations make them challenging for everyday use. Stablecoins address this issue by pegging their value to more stable assets, typically fiat currencies. This design helps maintain their value over time, encouraging wider adoption for regular transactions and providing a reliable means of exchange in the crypto market.

Stablecoins have several disadvantages and risks that users should consider. A major concern is centralization, especially with fiat-backed stablecoins, which rely on traditional banking systems for reserves. If a bank fails, the value of these stablecoins may be compromised, undermining their intended stability. Crypto-collateralized stablecoins also face risks; while they are typically over-collateralized, significant drops in cryptocurrency prices can threaten their value. Additionally, regulatory uncertainty is growing, as governments around the world call for tighter regulations, which could impact the stability and adoption of stablecoins.

The main difference between Central Bank Digital Currencies (CBDCs) and stablecoins lies in their backing and regulatory status. CBDCs are issued and regulated by central banks, representing a digital form of a country's fiat currency, which ensures their stability and trustworthiness. In contrast, stablecoins are typically issued by private entities and are pegged to stable assets like fiat currencies or commodities. While both aim to provide a stable digital currency option, CBDCs are government-backed and centralized, whereas stablecoins can be decentralized and may rely on various mechanisms for maintaining their value.

Stablecoins are increasingly coming under regulatory scrutiny due to their rapid growth and potential impact on the broader financial system. As the stablecoin market has expanded to hundreds of billions of Dollars, regulators worldwide are paying closer attention to these digital assets to ensure compliance with financial laws and regulations. In October 2021, the International Organization of Securities Commissions (IOSCO) suggested that stablecoins be regulated as financial market infrastructure, especially those deemed systemically important. In Europe, under the Markets in Crypto-Assets (MiCa) regulation, centralized stablecoins require a license to operate, while decentralized stablecoins are currently exempt.

No, Bitcoin is not a stablecoin. Unlike stablecoins, which are designed to provide a stable value and reduce the high price volatility typically associated with cryptocurrencies, Bitcoin (BTC) experiences significant price fluctuations. Stablecoins aim to offer a more reliable alternative for everyday transactions by maintaining a consistent value, often pegged to a fiat currency like the US Dollar. In contrast, Bitcoin's volatility can make it less suitable for common transactions, as its price can change dramatically in a short period.

Ensuring that a stablecoin maintains its peg at scale and maximizes its risk-adjusted returns requires professional management and advisory. This is why Angle is working with Steakhouse, a financial advisor for DAOs, which provides guidance to the Protocol, and ensures institutional-grade reserve management with one objective: to optimize the solvency, liquidity and yield of Angle's stablecoins.

So, what is USDA made of?

Angle's dollar stablecoin is backed by a reserve of various crypto assets that can be viewed in real-time via Angle Protocol's Analytics page.

The distribution of assets in the reserves is automatically rebalanced and continuously evolves to ensure perfect risk coverage. However, here are the main assets backing the USDA at the time of writing, along with the counterparty risks they entail:

steakUSDC is the most important asset in the USDA reserves at the time of writing — more than 40% of USDA backing.

It's an ERC-4626 token representing a share of a yield-bearing Metamorpho vault managed by Steakhouse Financial.

This vault, built on top of the Morpho Protocol, allows lenders to deposit USDC to provide liquidity for users who are looking for borrowing USDC using blue-chip collaterals such as ETH, BTC, and bIB01 (tokenized T-bills).

When depositing USDC into the vault, lenders — such as Angle Protocol — receive steakUSDC in exchange.

Why back USDA with steakUSDC and not simply USDC?

By depositing USDC into the vault (and receiving steakUSDC in exchange) Angle Protocol earns interest paid by USDC borrowers which are distributed to steakUSDC holders. This passive income is then redistributed to users of the Angle savings solution.

Angle policy has always been to create stablecoin systems with minimal trust assumptions and the lowest counterparty risks. With steakUSDC, Angle minimizes the protocol’s risk exposure by controlling the assets and collateral it is exposed to. Unlike other lending protocols, it is clear from the outset that by supplying the vault, Angle is only exposed to specific collaterals — here blue-chip assets.

Moreover, steakUSDC is liquid. Angle Protocol can easily exchange them for USDC in case many users decide to redeem their USDA for USDC.

In addition to steakUSDC, a small portion of USDA backing consists of USDC. This ensures that users of the Protocol can always and instantly redeem USDA for USDC and vice versa.

These USDC are located on different chains, allowing users to mint and burn USDA for USDC on Ethereum, as well as Optimism, Arbitrum, and Base.

USDM is Mountain Protocol's USD stablecoin.

USDM is backed exclusively by short-term US Treasuries which makes it a low-risk USD-denominated asset. USDM can only be purchased directly from Mountain Protocol by Primary users with an active Mountain Protocol account requiring a KYB ("Know Your Business"): business's status verification, risk assessment, etc.

Secondary users can acquire USDM from Primary users, from other Secondary users or via decentralized exchanges (DEXs).

USDM's strength, aside from its 5% yield, lies in how quickly and easily it can be traded directly onchain, thanks to its secondary market. This flexibility is crucial for managing USDA. Indeed, the backing of USDA (which includes the USDM stablecoin) must be continuously adjusted to maintain the USDA peg. This means that Angle Protocol may need to sell a large amount of USDM quickly if someone wants to redeem USDA.

USDM deep secondary market is well suited for Angle rapid liquidity needs, and its fast redemption times on the primary market make it a perfect liquid asset to hold in a balance sheet.

USDM reserves are maintained in a bankruptcy-remote setup with collateral proof of reserves, third-party attestations, and regulatory oversight. However, the backing of USDM is less predictable compared to other products, such as Backed's bIB01. While bIB01 is a tokenized representation of a single ETF (IB01), USDM's backing involves multiple assets.

Finally, Mountain Protocol has incorporated BlackRock's BUIDL fund to its USDM reserves. This allows USDM to benefit from all BUIDL integrations, including atomic conversion with USDC.

Mountain Protocol

@MountainUSDM

Soon all USDM holders will benefit from BUIDL, as a core asset for USDM Reserves.

We are proud to be a seed client for BUIDL and support institutional grade products that provide high quality backing to permissionless stablecoins.

Securitize

@Securitize

Securitize is proud to announce we have partnered with @BlackRock. Together, we’re launching BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

BUIDL will provide investors with the opportunity to earn U.S. dollar yields by subscribing to the fund with Securitize…

119

12:16 • 21 mars 2024

Just like steakUSDC, gtUSDAcore is an ERC-4626 token representing a share of a yield-bearing Metamorpho vault managed by Gauntlet.

With this vault, Angle Protocol lends USDA to users who can borrow it with collaterals such as liquid staking tokens (LST) and liquid restaking tokens (LRTs).

As a vault depositor, Angle earns interest paid by USDA borrowers. As with steakUSDC and USDM, this yield is also allocated to Angle savings depositors.

