Crypto · Core
Stablecoin
A stablecoin is a token that targets a peg, usually $1 — a money-market claim or an algorithmic hope, depending on the reserves.
Definition
Fiat-backed coins claim cash and T-bills; crypto-collateralized coins over-collateralize; algorithmic coins defend a peg with supply rules. Redemption terms and reserve quality are the credit analysis. Depegs happen.
Why it matters
Crypto dollar funding is stablecoins. A depeg is a run. Treasuries on the reserve sheet are a rates and custody story.
Case
UST 2022 (algorithmic) and USDC 2023 (SVB deposits) were different failures: one was a design, one was a reserve credit event.
How to read it
Reserves, attestation, redemption gate, and issuer jurisdiction. Peg history is not a proof of the next run.
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