[{"data":1,"prerenderedAt":352},["ShallowReactive",2],{"api/learn-center-post-en-what-are-stablecoins":3,"footer-en":63,"learn/crypto-101/what-are-stablecoins-en-seo":261,"navigation-en-learn-center":266,"api/learn-categories-en":313},{"seo":4,"locale":28,"breadcrumbs":29,"excerpt":37,"featuredImage":38,"components":45,"title":5,"formattedPublishedAt":56,"geofencings":57,"category":58,"pagination":60,"campaignExternalId":8},{"title":5,"metaTitle":6,"metaDescription":7,"keywords":8,"metaRobots":8,"structuredData":9,"metaImage":10,"metaSocial":18,"canonicalURL":8,"localizations":19},"What are stablecoins?","What are stablecoins? - Crypto 101 - Bitstamp Learn Center","What are stablecoins? How do they work? Read our guide to stablecoins and start trading on Bitstamp by Robinhood – the original crypto exchange.",null,{},{"url":11,"mime":12,"ext":13,"width":14,"height":15,"name":16,"alt":17},"bitstampImageUrl/What_are_stablecoins_1png_bb21536b45_4d215ccbda.png","image/png",".png",1200,630,"What_are_stablecoins_1png_bb21536b45.png","",[],[20,23,26],{"pathname":21,"locale":22},"/en-gb/learn/crypto-101/what-are-stablecoins/","en-GB",{"pathname":24,"locale":25},"/es/learn/crypto-101/what-are-stablecoins/","es",{"pathname":27,"locale":28},"/learn/crypto-101/what-are-stablecoins/","en",[30,34],{"id":31,"text":32,"url":31,"asUrl":33},"/learn/crypto-101/","Crypto 101",true,{"id":35,"text":5,"url":27,"asUrl":36},"what-are-stablecoins",false,"\u003Cp>Stablecoins are cryptocurrencies that are programmed to maintain a value approximately equal to another asset.\u003C/p>\n",{"url":39,"mime":40,"ext":41,"width":42,"height":43,"name":44,"alt":17},"bitstampImageUrl/What_are_stablecoinssvg_ab17ca2272_b475d9bac9.svg","image/svg+xml",".svg",192,108,"What_are_stablecoinssvg_ab17ca2272.svg",[46],{"component":47,"props":48,"content":49,"secondaryContent":53,"ctas":54,"secondaryCtas":55,"ctasNoMarginTop":36},"section.full-text",{"centered":36,"withoutSectionContainer":36},{"text":50,"width":51,"align":52},"\u003Cp>While the most popular stablecoins are pegged to a traditional fiat currency (like the US Dollar, the Euro, or the Japanese Yen), they can also represent other commodities, such as gold or silver. Stablecoins offer transparency and ease of transfer, similar to other cryptocurrencies, with mechanisms in place to reduce volatility.\u003C/p>\n\u003Cp>There are a few different ways that stablecoins maintain their peg to the designed asset. Some are backed by assets held in reserves while some rely on smart contracts to expand and contract the supply of the cryptocurrency based on the demand for that token.\u003C/p>\n\u003Ch2>History of stablecoins\u003C/h2>\n\u003Cp>The idea for electronic cash is not a new one. Long before Bitcoin, there were several projects that attempted to create digital money through cryptography.\u003C/p>\n\u003Cp>The first one, \u003Cstrong>B-money\u003C/strong>, was proposed by computer scientist Wei Dai in 1998 and was intended to work as an anonymous and distributed digital cash. This was followed by \u003Cstrong>Bit Gold\u003C/strong>, an attempt to create a decentralized online currency created in 1998 by Nick Szabo. While both projects never saw the light of day, \u003Cstrong>eCash\u003C/strong> was the first major attempt at creating an anonymous online payment using cryptography and was used by one bank in the US for three years but was dismantled in 1998 due to poor adoption.\u003C/p>\n\u003Cp>\u003Cstrong>\u003Ca href=\"/learn/cryptocurrency-guide/what-is-bitcoin-btc/\">Bitcoin\u003C/a>\u003C/strong>, created in 2009 by the pseudonymous \u003Ca href=\"/learn/people-profiles/satoshi-nakamoto/\">Satoshi Nakamoto\u003C/a>, was the first cryptocurrency to achieve full decentralization as a peer-to-peer cryptocurrency. However, as soon as Bitcoin started trading on the open market, its price became highly volatile and detracted certain users from using it as a form of cash.