USDA deposited into the Metamorpho vault are pre-minted, meaning they are not immediately backed by collateral until they are borrowed. Once borrowed and managed by parties other than Angle, this new USDA supply is then properly backed. Furthermore, there are no specific risks associated with the fact that these USDA are pre-minted, compared to USDA that are already minted.

As for steakUSDC, the main risk lies in the management of the vault, especially if risky new collateral is accepted, which could lead to an increase in bad debt. However, Angle has a clear and transparent view of the vault and its accepted collaterals, allowing it to control the exposure of gtUSDAcore.

The size of Angle position into gtUSDAcore is also calibered so that it remains smaller than the assets held in steakUSDC or USDC, otherwise USDA borrowers could deplete the reserves in the Price Stability Module (aka the Transmuter) of the Protocol.

USDA and EURA are two independent stablecoins with separate balance sheets. The stability of one does not affect the stability of the other.

But how can there be EURA into USDA's reserves?

This is due to the liquidity needs of the EURA/USDA pair. At the USDA launch, Angle has seeded a Uniswap V3 pool with pre-minted EURA and USDA stablecoins. This pool enables users to exchange the two stablecoins at their forex value.

Thus, when EURA are swapped for USDA, the EURA are added to the USDA backing, and the USDA effectively enters into circulation.

The size of the EURA position in the backing has been determined so that EURA can never get a systemic importance in the overall USDA backing.

Finally, it’s important to note that steakUSDC and USDM are held on the Transmuter — Angle’s Price Stability Module. This system uses automated mechanisms to tracks all assets, and keep the exposure to each asset in the reserves within reasonable limits to maintain USDA's peg to the USD.

You can now earn Angle yield on your stablecoins, plus Starknet token (STRK) incentives and Nimbora points, by depositing into the nstUSD earn strategy on Nimbora!

Deposit USDC and earn yield now →

1. Go to the Nimbora App and connect your Starknet wallet (Argent or Braavos)
   Please note that Nimbora is currently invite-only! Get access to the Nimbora nstUSD strategy by using Angle invitation link or the referral code: Ed3riwxP

2. Select the nstUSD strategy

   

3. Enter the amount of USDC on Starknet you want to deposit

   

4. Click on the "Deposit" button and confirm the transaction in your wallet

   

5. You will receive Nimbora nstUSD tokens in exchange for your USDC deposit. And voilà!

You can now see your balance of Nimbora nstUSD tokens in the portfolio section of the App or directly in your wallet

Start earning yield on your USDC now →

nstUSD is Nimbora's token on Starknet that represents Angle's stUSD stablecoins on the Ethereum network. Like stUSD, nstUSD is a yield-bearing token that automatically increases in value every 12 seconds. Simply hold it to earn yield!

When you deposit USDC into the nstUSD strategy on the Nimbora App on Starknet, your USDC is bridged to Ethereum to mint the Angle USDA stablecoin. This stablecoin is then deposited into the Angle Dollar Savings solution (stUSD), which generates yield. This yield is distributed to nstUSD holders on Starknet. Learn more about stUSD and its yield here.

nstUSD is a liquid token that can be used in DeFi within the Starknet ecosystem.

nstUSD APR comes from several sources:

• Angle stUSD yield that auto-compounds daily. Yield is embedded into the nstUSD value that increases every 12 seconds.

• Staknet token (STRK) incentives provided by the Nimbora team using the Starknet Catalyst grant that are claimable every two weeks

• Staknet token (STRK) incentives provided by the Starknet Foundation as a part of the DeFi Spring 2.0 that are claimable every two weeks

The nstUSD strategy also allows users to earn Nimbora points. Holders of Nimbora yield-bearing tokens get points based on their balance. The more and longer they hold, the more points they accumulate.

You can always check your points by clicking on the ‘Points’ section in the upper left corner at app.nimbora.io

Deposit on Nimbora and earn now →

Nimbora is a Starknet-based omnichain 1-click yield strategy platform that enables users to engage with Layer 1 protocols at a fraction of the cost. Discover the best of Ethereum protocols and optimize your DeFi strategies with Nimbora.

Angle is a DeFi Protocol specializing in building resilient stablecoin infrastructures. The Protocol’s main products are USDA, the most reliable USD stablecoin, and EURA (formerly agEUR), the most traded Euro stablecoin. Known for its innovative stablecoin mechanisms and reliability, Angle is ranked among the safest DeFi protocols on DeFiSafety. Backed by Andreessen Horowitz (a16z), Angle operates as a Decentralized Autonomous Organization (DAO), ensuring community-driven governance with its veANGLE token used for voting governance proposals. Angle Labs, the main contributor to Angle Protocol, also powers Merkl, a platform enabling foundations, DAOs, and protocols such as Arbitrum, Uniswap, or Aave to create tailored and efficient on-chain incentive programs to optimize their liquidity and growth.

What's the stUSD restaking vault on Nektar?

The Angle stUSD Restaking Vault on Nektar is a new DeFi product allowing users to earn yields on their stablecoins. By leveraging the Nektar restaking network and Enzyme’s battle-tested smart contract infrastructure, the vault offers multiple layers of rewards: depositors get staking & restaking rewards paid in Angle's stUSD. Participants also accrue points: Nektar Drops, as well as Angle Prots to be redeemed for ANGLE tokens at a later date!

You can already start participating by depositing USDC into the vault during the pre-launch of Nektar. You’ll earn the stUSD yield plus double points: Angle Prots and Nektar Drops.

Here’s how it works:

1. Deposit USDC or ETH into the vault

2. Conversion to stUSD: the deposited USDC are automatically swapped into stUSD

3. Earning rewards: users immediately start earning Nektar Drops and Angle Prots credits, alongside the yield from the stUSD stablecoin

Upon the launch of the Nektar protocol, the vault will take a significant step forward in its evolution by introducing the restaking mechanism:

1. stUSD to ETH swap: the stUSD held in the vault is swapped for ETH

2. Restaking on Nektar: the swapped ETH is restaked on the Nektar protocol

3. Continuous rewards: users earn rewards on ETH in the form of restaking rewards paid out in stUSD stablecoin yield-generating stablecoin

Deposit USDC or ETH now! →

The innovative restaking mechanism maximizes the potential for earnings by swapping stUSD for ETH and restaking it on the Nektar Network.

When depositing into the vault, users get a receipt token — anglETH — representing the share of the vault they hold, based on the amount they deposited.

Want to exit the vault? Users just have to redeem their anglETH and get their share of what's inside the vault paid in stUSD during phase 1, and paid with a mix of stUSD and ETH in phase 2.

Deposit today and get anglETH LRT →

Stablecoins are good, but yield is even better!

The Angle stUSD Restaking Vault on Nektar offers several compelling reasons for users to participate:

• Diversified earning potential: by earning multiple types of rewards — from Nektar Drops to restaking rewards paid in stUSD — users can maximize their returns.

