// definition
Stablecoin
Fiat-pegged digital token
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Short definition
A digital token backed one-for-one by a currency (the dollar in nearly 99% of cases) and redeemable at par. Its value rests entirely on the quality and liquidity of its reserves.
risk atlas
Knowledge map
Intuition
A stablecoin is a promise of parity. The risk sits in the reserve, the redemption right, the intermediaries and the geopolitical uses.
Formula
durable parity = liquid assets + redemption right + supervision + operational trustWhy it matters now
Stablecoins are becoming a parallel dollar plumbing: T-bill reserves, cross-border payments, sanctions, DeFi and US regulation all intersect.
Related analyses
- RealT in liquidationReal-estate RWA, off-chain title and on-chain promise.
- USDT on Tron and OFAC evasionStablecoins, sanctions and geopolitical payments.
- Hyperliquid and on-chain tradfiPerpetuals, DEXs and bridges to traditional assets.
- Strategy and the bitcoin betDigital treasury, mNAV and market-funded balance sheets.
Related guides
- Stablecoins and the GENIUS ActReserves, licensed issuers, audits and supervision.
- Who enforces the GENIUS ActOCC, FinCEN, OFAC, states and the enforcement architecture.
- Reading on-chain dataAddresses, reserves, flows and the limits of interpretation.
- MiCA, acronym by acronymARTs, EMTs, CASPs and European supervision.
Related datasets
- catalog.jsonMachine-readable catalogue of l0g surfaces.
- claims.jsonClassified claims with their evidence level.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
Signals using it
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- Congress.gov & GovInfoLegislative texts, including the GENIUS Act and US crypto policy.
- U.S. Treasury Fiscal DataT-bills and short debt serving as stablecoin reserves.
- SEC EDGARDisclosures of listed issuers and crypto-exposed companies.
- Federal Reserve & FREDShort rates, dollar liquidity and risk-free assets.