\u003C/p>\n\u003Cp>The need to remove volatility is an important reason why stablecoins came into existence. The very first one created was called BitUSD and issued on the BitShare blockchain by blockchain industry pioneers Charles Hoskinson and Dan Larimer in 2014.\u003C/p>\n\u003Cp>The most widely used stablecoin, however, is USDT, a cash-collateralized stablecoin issued by Tether Limited, a merger company consisting of the Realcoin startup and the Bitfinex cryptocurrency exchange. Created in 2014, USDT was the first stablecoin to be backed by real assets held in Tether Limited’s reserves.\u003C/p>\n\u003Cp>Many stablecoins have since been created using different methods to maintain their peg.\u003C/p>\n\u003Ch3>Stablecoin controversy\u003C/h3>\n\u003Cp>\u003Cstrong>Tether stablecoin\u003C/strong>\u003C/p>\n\u003Cp>The Tether stablecoin is knowns as a cash-collateralized cryptocurrency, meaning that each token is backed 1:1 by an underlying asset like a central bank-issued currency (e.g.: US Dollar or Euro) or other commodities (e.g.: gold).\u003C/p>\n\u003Cp>In the early days, Tether Limited, the company in charge of backing USDT, faced controversy for due to its failure to provide audited financial statements proving that it had adequate reserves backing its tokens. However, the company has released quarterly reports detailing their reserves since March 2021.\u003C/p>\n\u003Cp>\u003Cstrong>Terra stablecoin\u003C/strong>\u003C/p>\n\u003Cp>The UST stablecoin issued by Terra was known as an algorithmic stablecoin and was a two-asset system: the stablecoin itself, UST, and a more volatile asset, LUNA, that served as an arbitrage mechanism to absorb the market volatility.\u003C/p>\n\u003Cp>In May 2022, UST began to experience a deviation from its peg. LUNA’s price also began to decline along with the broader crypto market. Due to this, demand for UST shrunk rapidly, putting a downward pressure on LUNA, incentivizing users to redeem more of the stablecoin. This type of dynamic is also called a “death spiral”. In August 2022, UST collapsed and was relaunched as TerraClassicUSD (USTC).\u003C/p>\n\u003Ch2>How do stablecoins work?\u003C/h2>\n\u003Ch3>Cash-collateralized stablecoins\u003C/h3>\n\u003Cp>Cash-collateralized stablecoins are backed 1:1 by an underlying currency (like USD or EUR) or cash equivalents (like US government bonds) by the issuer of the stablecoin for every minted token.\u003C/p>\n\u003Cp>The central operator thus tracks the stablecoin’s circulation and allows anyone to mint and redeem tokens in their reserves.\u003C/p>\n\u003Cp>Examples of cash-collateralized stablecoins: \u003Ca href=\"/learn/cryptocurrency-guide/what-is-tether-usdt/\">USDT\u003C/a>, \u003Ca href=\"/learn/cryptocurrency-guide/what-is-usd-coin-usdc/\">USDC\u003C/a>\u003C/p>\n\u003Ch3>Commodity-collateralized stablecoins\u003C/h3>\n\u003Cp>Like cash-collateralized stablecoins, the value of the commodity-based stablecoin is tied to a physical (e.g.; gold or silver) or digital (e.g., Bitcoin) commodity in a 1:1 ratio held by an issuer. Generally, these also use the same IOU model as cash-collateralized stablecoins.\u003C/p>\n\u003Cp>Examples of commodity-collateralized stablecoins: PAXG, wBTC\u003C/p>\n\u003Ch3>Crypto-collateralized stablecoins\u003C/h3>\n\u003Cp>Crypto-collateralized stablecoins are backed by cryptocurrency held in smart contracts. Often, each stablecoin minted is overcollateralized, meaning that each stablecoin token requires its holder to lock cryptocurrencies worth \u003Cem>more than\u003C/em> the amount they mint to ensure the stability of its $1 peg, even with fluctuations in the crypto market.