• Stablecoin security: restaking rewards paid in stUSD provide the stability of a yield-bearing stablecoin.

• Innovative mechanism: the restaking of ETH introduces a dynamic layer of earning potential, enhancing the traditional staking rewards.

• Peace of mind: leveraging the Enzyme protocol as a battle-tested infrastructure for the vault gives users the confidence of a solid setup; and the Angle dev team can focus on further integrations.

The launch of the Angle stUSD Restaking Vault on Nektar represents a significant advancement in the DeFi space, providing users with an innovative way to earn rewards on USDC, leveraging restaking mechanism. Your stablecoins have never worked harder for you!

Deposit USDC now and get your anglETH LRT today! →

Please note that the Angle stUSD Restaking Vault runs on the Enzyme protocol and will leverage its integration with the Nektar Network.

Angle is a DeFi Protocol specializing in building resilient stablecoin infrastructures. The Protocol’s main products are USDA, the most reliable USD stablecoin, and EURA (formerly agEUR), the most traded Euro stablecoin. Known for its innovative stablecoin mechanisms and reliability, Angle is ranked among the safest DeFi protocols on DeFiSafety. Backed by Andreessen Horowitz (a16z), Angle operates as a Decentralized Autonomous Organization (DAO), ensuring community-driven governance with its veANGLE token used for voting governance proposals. Angle Labs, the main contributor to Angle Protocol, also powers Merkl, a platform enabling foundations, DAOs, and protocols such as Arbitrum, Uniswap, or Aave to create tailored and efficient on-chain incentive programs to optimize their liquidity and growth.

Nektar Network is a multilayered restaking network powered by DVT implementing a comprehensive incentives system for its participants. Nektar Network has four layers that extend crypto economic security of the Ethereum network to additional applications: The Stinger Client, The Diva Staking Protocol, the Nektar Restaking Protocol and the Nektar’s marketplace.

Enzyme is a protocol for smart, tokenized wallets designed to accelerate project outcomes and facilitate on-chain asset management. It enables access to digital assets and DeFi from one simple, unified app. It provides a front-to-back execution and order management system, which fully automates reporting, risk management, administration, governance and operations.

This was the question that the Morpho Association considered before adding $500,000 in stUSD (staked USDA) to their treasury allocation this June. Indeed, the stUSD stablecoin offers everything one could hope for in reserve assets: passive yield, liquidity, accessibility, and stability.

stUSD is a yield-bearing version of the Angle USDA stablecoin. With stUSD, holders easily and passively earn a dollar yield on their stablecoins.

No need to do anything. The yield earned by holding stUSD is directly reflected in the token value. No airdrops, no claiming, no transactions required! Angle handles everything!

Well, but where does this yield come from?

The yield allocated to stUSD holders comes from the returns generated by the assets held by Angle Protocol (DeFi yield-bearing assets, RWAs such as tokenized T-bills,…) that are redistributed to its holders.

By combining yields from various sources, both from traditional finance (TradFi) with RWAs and decentralized finance (DeFi) with DeFi assets and borrowing interest, stUSD offers the Morpho Association the highest risk-adjusted yield — 19% average APY in the last 30 days.

With $500,000 in stUSD in their reserves, the Morpho Association is earning $8,000 per month without lifting a finger!

19% APY? How can it be so high while still being secure?

stUSD holders like the Morpho Association receive yield from the entire USDA backing. However, not all USDA stablecoins are deposited into stUSD. It means that few people (stUSD holders) receive the yield from all USDA stablecoins in circulation.

Thanks to this multliplier/boosting effect, the Morpho Association can earn higher yield than what they'd be earning themselves by doing the same strategy!

The Morpho Association chose stUSD for its yield, but also for its liquidity. stUSD is permissionless. Holders can get in instantly. It’s as simple as a swap. There is no minimum deposit, no lockup period, no deposit fees, no withdrawal fees. And holders earn rewards from day one.

DAO and companies holding stUSD in their treasuries can also get out, anywhere, anytime. No risk of being locked. Exiting is as simple as swapping assets. And there is 0 fees.

Beyond its yield-generating capabilities and liquidity, stUSD stands out as one of the most reliable stablecoins in the market.

stUSD is fully backed and over-collateralized with real assets in the reserves (contrary to algorithmic stablecoins). Anyone can redeem their stUSD stablecoins for collateral in the reserves.

Additionally, stUSD is reinforced by an equity buffer as an added layer of protection. It means that collaterals would still be left in the Protocol even if all stakeholders redeem their stUSD.

No deposit risk with stUSD!

Moreover, stUSD is designed to withstand any adverse market condition. The stablecoin maintains its peg with the US Dollar thanks to advanced price stability mechanisms.

stUSD management framework, created in August 2023 and continuously refined, draws upon three years of research & development on EURA and insights gained from recent stablecoin depeg incidents such as USDC in March 2023.

"stUSD emerged as a natural fit in our treasury diversification strategy. With its price stability mechanisms and yield generation features, it has become a top choice for those seeking low-risk yield exposure,” said Paul Frambot, CEO of Morpho Labs.

stUSD becomes an obvious choice when seeking to diversify treasury holdings while accessing a secure but competitive yield, like the Morpho Association. stUSD is robust, with no depeg risk, and is fully backed. Plus, holders can enter and exit whenever they want, they will never be locked in.

The Morpho Association is a prime example of integrating stUSD into its reserves, a practice that shouldn't be confined to DeFi protocols alone. DAOs, institutions, market makers — all stand to benefit from integrating stUSD into their portfolios.

So if you're as savvy as the Morpho Association, consider adding some stUSD to your reserves!

Get more info on the stUSD yield-bearing stablecoin in this article.

Protocols are key, but users are invaluable. It's by listening to our peers that we inform ourselves, learn, and discover new opportunities.

Angle’s primary goal has always been to build resilient and reliable stablecoins. We are convinced that USDA is the best stablecoin on the market, and we want everyone to be able to benefit from its unwavering stability, highest risk-adjusted yield, and deep liquidity.

This is why we are launching our new Social Education Program!

The goal? Reward all users who are currently educating their communities about Angle Protocol, and encourage others to join in.

It’s simple:

1. Create content on X/Twitter about Angle and its stablecoins. Don’t forget to tag @AngleProtocol in it. Your tweet becomes eligible to accumulate educational credits — called Prots — once the Angle Protocol X account likes it.

2. Earn 100 Prots for every view your tweet receives

3. Redeem the Prots for ANGLE tokens at a later date in September

The more you post and educate your community, the more Prots you can earn!

E.g. John posts a tweet explaining USDA’s main features, illustrated by a nice visual. His posts is liked by the @AngleProtocol account. It’s eligible for earning educational credits. As it's creative and engaging, John's post is reshared by the Angle Protocol account, reaching 5k views. John receives 500,000 (5k x 100) Prots that he will be able to redeem for ANGLE tokens at a later date.

