Stablecoin research
Who can touch the stablecoins in your wallet?
A searchable global directory of stablecoin control rights: mechanism, freezability, censorship resistance, and exit paths. Only sourced fields are asserted; unknown means we lack evidence. The catalog keeps growing — not investment advice.
32 projects listed · PayFi
Showing 32 / 32
| Stablecoin | Stability mechanism | Decentralization | Freezable balance | Censorship resistance | Exit vs USDT | Use cases |
|---|---|---|---|---|---|---|
 USDT Tether USD | Fiat / cash-equivalent reserves (issuer transparency reports). | Low | Yes | Weak | Benchmark asset; retail usually exits via market; institutional redeem per Tether rules. | Settlement and trading pairs · Cross-border payments |
 USDC USD Coin | USD cash and short-duration U.S. Treasuries (issuer disclosures). | Low | Yes | Weak | Retail typically sells on market; Circle mint/redeem for eligible customers in USD (not USDT). | Compliant payments · Institutional settlement |
 DAI Dai | Crypto and RWA collateral via Maker vaults / PSM modules (protocol docs). | High | No | Strong | Primarily via markets or PSM into other stablecoins (historically USDC), not a native 1:1 USDT window. | DeFi lending and savings · On-chain collateral |
 USDe Ethena USDe | Delta-neutral synthetic dollar (spot + short hedge) per Ethena docs. | Medium | Unknown | Medium | Retail typically via market; protocol mint/redeem paths per Ethena docs (not a USDT peg window). | Staking yield (sUSDe) · DeFi collateral |
 USD1 USD1 | Described by issuer materials as fiat / Treasury-backed; details unknown here beyond marketing pages. | Low | Unknown | Unknown | No sourced native 1:1 USDT channel on this page; treat as market exit unless issuer docs say otherwise. | Trading / liquidity (issuer claims — verify) |
USDG Global Dollar | USD-reserve stablecoin per issuer site; reserve composition details beyond the site are unknown here. | Low | Unknown | Unknown | Retail market price; institutional redeem only if issuer offers it (not asserted here). | Platform settlement (issuer positioning) |
 PYUSD PayPal USD | USD reserves; Paxos-issued regulated stablecoin used in PayPal / Venmo flows. | Low | Yes | Weak | Retail market or PayPal USD balance flows; not a USDT window. | PayPal payments and P2P |
 RLUSD Ripple USD | USD-reserve stablecoin per Ripple product pages. | Low | Yes | Weak | Retail market; institutional redeem per Ripple / banking partners — not USDT. | Enterprise cross-border settlement |
 USDD USDD | Issuer pages describe over-collateralization and PSM-style modules; treat mechanism details as issuer-claimed until independently audited here. | Medium | Unknown | Unknown | Issuer describes PSM-style fixed conversions; not independently verified on this page. | TRON ecosystem payments / DeFi (issuer positioning) |
U United Stablecoin (U) | Issuer materials describe fiat + stablecoin reserves; details beyond marketing are unknown here. | Low | Unknown | Unknown | Issuer materials mention institutional redeem / retail market — not independently verified. | Trading / RWA / institutional settlement (issuer positioning) |
EURC Euro Coin | Euro cash and cash-equivalent reserves (issuer product page). | Low | Yes | Weak | EUR-denominated; exit to USD/USDT is market FX, not a USDT window. | Euro payments / MiCA-oriented rails |
 USDP Pax Dollar | USD reserves; NYDFS-regulated Paxos stablecoin. | Low | Yes | Weak | Retail market or Paxos redeem in USD for eligible customers. | Payments and trading |
 GUSD Gemini Dollar | USD reserves under NYDFS Gemini Dollar program. | Low | Yes | Weak | Gemini / market paths; USD redeem for eligible users — not USDT. | Exchange and payments |
 FDUSD First Digital USD | Fiat-backed USD stablecoin per issuer site; reserve details beyond the site are unknown here. | Low | Unknown | Unknown | Primarily market / venue liquidity; native USDT window not asserted here. | Exchange liquidity |