\u003C/p>\n\u003Cp>In order to redeem the underlying cryptocurrency deposited, users often have to return the stablecoins to the protocol, along with a small fee.\u003C/p>\n\u003Cp>Examples of crypto-collateralized stablecoins: \u003Ca href=\"/learn/cryptocurrency-guide/what-is-the-dai-stablecoin/\">DAI\u003C/a>\u003C/p>\n\u003Ch3>Algorithmic stablecoins\u003C/h3>\n\u003Cp>\u003Cstrong>Rebasing algorithmic stablecoins\u003C/strong>\u003C/p>\n\u003Cp>Rebasing algorithmic stablecoins use a protocol based on smart contracts to expand and contract the total supply of tokens according to the demand of the token. Using the rebase process, a correction is made to stabilize the price of the stablecoin to maintain its fixed peg, for example $1.\u003C/p>\n\u003Cp>Example of rebasing algorithmic stablecoins: AMPL\u003C/p>\n\u003Cp>\u003Cstrong>Seigniorage algorithmic stablecoins\u003C/strong>\u003C/p>\n\u003Cp>Seigniorage stablecoins often involve at least two assets: the stable asset and one or more volatile assets intended to serve as an arbitrage mechanism which fluctuate based on volatility in the demand for the stable asset. The purpose of the arbitrage mechanism is to increase or decrease the supply of the stablecoin to ensure it maintains its peg.\u003C/p>\n\u003Cp>Example of seigniorage algorithmic stablecoins: UST, Basis Cash\u003C/p>\n\u003Ch2>Why are stablecoins useful?\u003C/h2>\n\u003Cp>Stablecoins have proven useful in many different contexts.\u003C/p>\n\u003Cp>First, they offer all the benefits of other cryptocurrencies, such as transparency, ease of transfer, instant finality and being borderless, while protecting users from their sometimes-high volatility. This helps when trying to purchase goods and services locally, or on a bigger scale as an alternative to the traditional SWIFT or Western Union for global payments and remittances.\u003C/p>\n\u003Cp>Stablecoins are also useful for traders who wish to get in and out of trades 24/7 and to transfer their wealth between various exchanges to find different cryptocurrencies or arbitrage opportunities.\u003C/p>\n\u003Cp>Stablecoins also prove useful to exchanges like Bitstamp by Robinhood in order to offer more fiat-crypto trading pairs that can be settled instantly.\u003C/p>\n\u003Ch2>How to buy stablecoins\u003C/h2>\n\u003Cp>You can buy a few stablecoins on Bitstamp by Robinhood, like USDT and DAI. Sign up for a Bitstamp by Robinhood account and start trading stablecoins today!\u003C/p>\n\u003Cp>\u003Ca href=\"/onboarding/register/\" rel=\"nofollow\">Get started\u003C/a>\u003C/p>\n\u003Cp>Disclosure: Bitstamp by Robinhood is licensed to engage in virtual currency business activity by the New York State Department of Financial Services.\u003C/p>\n","full","left",{"text":17},[],[],"August 26th, 2022",{"geofencing-uk":33},{"title":32,"url":31,"geofencings":59},{},{"previous":61,"next":62},"/learn/crypto-101/what-are-smart-contracts/","/learn/crypto-101/what-are-the-advantages-of-paying-in-btc/",{"ready":33,"sections":64,"disclaimer":259,"copyright":260},[65,108,136,159,196,215],{"title":66,"content":17,"items":67},"About",[68,73,78,83,88,93,98,103],{"noFollow":33,"isExternal":36,"name":69,"value":70,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":71,"geofencings":72},"Who We 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Kingdom",{},{},{"title":216,"content":17,"items":217},"Contact",[218,223,227,231,235,239,244,249,254],{"noFollow":36,"isExternal":36,"name":219,"value":220,"isEmail":36,"isPhoneNumber":36,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":221,"geofencings":222},"Customer 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20 3868 9628","+442038689628",{},{},{"noFollow":36,"isExternal":36,"name":245,"value":246,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":247,"geofencings":248},"+1 