Only tweets liked by the official Angle Protocol account will be eligible to earn educational credits. We will only like Angle stablecoins’s related content (USDA, stUSD, EURA, stEUR). Spamming (posting the same content several times) or botting activities to boost views will be filtered out and lead to disqualification.

Want to create content about Angle in a Youtube video, a newsletter, or in an article and earn Prots? Send us a message!

Everyone is welcomed to create educational content about Angle stablecoins.

Whether you have 20 or 5000 followers, you can all earn credits, and get a view boost if your tweet is reshared by the Angle Protocol account!

So, to stack the odds in your favor, don't hesitate to get creative: schema, image, table, metaphor,… there are a hundred ways to explain the benefits of Angle’s tokens.

Every user can easily check the number of Prot they hold on the Leaderboard in the Angle App. The Prots Leaderboard is updated every day.

The first season of the education program will last for 4 months. At the end of season 1, all Prots will be convertible in ANGLE tokens via the Merkl Reward Hub.

So bring your thread, diagram, educative analysis and earn rewards for contributing to the advancement of the Angle community!

Legal Disclaimers
Prots educational credits are non-refundable and cannot be exchanged for cash or any other digital asset than ANGLE tokens. It does not entitle token holders to any promise of revenue, fees, profits or investment returns.
Prots do not represent any shareholding, participation, right, title, or interest in any entity, enterprise or undertaking.
Prots may have no value and there is no guarantee or representation of value or liquidity for it.

The undeniable power of USDA reveals itself through firsthand use. Once you taste it, you'll be hooked. This is why we're fully committed to giving protocols and all other crypto players a boost in integrating and embracing our dollar stablecoin!

Today, we are thrilled to announce the launch of our new USDA integration program!

It’s simple: integrate USDA, get credits to exchange for ANGLE tokens, be part of the Protocol, and make USDA your own stablecoin.

When a protocol integrates USDA or stUSD within our new program, it does not only benefit from the best USD stablecoin and its low-risk yield, but it also becomes a co-owner of Angle Protocol and its stablecoins!

That’s right. By integrating USDA, protocols can make USDA their own stablecoin.

How?

Protocols who integrate USDA will be able to claim ANGLE, the governance token of the Angle Protocol. Holding ANGLE tokens means being an owner of the Protocol.

No need to create your own stablecoin, just share the ownership of USDA with the rest of the ecosystem!

Plus, ANGLE tokens give access to voting rights (treasury management, protocol upgrade,…) and other benefits, as you can read in this article.

So, integrating USDA or stUSD goes beyond merely adding a reliable and yield generating stablecoin. It opens the doors to Angle Protocol, and to the ownership of its stablecoins!

To put it simply, protocols will achieve higher returns by integrating USDA compared to any other stablecoin.

How to get ANGLE tokens and be part of Angle Protocol?

It all happens with Angle’s integration credits known as 'Prots' — growth enablers like Proteins, designed for Protocols.

Protocols accrue Prots when integrating Angle’s stablecoins. Prots will grant them the ability to claim ANGLE tokens.

The more USDA or stUSD a protocol holds, the more Prots credits it receives.

• Holding 1 USDA/stUSD for 1 day yields a minimum of 1 Prot

• Holding 1 USDA/stUSD for 1 hour equals 1/24th of a Prot

There is no minimum holding period for USDA/stUSD to earn Prots credits.

Prots can accrue to protocols or directly to their users if protocols decide to do so.

Not quite sure how Prots work yet?

Let's take the example of a perpetual dex protocol who just integrated USDA.

For each new USDA deposited on its platform by its users, the protocol receives 1 Prot per day.

If 10,000 USDA are deposited on day 1, the perps dex protocol earns 10,000 Prots; if 10,000 new USDA are deposited on day 2, the protocol earns a total of 20,000 Prots.

These 20,000 Prots credits, will be exchangeable for ANGLE tokens and the perp dex protocol will become co-owner of Angle Protocol and the USDA stablecoin!

Holding 1 USDA/stUSD for 1 day yields a minimum of 1 Prot, but protocols can earn a whole lot more! Various credit boosts take place:

• First protocols to join the program get a x4 boost on Prots accumulation

• Protocols joining the program after June 2024 get a x2 boost on Prots accumulation

  First come, first served!

Prots earning will be boosted by x2 in the month following a USDA integration

Protocols contributing the most to the TVL of USDA deserve extra rewards:

• Protocols contributing between $5-10m TVL of USDA get a x2 boost on accumulated Prots

• Protocols contributing >$10m TVL of USDA get a x4 boost on accumulated Prots

  

  All these boosts are cumulative! A simple USDA integration can yield significant returns!

  Want Prots and ANGLE? Get whitelisted today!

  To participate in the integration program, protocols and USDA/stUSD integrators need to be whitelisted by Angle.

  This can be done by completing this simple form or by reaching out to a member of the Angle team directly via Telegram.

• 

  The first season of the integration program will last for 4 months or until USDA reaches 500M in supply. At the end of season 1, all Prots credits will be convertible in ANGLE tokens via the Merkl platform.

  

  Don't wait any longer! The integration program is already live and projects like Exodus, Spectra, Synonym Finance, Vela Exchange, Mitosis and Extra Finance or ecosystems such as Morph have already been whitelisted!

  ---

  Legal Disclaimers

  Prots integration credits are non-refundable and cannot be exchanged for cash or any other digital asset than ANGLE tokens. It does not entitle token holders to any promise of revenue, fees, profits or investment returns.

  Prots do not represent any shareholding, participation, right, title, or interest in any entity, enterprise or undertaking.

  Prots may have no value and there is no guarantee or representation of value or liquidity for it.

An Ethereum wallet is a software application or a physical device that allows users to store, send, and receive Ethereum (ETH) and other tokens built on the Ethereum blockchain (ERC20 tokens). These wallets come in various forms such as software wallet and hardware wallets, also known as hot and cold wallets. They typically provide users with a unique address to receive ETH (public key) and allow them to interact with decentralized applications (DApps) on the Ethereum network.

Crypto software wallets, also known as digital wallets or hot wallets, are software applications that allow users to store, send, and receive cryptocurrencies. These wallets exist in various forms, including desktop applications, mobile apps, and web-based platforms.

Software wallets are generally easy to use and convenient for accessing your funds quickly, as they are accessible from any device with an internet connection. However, they are typically considered less secure than hardware wallets, which store cryptocurrency offline.

Despite the security risks associated with software wallets, many users find them suitable for everyday transactions and prefer their accessibility and user-friendly interfaces. Popular examples of Ethereum software wallets include Exodus, MyEtherWallet, MetaMask, Rabby, and Trust Wallet.

Hardware wallets are physical devices designed specifically for the storage of cryptocurrencies. Unlike software wallets, which are digital and exist on computers or smartphones, hardware wallets store users' private keys — giving access to crypto — offline, away from potential online threats such as malware or hacking.

