There are many popular stablecoins in the cryptocurrency market, which can be classified into four main types: fiat-backed stablecoins, commodity-backed stablecoins, crypto-backed stablecoins, and algorithmic stablecoins. Here are some examples of the top stablecoins:
*Fiat-backed Stablecoins:*
- *Tether (USDT)*: One of the oldest and most widely used stablecoins, pegged to the US dollar.
- *USD Coin (USDC)*: A stablecoin backed by the US dollar issued by Circle and Coinbase.
- *TrueUSD (TUSD)*: A fully-backed stablecoin by the US dollar with periodic audits.
- *Ripple USD (RLUSD)*: A stablecoin backed by the US dollar issued by Ripple.
- *First Digital USD (FDUSD)*: A stablecoin backed by the US dollar issued by First Digital Limited.
*Commodity-backed Stablecoins:*
- *PAX Gold (PAXG)*: Each token represents one troy ounce of gold held in custody.
- *Tether Gold (XAUT)*: A digital asset backed by physical gold reserves.
*Crypto-backed Stablecoins:*
- *Dai (DAI)*: A decentralized stablecoin pegged to the US dollar, collateralized by multiple cryptocurrencies.
- *sUSD (Synthetix USD)*: A stablecoin backed by the Synthetix Network Token (SNX).
*Algorithmic Stablecoins:*
- *Ampleforth (AMPL)*: Adjusts its supply daily based on price deviations from a target value.
- *Frax (FRAX)*: A partially algorithmic stablecoin with partial collateral support.
- *Ethena USDe (USDe)*: A synthetic stablecoin that generates yields and is pegged to the US dollar ¹.