800 712 5702","+18007125702",{},{},{"noFollow":36,"isExternal":36,"name":250,"value":251,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":252,"geofencings":253},"+352 20 88 10 96","+35220881096",{},{},{"noFollow":36,"isExternal":36,"name":255,"value":256,"isEmail":36,"isPhoneNumber":33,"isText":36,"showOnDesktop":33,"showOnMobile":33,"attachment":257,"geofencings":258},"+65 3105 1676","+6531051676",{},{},"\u003Cp>Please read the general \u003Ca href=\"/legal/risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Warning\u003C/a>, and \u003Ca href=\"/legal/uk-investment-risk-warning/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Risk Summary\u003C/a> for UK residents before investing in crypto-assets. \u003C/p>\n\u003Cp>Crypto-assets services are provided by the following Bitstamp legal entities depending on client residency: (1) Bitstamp Europe S.A., which is authorized by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg as a payment institution (licence number Z00000012) and crypto-asset service provider (licence number N00000003); Registered address: 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg; Registration number: B196856; (2) Bitstamp UK Ltd., which is registered with the Financial Conduct Authority (FCA) in the UK for the provision of certain cryptoassets activities under the Money Laundering Regulations (Firm Reference Number 978690); Registered address: 5 New Street Square, EC4A 3TW London, United Kingdom; Registration number: 14174243; (3) Bitstamp Ltd.with its registered address at 5 New Street Square, EC4A 3TW London, United Kingdom and registration number: 8157033; (4) Bitstamp Global Ltd., which is registered as a Virtual Asset Service Provider in the British Virgin Islands and is supervised by the British Virgin Islands Financial Services Commission (FSC); Registered address: Floor 4, Banco Popular Building, Road Town, Tortola VG1110, British Virgin Islands; Registered number: 2086429; and (5) Bitstamp Asia Pte Ltd, which is authorized by the Monetary Authority of Singapore (MAS) as a major payment institution (licence number PS20200667); Registered address: 63 Chulia Street, OCBC Centre East, #15-01, Singapore 049514; Registered number: 202016687K;\u003C/p>\n\u003Cp>Virtual currency services to US residents are provided by Bitstamp USA, Inc., which is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Licensed as a Money Transmitter by the New York State Department of Financial Services. Review a \u003Ca href=\"/legal/usa-inc/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">list of its licenses and other registrations\u003C/a> (NMLS number \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">1905429\u003C/a>) for more information; Registered address: 85 Willow Road, Menlo Park, CA 94025, United States of America; Registered number: 5481543.\u003C/p>\n\u003Cp>Investment services with regards to trading in crypto derivatives are provided by Bitstamp Financial Services Ltd., which is authorized and supervised by the Slovenian Securities Market Agency (ATVP) as a MiFiD investment firm. Trading crypto derivatives carries significant risks and may result in substantial losses. Please trade responsibly and ensure you understand the associated risks. You can find more about the risks \u003Ca href=\"/legal/financial-services/general-terms-and-conditions/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>. To help you understand the risks involved we have put together a series of \u003Ca href=\"/derivatives/key-information-documents/\" target=\"_blank\" rel=\"noopener noreferrer\">Key Information Documents (KIDs)\u003C/a> highlighting the risks and rewards related to each derivatives contract. Crypto derivatives trading is not available to customers in the US, Canada, Japan and some other countries. Bitstamp Financial Services Ltd. does not provide crypto-asset services.