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Protocols: Stablecoins

What is Tether?Tether is the stablecoin most people encounter first because it solves a simple but important problem: moving dollar-like value across crypto networks without using the banking system for every transfer

What is Tether?Tether is the stablecoin most people encounter first because it solves a simple but important problem: moving dollar-like value across crypto networks without using the banking system for every transfer. Its usefulness comes from that bridge between off-chain reserves and on-chain tokens — and most of its trade-offs come from the same place.Mar 21, 202614 min read

What is Circle?Circle matters because it turns bank-held dollars into a token that can move on public blockchains while still promising 1:1 redemption back into cash

What is Circle?Circle matters because it turns bank-held dollars into a token that can move on public blockchains while still promising 1:1 redemption back into cash. Its usefulness comes from combining crypto’s speed and programmability with a reserve and compliance model designed to make institutions trust the peg.Mar 21, 202614 min read

What is Ethena?Ethena matters because it tries to create a dollar-like crypto asset without parking dollars in a bank

What is Ethena?Ethena matters because it tries to create a dollar-like crypto asset without parking dollars in a bank. Instead, it builds `USDe` from crypto collateral plus offsetting derivatives hedges — a design that can be more crypto-native and scalable, but only if its trading, custody, and funding assumptions keep working.Mar 21, 202613 min read

What is Paxos?Paxos matters because it treats a stablecoin less like a crypto experiment and more like regulated financial infrastructure

What is Paxos?Paxos matters because it treats a stablecoin less like a crypto experiment and more like regulated financial infrastructure. Its products are built around a simple promise — a token should be redeemable 1:1 for the asset behind it — and most of the design choices flow from making that promise believable.Mar 21, 202614 min read

What is Ondo?Ondo matters because it tries to turn familiar low-risk dollar assets into something blockchains can actually use: transferable, programmable claims that can still earn Treasury-based yield

What is Ondo?Ondo matters because it tries to turn familiar low-risk dollar assets into something blockchains can actually use: transferable, programmable claims that can still earn Treasury-based yield. Instead of choosing between crypto-native convenience and traditional financial structure, Ondo is built around combining the two.Mar 21, 202614 min read