Popular examples of Ethereum hardware wallets include Ledger Nano X, Ledger Nano S Plus, Trezor One, and Trezor Model T. While hardware wallets may come with a price tag, they are widely considered one of the safest ways to store cryptocurrencies for long-term holding.

Ledger hardware wallets are considered a good option for managing and securing Angle Protocol’s tokens. They are compatible with Ethereum and ERC-20 tokens and they store private keys offline, protecting against online threats. Ethereum wallet Ledger also features PIN code protection and tamper-proof design, ensuring the safety of users' funds.

Wallets are inevitable for managing and securing cryptocurrencies. While software wallets like MetaMask offer ease of use, hardware wallets such as Ledger prioritize security through offline storage of private keys.

What are token standards?

A token standard is a collection of clear rules that dictate how a cryptocurrency token is made, acts, and operates within a blockchain network.

Tokens are digital assets that can be created, traded, and securely stored within a blockchain. They facilitate various on-chain functions such as paying transaction fees, securing the network through staking, managing liquidity pools, and participating in governance decisions.

To ensure compatibility with the blockchain they are based on and enable seamless integration across different applications, various token standards have emerged. These standards ensure that tokens are interoperable and can be easily integrated across diverse blockchain systems.

The most common standards are ERC-20, ERC-721, and ERC-1155.

Many developers of decentralized applications (dApps) favor the Ethereum blockchain for deploying smart contracts. The predominant token standard utilized on Ethereum is ERC-20.ERC-20 serves as Ethereum's standard for fungible tokens, encompassing various cryptocurrency types like utility tokens, security tokens, and stablecoins. It's extensively adopted by projects creating utility and governance tokens for decentralized applications (dApps) operating on the Ethereum blockchain or its sidechains.

Every ERC-20 token can seamlessly interact with one another and with compatible wallets such as the Ledger ERC20 wallet, Metamask or TrustWallet.

ANGLE governance tokens and Angle Protocol stablecoins — USDA, stUSD, EURA, stEUR — are ERC20 tokens.

ERC-721 stands as Ethereum's standard for non-fungible tokens (NFTs). Unlike fungible tokens, NFTs possess unique identifiers and cannot be exchanged interchangeably. They signify ownership of particular assets, including digital artwork, collectibles, gaming assets, event tickets, or virtual real estate.

The ERC-1155 standard enhances previous standards by enabling the creation of tokens that are independent of fungibility (meaning they can be either fungible or non-fungible) and efficient in their gas usage for processing transactions on the blockchain. The NFT ecosystem Enjin has developed ERC-1155 to allow a single smart contract to handle multiple types of tokens.

The ERC-4626 standard outlines procedures for depositing, withdrawing, and overseeing assets within a vault, along with minting and burning the vault's share tokens. A vault, whether through a multisig solution or smart contract, serves as a storage and management mechanism for assets like cryptocurrencies. It consistently holds the tokens it produces as returns. These generated tokens can subsequently be traded for the tokens initially locked within the vault.

Prior to ERC-4626, DeFi protocols managed their vaults and interest-bearing tokens through various non-standardized approaches. This lack of consistency posed challenges for developers aiming to create interoperable tools and for users trying to navigate different protocols. ERC-4626 tackles this issue by providing a unified interface, simplifying the development of interoperable and user-friendly DeFi products.

Angle savings solution is an ERC-4626 contract, which means that upon staking an Angle stablecoin in a savings contract users receive a classical ERC-20 token that can then be transferred, staked, lent or used in any way they want.

BEP-20 is the standard governing tokens utilized on the BNB Chain, which powers the Binance cryptocurrency exchange. It’s rerived from ERC-20.

TRC-20 is the token standard governing the creation of fungible tokens on the TRON blockchain, dictating their functionality. It shares similarities with ERC-20 tokens.

Token standards are pivotal in shaping blockchain ecosystems. They establish a foundational structure that streamlines token creation across the blockchain landscape, bolstering liquidity. By ensuring cryptocurrency tokens are interoperable and seamlessly integrated into decentralized applications (dApps), wallets, and exchanges, standards foster innovation.

They empower developers to leverage existing standards, promoting efficiency over reinvention. The resemblance between token standards like ERC-20 and BEP-20 simplifies token and application migration across diverse blockchains, expediting deployment and adoption.

• granting voting rights to the Angle DAO’s participants

• serving as an incentive for Angle’s stablecoin users

• facilitating the distribution of tokens held by the Protocol

Angle is a decentralized Protocol governed by a DAO, whose mission is to optimize and enhance the Protocol. The Angle DAO is responsible for parameters tuning, deploying new stablecoins, accepting new collateral types for a given stablecoin, for treasury management and for protocol upgrades and integrations.

The Angle DAO is controlled by ANGLE holders through onchain votes — Angle Improvements Proposals, also known as AIP. ANGLE holders must lock their tokens to receive veANGLE tokens (voting-escrowed ANGLE tokens), enabling them to discuss, propose, and vote to upgrade the Protocol.

From the rebranding of agEUR to EURA to the launch of USDA, all decisions must be voted on in advance by the DAO and its veANGLE holders.

If you're looking for alphas, now you know where to find them!

Beyond voting power, the ANGLE token also serves as an incentive for individuals who interact with the Protocol. New ANGLE tokens are issued each week by the Protocol to reward Angle’s stablecoins users.

ANGLE token emissions are controlled by a Liquidity Committee composed of members from the Angle Guardian Multisig.

The responsibility of the Liquidity Committee is to ensure the optimal use of ANGLE incentives for the growth of Angle stablecoins.

For instance, in April 2024, the Committee has decided to prioritize the emissions of new ANGLE tokens towards efficient single-sided incentives, like USDA lenders on Morpho Blue, while ceasing ANGLE incentives for pools such as UniV3 EURA-ETH, UniV3 EURA-USDC, Sushiswap EURA-ANGLE, and UniV3 EURA-USDC (Polygon).

As a result, new ANGLE token emissions have been reduced by 80% since April 18th compared to the initial emission schedule of the Protocol.

Today, there are around 450 million ANGLE tokens in circulation, far from the total initial supply of 1 billion planned in November 2021 when Angle Protocol was launched.

Even though the 1 billion ANGLE have already been pre-minted (though not yet in circulation), the DAO could vote to burn a significant portion of them to prevent token dilution.

Angle Protocol generates revenue. It collects fees — in tokens — from users borrowing its stablecoins, from liquidations and it collects interest from some yield-bearing tokens held in the backing of the stablecoins. The Protocol is also occasionally eligible for airdrops by holding specific tokens that back its stablecoins or are held in its treasury.

The development of the upcoming Angle Forex Hub and the collection of fees generated through its activities could also generate revenues in the near future.

These tokens held by the Protocol belong to the Angle DAO and can be redistributed to its community — veANGLE holders — pending a governance vote.

