Stablecoins are a type of cryptocurrency whose value is tied to a stable asset, most often a fiat currency such as the US dollar or gold. They are created to minimize the price volatility inherent in other cryptocurrencies.

Types of stablecoins: there are fiat-backed (backed by fiat currencies), crypto-backed (backed by other cryptocurrencies), and algorithmic.

Role in the market: used by traders to preserve profits, for quick transfers, and as a means of exchange on decentralized platforms.

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