 TUSD TrueUSD | Fiat-collateralized USD stablecoin per TrueUSD site. | Low | Unknown | Unknown | Market exit; issuer redeem rules on TrueUSD site — not a USDT window. | Trading |
 FRAX Frax | Protocol-designed stablecoin (historically fractional / AMO; check current Frax docs for active design). | Medium | Unknown | Medium | DeFi markets / protocol mechanisms — not a USDT peg window. | DeFi collateral and liquidity |
 LUSD Liquity USD | ETH-overcollateralized stablecoin via Liquity troves. | High | No | Strong | Redemption against ETH collateral / markets — not USDT. | DeFi borrowing against ETH |
GHO GHO | Overcollateralized stablecoin minted via Aave facilitators. | Medium | Unknown | Medium | Repay/mint against Aave collateral or markets — not USDT. | Aave ecosystem borrowing |
crvUSD crvUSD | Lending-liquidating AMM (LLAMMA) overcollateralized USD stablecoin. | Medium | Unknown | Medium | Protocol / Curve markets — not a USDT window. | Curve DeFi liquidity |
USDS Sky Dollar | Crypto / RWA collateral stablecoin in the Sky / Maker lineage. | High | Unknown | Medium | PSM / markets within Sky stack — verify current modules; not native USDT. | DeFi and savings in Sky stack |
USDY Ondo US Dollar Yield | Tokenized note exposing short-term U.S. Treasuries / cash yield (issuer docs). | Low | Unknown | Unknown | Issuer / transfer-agent redeem paths; retail often via markets — not USDT. | On-chain USD yield / RWA |
 XSGD StraitsX Singapore Dollar | SGD-backed stablecoin for Singapore payment rails (issuer site). | Low | Unknown | Unknown | SGD asset; USD/USDT exit is FX + market — not USDT peg. | SGD payments and remittance corridors |
 EURS STASIS EURO | Euro-backed stablecoin per STASIS site. | Low | Unknown | Unknown | EUR asset; USDT exit via FX markets. | Euro on-chain payments |
 GYEN GMO JPY | JPY-backed stablecoin from GMO (issuer site). | Low | Unknown | Unknown | JPY asset; USDT exit via FX — not USDT peg. | JPY payments |
JPYC JPYC | Japan prepaid payment instrument / JPY-linked digital currency (issuer site; regulatory classification per local rules). | Low | Unknown | Unknown | JPY product; USDT exit via FX markets. | JPY digital payments in Japan |
 cUSD Celo Dollar | Celo native stablecoin design (protocol collateral / Mento — verify current docs). | Medium | Unknown | Medium | Mento / markets — not a USDT window. | Mobile payments on Celo |
USDM Mountain Protocol USDM | Yield-bearing USD stablecoin / tokenized T-bills posture per issuer site. | Low | Unknown | Unknown | Issuer redeem / markets — not USDT. | On-chain USD yield |
EURA Angle EURA (agEUR) | Euro stablecoin from Angle (formerly agEUR branding). | Medium | Unknown | Medium | EUR asset; USDT via FX markets. | Euro DeFi |
EURe Monerium EURe | EMI-issued euro e-money on-chain (issuer site). | Low | Yes | Weak | EUR bank redeem; USDT via FX — not USDT peg. | IBAN-linked euro on-chain payments |
EURCV Societe Generale EURCV | Bank-issued euro stablecoin / crypto-asset from SG-FORGE. | Low | Unknown | Unknown | Institutional bank channels; not a USDT window. | Institutional euro settlement |
 BUSD Binance USD | Historically Paxos-issued USD stablecoin distributed with Binance; program wind-down — treat as legacy. | Low | Yes | Weak | Legacy redeem / markets per Paxos notices — not an active USDT peg product. | Legacy trading balances |
BUIDL BlackRock USD Institutional Digital Liquidity Fund | Tokenized fund shares (cash / T-bills liquidity fund) — RWA, not a classic payment stablecoin. | Low | Unknown | Unknown | Fund redeem / transfer restrictions per BlackRock; not USDT. | Institutional on-chain cash management |
Independent research compiled from public issuer docs and product pages. Not financial, legal, or investment advice. Freezability refers to documented admin powers. Market cap, supply, and TVL are not invented here.