Thus, in March 2024, 500,000 PYTH tokens (worth $275k) received by the Angle Protocol were redistributed to veANGLE holders via the Merkl Reward Hub following a governance vote.

Rewards were distributed proportionally to the veANGLE balance in holders’ addresses.

ANGLE, the governance token of the Angle DAO, empowers its community of veANGLE holders to shape the Protocol's future through proposals and voting. Beyond governance, new ANGLE emissions incentivize the adoption of Angle’s stablecoins, while being optimized to prevent excessive supply increases and token dilution. veANGLE holders also occasionally receive tokens earned by the Protocol, like the PYTH airdrop in March 2024. With the fees collected from the activities of the upcoming Forex Hub, veANGLE holders could also get a sustainable and everlasting stream of rewards! Stay tuned!

ANGLE is an ERC-20 token available on the Ethereum, Base and Linea networks. Users can get ANGLE by swapping their assets on decentralized exchanges (DEXs) like Uniswap and Sushiswap or on DEXs aggregators like 1inch and ParaSwap. Users can also purchase ANGLE tokens on the Gate.io centralized exchange, with more integrations to come!

Bien que la majorité des stablecoins suivent la valeur du Dollar américain — due à la prédominance de l’USD dans le monde de la crypto, et plus généralement dans la finance — d’autres stablecoins se sont posés en alternative, notamment ceux qui suivent le cours de l’Euro.

Voici les 5 principaux stablecoins Euro ainsi que leur principales caractéristiques: émetteur, type de stablecoin, capitalisation de marché, blockchain supportées, actifs en réserves, et leur disponibilité sur les plateformes d’échange de cryptomonnaies.

L’entreprise américaine Tether, connue principalement pour son stablecoin Dollar USDT, émet également l'EURT, un stablecoin adossé à l'Euro. Avec des réserves fiat en Euros garantissant sa parité 1:1, l'EURT offre aux utilisateurs une option stable pour échanger des actifs numériques sur la blockchain.

Il convient cependant de souligner que Tether a fait l'objet de controverses passées concernant la vérification de ses réserves. Malgré le fait que Tether demeure un des plus grands émetteurs de stablecoin au monde, cela peut être un élément à prendre en compte pour les investisseurs.

Circle is a US-based company founded in 2013 by Jeremy Allaire. Circle issues the US Dollar stablecoin USDC. Coinbase, the renowned cryptocurrency exchange, is one of the main shareholders of Circle.

Circle launched EURC in June 2022. EURC is a stablecoin fully backed by Euros held in US bank accounts denominated in Euros. For each EURC stablecoin issued, there is 1 Euro in Circle's reserves.

EURC is exchangeable at a fixed rate of 1:1 against the euro, ensuring its stability. The EURC tokens represent liabilities, while the Euros held in Circle's bank accounts are the assets.

Angle is a decentralized finance (DeFi) protocol specialized in building resilient stablecoin infrastructures. Angle launched EURA (previously known as agEUR) in November 2021, making it a pioneer among Euro stablecoins.

EURA maintains a 1:1 parity with the Euro, secured by reserves in cryptocurrencies like tokenized bonds (real-world assets, aka RWAs), Ethereum, Bitcoin, and other Euro stablecoins. Its decentralized nature renders EURA a highly sought-after stablecoin within the decentralized finance (DeFi) community.

In addition to its stability, EURA provides users with the opportunity to generate passive income through its onchain Euro savings solution.

EURA is available on multiple blockchains: Ethereum, Polygon, Arbitrum, Optimism, Base, BNB, Celo, Avalanche, Linea, and Gnosis.

EURA is the most traded Euro stablecoin in the crypto market today, owing to its availability on over 10 blockchains, its robustness, and the passive yield it generates.

Angle also issues a Dollar stablecoin: USDA.

Founded in 2018, Stasis is a tech company based in Malta that issues the EURS stablecoin. EURS is a digital Euro designed to mirror the price of the European currency.

EURS is backed by the value of the Euro and designed to offer a secure method for holding and transferring value, akin to the stability of the Euro as a currency. The token is fully guaranteed by a reserve of Euros, ensuring its value remains pegged to a 1:1 exchange rate with the Euro.

The Celo blockchain provides a range of stablecoins backed by various assets, including fiat currencies and commodities.

The Celo project issues stablecoins tied to various currencies, including a Dollar stablecoin (cUSD), a stablecoin pegged to the Brazilian Real (CREAL), and a Euro stablecoin (CEUR).

CEUR is an algorithmic stablecoin, maintaining its parity with the Euro through a stability mechanism driven by algorithms.

To mint CEUR stablecoins, users are required to deposit an amount equivalent to 1 Euro in CELO tokens into the stablecoin reserve.

The majority of stablecoins track the value of the US Dollar — given its prevailing influence in both the crypto realm and broader financial markets — however other stablecoins have emerged as alternatives, notably those pegged to the Euro.

Here are the top 5 Euro-based stablecoins along with their main characteristics: issuer, type of stablecoin, market capitalization, supported blockchains, reserve assets, and availability on cryptocurrency exchange platforms.

The American company Tether, primarily known for its US Dollar stablecoin USDT, also issues EURT, a stablecoin pegged to the Euro. With fiat reserves in Euros guaranteeing its 1:1 parity, EURT provides users with a stable option to exchange digital assets on the blockchain.

However, it's worth noting that Tether has been subject to past controversies regarding the verification of its reserves. Despite its position as one of the largest stablecoin issuers globally, this is an aspect investors may need to consider.

ALT

Circle is a US-based company founded in 2013 by Jeremy Allaire. Circle issues the US Dollar stablecoin USDC. Coinbase, the renowned cryptocurrency exchange, is one of the main shareholders of Circle.

Circle launched EURC in June 2022. EURC is a stablecoin fully backed by Euros held in US bank accounts denominated in Euros. For each EURC stablecoin issued, there is 1 Euro in Circle's reserves.

EURC is exchangeable at a fixed rate of 1:1 against the euro, ensuring its stability. The EURC tokens represent liabilities, while the Euros held in Circle's bank accounts are the assets.

Angle is a decentralized finance (DeFi) protocol specialized in building resilient stablecoin infrastructures. Angle launched EURA (previously known as agEUR) in November 2021, making it a pioneer among Euro stablecoins.

EURA maintains a 1:1 parity with the Euro, secured by reserves in cryptocurrencies like tokenized bonds (real-world assets, aka RWAs), Ethereum, Bitcoin, and other Euro stablecoins. Its decentralized nature renders EURA a highly sought-after stablecoin within the decentralized finance (DeFi) community.

In addition to its stability, EURA provides users with the opportunity to generate passive income through its onchain Euro savings solution.

EURA is available on multiple blockchains: Ethereum, Polygon, Arbitrum, Optimism, Base, BNB, Celo, Avalanche, Linea, and Gnosis.