\u003C/p>\n\u003Cp>To find out more about which Bitstamp entity you receive services from, please check the Profile/My information in your Bitstamp account. You can read more about our legal terms, policies and disclosures \u003Ca href=\"/legal/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">here\u003C/a>.\u003C/p>\n","\u003Cp>All rights reserved © 2026 Bitstamp by Robinhood. \u003Ca href=\"https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1905429\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">NMLS #1905429\u003C/a>\u003C/p>\n",{"description":7,"ogDescription":7,"ogImage":262,"twitterImage":262,"twitterSite":263,"twitterCreator":263,"twitterCard":264,"twitterTitle":6,"twitterDescription":7,"titleTemplate":265},"https://assets.bitstamp.net/msc/_ipx/enlarge_true&f_png&fit_cover&q_85&s_1200x630/bitstampImageUrl/What_are_stablecoins_1png_bb21536b45_4d215ccbda.png","@Bitstamp","summary_large_image","%s",{"items":267,"ready":33,"platformButtonText":309,"backButtonText":310,"logInButtonText":311,"signUpButtonText":312},[268,272,275,278,281,284,287,292,295,300,305],{"headerName":269,"sidemenuName":140,"url":141,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":270,"submenu":271,"tag":17},"Institutions",{},[],{"headerName":132,"sidemenuName":132,"url":133,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":273,"submenu":274,"tag":17},{},[],{"headerName":155,"sidemenuName":155,"url":156,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":276,"submenu":277,"tag":17},{},[],{"headerName":112,"sidemenuName":112,"url":113,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":279,"submenu":280,"tag":17},{},[],{"headerName":122,"sidemenuName":122,"url":123,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":282,"submenu":283,"tag":17},{},[],{"headerName":127,"sidemenuName":127,"url":128,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":285,"submenu":286,"tag":17},{"geofencing-uk":33},[],{"headerName":288,"sidemenuName":288,"url":289,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":290,"submenu":291,"tag":17},"Markets","/markets/",{},[],{"headerName":117,"sidemenuName":117,"url":118,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":293,"submenu":294,"tag":17},{},[],{"headerName":296,"sidemenuName":296,"url":297,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":298,"submenu":299,"tag":17},"Blog","https://blog.bitstamp.net/",{},[],{"headerName":301,"sidemenuName":301,"url":302,"noFollow":36,"showInHeader":33,"showInSidemenu":33,"geofencings":303,"submenu":304,"tag":17},"Learn","/learn/",{},[],{"headerName":306,"sidemenuName":306,"url":113,"noFollow":36,"showInHeader":36,"showInSidemenu":33,"geofencings":307,"submenu":308,"tag":17},"Get Bitstamp by Robinhood app",{},[],"Go to platform","Back","Log in","Get started",[314,318,322,324,328,332,336,340,344,348],{"title":315,"url":316,"geofencings":317},"Blockchain technology","/learn/blockchain/",{},{"title":319,"url":320,"geofencings":321},"Company profiles","/learn/company-profiles/",{},{"title":32,"url":31,"geofencings":323},{},{"title":325,"url":326,"geofencings":327},"Crypto definitions","/learn/crypto-definitions/",{},{"title":329,"url":330,"geofencings":331},"Crypto trading","/learn/crypto-trading/",{},{"title":333,"url":334,"geofencings":335},"Cryptocurrency guide","/learn/cryptocurrency-guide/",{"geofencing-uk":33},{"title":337,"url":338,"geofencings":339},"People profiles","/learn/people-profiles/",{},{"title":341,"url":342,"geofencings":343},"Security","/learn/security/",{},{"title":345,"url":346,"geofencings":347},"Tutorials","/learn/bitstamp-tutorials/",{},{"title":349,"url":350,"geofencings":351},"Web3","/learn/web3/",{},1772794091982]