EURA is the most traded Euro stablecoin in the crypto market today, owing to its availability on over 10 blockchains, its robustness, and the passive yield it generates.

Angle also issues a Dollar stablecoin: USDA.

Founded in 2018, Stasis is a tech company based in Malta that issues the EURS stablecoin. EURS is a digital Euro designed to mirror the price of the European currency.

EURS is backed by the value of the Euro and designed to offer a secure method for holding and transferring value, akin to the stability of the Euro as a currency. The token is fully guaranteed by a reserve of Euros, ensuring its value remains pegged to a 1:1 exchange rate with the Euro.

The Celo blockchain provides a range of stablecoins backed by various assets, including fiat currencies and commodities.

The Celo project issues stablecoins tied to various currencies, including a Dollar stablecoin (cUSD), a stablecoin pegged to the Brazilian Real (CREAL), and a Euro stablecoin (CEUR).

CEUR is an algorithmic stablecoin, maintaining its parity with the Euro through a stability mechanism driven by algorithms.

To mint CEUR stablecoins, users are required to deposit an amount equivalent to 1 Euro in CELO tokens into the stablecoin reserve.

With the USD's central position in the crypto market, this new stablecoin expands our reach to a wider audience compared to EURA (prev. agEUR).

Yet, the market is flooded with an abundance of USD stablecoins, with new ones emerging monthly. For users, whether you’re an individual or a professional such as a crypto treasury manager, choosing the right stablecoin is a complex decision.

So, why choose USDA over another stablecoin? What makes it the premier choice?

It might sound paradoxical but the ability to maintain stability and ensure a 1:1 peg with the underlying asset remains a differentiating factor in the realm of stablecoins.

The first thing we expect from a stablecoin is reliability. It should be a no-brainer.

When choosing USDA, you get a battle-tested and multi-audited stablecoin infrastructure designed to withstand any adverse market condition.

USDA relies on Angle's proprietary Price Stability Module (PSM) incorporating advanced anti-depeg mechanisms.

This risk management framework, created in August 2023 and continuously refined, draws upon three years of research & development on EURA and insights gained from recent stablecoin depeg incidents such as USDC in March 2023.

Stablecoins are supported by a reserve of assets. These assets in the backing generate yield. However, major stablecoin projects do not redistribute it.

Angle automatically allocate the yield generated by the assets in USDA’s reserves (DeFi assets, others liquid stablecoins and real-world assets (RWAs) such as tokenized government bonds) to its users.

By using USDA, you can easily & passively earn a yield on your USD stablecoins on the Ethereum, Arbitrum, Base and Optimism networks. You simply need to exchange your USDA for stUSD — a staked version of USDA — by depositing them into Angle savings product.

It’s permissionless. There is no minimum deposit, no lockup period, no deposit fees, and no withdrawal fees.

Yield is always appreciated, but it can also sometimes be a source of concern. Where does it come from? Is it sustainable?

Since USDA is your new reliable stablecoin, we decided to offer you the utmost risk-adjusted yield achievable coming from the returns generated by the DeFi and tokenized TradFi assets in the backing. With stUSD, you will enjoy the highest secure yield effortlessly, requiring no action from you.Additionally, by holding stUSD, you gain exposure to RWAs in the backing, such as tokenized BlackRock ETFs, and benefit from their yields.

Stablecoins are frequently criticized for their lack of transparency and the opacity surrounding their reserves, which underpin their peg to the dollar.

USDA is transparent. Its infrastructure has undergone multiple audits, and several bug bounty programs have been run on it. Everything run on smart contracts and is fully visible onchain.

You can track collateral reserves behind each USDA in real-time by checking USDA’s Balance Sheet on Angle website. Don’t trust, verify!

Many stablecoins have failed to maintain their peg due to poorly designed mechanisms or nonexistent asset liability management.Ensuring that a stablecoin maximizes its risk-adjusted returns and maintains its peg at scale requires professional management and advisory.

Steakhouse Financial experts, a financial advisory for DAOs, advises Angle on managing the reserves supporting USDA, guaranteeing an institutional-grade experience for every USDA holder.

Why launching a stablecoin if it's not easily accessible?

Unlike many other stablecoin projects, getting USDA will be as simple as a swap.

We decided to make USDA as liquid as one of the most liquid stablecoin on the market: USDC. You will be able to swap your USDC to USDA, and vice versa, at 0 fees, instantly. Getting in is as easy as getting out.

You can get USDA by swapping your assets on the Angle app or on DEXs such as Uniswap, 1inch, ParaSwap and Odos. You can also borrow USDA directly on Morpho Blue.

Finally, various on-ramp will soon offer the possibility to buy USDA with fiat.

Rather than building everything ourselves, we have chosen to work with experts in their fields.

Real-world assets (RWAs) used as USDA collaterals are tokenized by Backed Finance.

Steakhouse Financial advises Angle on reserve risk management.

Another example of DeFi-composability is Morpho that provides the lending and borrowing infrastructure of USDA on Ethereum. With Morpho Blue — a permissionless lending protocol with customizable risk parameters — you can easily lend USDA and earn yield, or borrow USDA against a large set of collaterals such as liquid restaking tokens (LRTs).

More than a stablecoin, USDA is a DeFi Superconductor that will facilitate onchain forex remittances with faster and cheaper transactions.

EURA, our Euro stablecoin, is already the preferred route to exchange any USD to Euro stablecoins. With USDA and EURA, we will be able to offer onchain trades at the same price as traditional forex platforms between our two stablecoins, but also between any Euro and USD stablecoins.USDA is the most complete stablecoin providing everything you could expect from a stablecoin.

USDA is dollar-based, reliable, yield-generating, easily accessible, decentralized and transparent. It gives access to RWAs. Plus, USDA advocates for a cause with a clear objective: to facilitate onchain forex and money transfers. What more is there to ask for?

Many of you already had the intuition that Angle was meant to build more than one stablecoin, and you were right on the money.

Now get ready for USDA, the ultimate piece to kickstart an era of cheap remittances in DeFi.

To create a forex hub onchain, and many other wonders in DeFi, you need one essential starter: a reliable stablecoin.

We must first build stablecoins that won’t blow up under market storms. And because storms are inevitable, it’s mandatory to build stablecoins that handle heavy storms in a predictable way.

Then the party may start.

USDA exists to be the reliable Superconductor of DeFi and of the Angle Forex Hub, that’s its mission.

Chapter 1: Build stablecoins that won’t blow up under market storms

Chapter 2: The Angle special: the Forex Hub and the Forex Fees Farm (FFF)

Chapter 3: Why USDA? Scalable and composable yield that lets you sleep at night

Chapter 4: TradFi risk-management but better

Chapter 5: Deep liquidity: easy access, it all starts there

Angle started with EURA (formerly agEUR), a Euro stablecoin.

EURA was an excellent way to build, experiment, and battletest a robust stablecoin infrastructure.While developing EURA, two serious questions persisted:

1. How do we build stablecoins that do not blow up as they scale?

2. How do we design stablecoins systems that remain predictable during black swan events?

It’s been 3 years that Angle core contributors worked on these issues. 3 long years of hustle.

And we came up with 3 answers: diversification, fairness, and automatic stability infrastructures.

That’s why we created the Transmuter: the Angle proprietary Price Stability Module (PSM) that was built incorporating lessons from the USDC depeg in March 2023.

USDA functions with both the Transmuter that lets you mint new USDA, and a borrowing facility (CDPs) that allows you to borrow USDA against a larger set of collaterals.

It brings 3 unique benefits that you will find nowhere else:

• Anti bank-run mechanics and resilience mechanism: if unforeseen circumstances lead to USDC (which serves as collateral for USDA) depegging again, redemptions against other assets in reserves can only be done at the price of the depegged asset or for a portion of all the assets in reserves. Even more, redeeming in such conditions incurs a small fee that helps replenish the Protocol for holders that are left in it, due to their support for the Protocol or their reaction time.

• Embedded fairness in case of bank-run: if USDC depegs, redemptions against other assets in reserves can only be done at the price of the depegged asset, as we just said. This also means that no one is able to deposit depegged assets in the Protocol and exit with more value, leaving the holders of USDA in a worse situation. All redemptions happen at fair market price.

• Direct access to the RWAs in reserves in case of black-swan event: just like other assets in the reserves, the Real-World Assets in the backing of USDA are accessible to anyone who needs to redeem their stablecoin against it. This is not the case with other RWA-backed stablecoins where holders have to rely on the protocols to give them access to the collateral, which is a hefty trust assumption, especially in case of a black swan events.

This makes USDA way more solid than any other stablecoin ‘cause you don't have to trust it blindly. You can always switch back to the underlying tokens if you need to.

When Angle was born in November 2021, the goal was already to make it a forex powerhouse.

That time has come, and USDA is the essential piece of that plan.

The U.S. Dollar is the central currency that connects all others, remittances and forex trading.

In recent months, Angle has observed that EURA (formerly agEUR) is already a forex facilitator as existing EURA pools are the preferred route to swap from any USD to Euro stablecoins (mainly centralized ones).

Since then, Angle contributors are developing systems to minimize slippage for any onchain forex trade. This will be achieved through market-making systems that will involve the balance sheets of both EURA and USDA.Thanks to USDA, Angle will be positioned as the central facilitator and market-maker of forex remittances onchain, for faster and cheaper transactions. Angle will be able to offer onchain trades at the same price as traditional forex platforms between its two stablecoins, but also between any Euro and USD stablecoins.

Angle officially started this forex facilitator activity with the opening of the first seeded EURA/USDA pool on Uniswap.

By playing this facilitator role, Angle will collect fees that are beneficial for both the Protocol and for future USDA and EURA holders in liquidity pools.

That’s when the Forex Fees Farm comes into play. As a protocol, the fees collected from the Forex Hub advantage shall find a usage that fits the greater good of the Protocol and the Angle DAO.

Stay tuned to the DAO discussions and decisions to redirect the benefit of these forex fees!

Now you know USDA is built to withstand storms and to bring you forex juice.

But what’s more? Building this reliable stablecoin that is bound to be the Superconductor of a Forex Hub gives many more opportunities.

As USDA aims to be your most reliable option, it also offers you a yield that lets you sleep at night.

No overpromising yield here! Since USDA is your new reliable companion, it offers you the best risk-adjusted yield from both TradFi and DeFi.

First of all, let’s recall that USDA comes with an embedded yield: the stUSD token, a yield-bearing version of USDA.

If you deposit USDA in Angle savings solution, you get stUSD + a yield.

Where does that yield come from?

On top of liquid and secure stablecoins, the backing of USDA is made of DeFi yield-bearing assets and Real-World assets (RWAs) in the form of short-termThese assets held by Angle generate a yield that is automatically allocated to USDA holders who deposit their stablecoins for stUSD.

The DeFi ecosystem is offering robust and novel lending infrastructures that are providing the rails to create money markets in conditions that are custom and flexible. In that respect, Morpho is a commendable example.

So, users can lend their USDA on MetaMorpho Vaults and earn a yield.

Today DeFi has many assets that facilitate its growth and hold it together. At the top of this list is ETH and its derivatives: LSTs and LRTs.

When building USDA as a reliable Superconductor, it made sense to connect it to the most wanted assets in DeFi and conversely allow the holders of such assets to deal with a reliable stablecoin for composability purposes.

For this reason, USDA is launched with the ability to borrow it with:

• ezETH

• rsETH

• wstETH

• Pendle PT-eETH

Angle guarantees that users can leverage those assets in one transaction and at a stable cost over time.

You've got it, everything that you can do within major Collateralized Debt Position (CDP) platforms is offered from scratch with USDA.

Many stablecoins have recently failed to maintain their peg due to poorly designed mechanisms or nonexistent asset liability management.

Sure, Angle is armed with its state-of-the-art Price Stability Module that offers unique protection mechanisms (see Chapter 1).

However, ensuring that a stablecoin maximizes its risk-adjusted returns, maintains its peg, and grows its balance sheet at scale requires professional management and advisory.

Steakhouse experts, among others, advise the Angle DAO on managing the reserves supporting USDA, guaranteeing an institutional-grade experience for every stablecoin holder.

Additionally, Angle prides itself on delivering high-quality and easily understandable analytics for its stablecoins. Just like for EURA, USDA has real-time a balance sheet, collateral list breakdown, and metrics progressions available for everyone to see. Don’t trust, verify!

What good can a reliable stablecoin do if it is hard and expensive to access?

We thought hard and long about that one.

Naturally, there are options to ensure you can easily buy USDA from your payment card & bank account, and facilitating liquidity pools sufficiently deep to minimize slippage.

What else?

We also looked in the direction of the USD stablecoin that today benefits from the deepest liquidity onchain: USDC.

Thanks to the USDA Price Stability Module (aka the Transmuter), anyone is able to mint USDA from USDC at 0 fees, instantly.

Going back from USDA or stUSD to USDC also costs you nothing. In fact, the underlying liquidity of USDA is the same as that of USDC.

Getting in is as easy as getting out!

You got it; USDA is the most reliable USD stablecoin with an unique, innovative, and resilient Price Stability Module, and an institutional-grade reserve management.

Because stability is a no-brainer, USDA also offers a native yield to its users, and it’s as liquid as USDC.

More than a stablecoin, USDA is the new DeFi Superconductor, unlocking streamlined opportunities and efficiencies for its stakeholders, whatever their needs may be: getting exposure to RWAs, earning a steady and risk-adjusted yield on their funds, participate in forex trading directly onchain,…

So, why not swap your stablecoins for some USDA right now?