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1 | Classification | Subcategory | Token | Issuer | Pegged value | Stabilization mechanism | Yield offering to distributors | Yield offering to native token holders | Composition of reserve assets | Redemption on demand | Redemption structure | Redemption settlement timeframe | Attestations or Audits | Regulatory authorizations | FDIC pass-through insurance or equivalent (non-US jurisdictions) | Available Blockchains | Bankruptcy protection | Exculpatory provision | Capacity in which assets are held | Issuer discretion in the use of reserve assets | ||||||||
2 | Off-Chain Fully-Collateralized Stablecoin | USD fiat collateralized | USDC | Circle | USD | Fully Collateralized | Yes, with partners such as Coinbase | No | Cash, short-term U.S. Treasury securities. As of 2024 disclosure: ~80–90% in short-term U.S. Treasury bills (3 months or less). ~10–20% in cash at regulated U.S. banks. | Yes | Authorized institutional users can redeem 1 USDC for 1 USD via Circle accounts. Retail users must go through integrated partners (e.g., Coinbase) or sell via secondary markets. | Usually settled in 1-2 business days. | Monthly attestations published by Deloitte, verifying that total USDC in circulation is fully backed by reserve assets. | Regulated by the FinCEN as an MSB; operates with state-level money transmitter licenses across most U.S. states. Compliant with U.S. AML/CFT frameworks. Cash is held in regulated U.S. banks, such as BNY Mellon, Customers Bank, and others. | No FDIC insurance on USDC itself; the cash portion of reserves is often held in insured bank accounts | USDC is multi-chain, available natively on Ethereum (ERC-20), Solana, Base, Arbitrum, Optimism,Avalanche, Polygon, Stellar, Near, Algorand, inter alia. | Pro-rata claims on reserves during insolvency; reserves are maintained in bankruptcy-remote accounts. There is no formal bankruptcy remoteness without a trust charter. | Circle disclaims responsibility for: Delays in redemption due to bank processing, user losses from exchange hacks or wallet vulnerabilities, and non-custodial usage of USDC (e.g., in DeFi protocols). | Assets are held in a segregated, custodial capacity. Treasury securities are managed via Circle Reserve Fund, a money market fund managed by BlackRock. | Circle may adjust cash-to-Treasury ratios, choose custodians, and manage reserves within the disclosed framework. Assets are not rehypothecated or used for lending. Assets are not invested in risk-bearing assets. | ||||||||
3 | USD fiat collateralized | Ripple USD (“RLUSD”) | Ripple | USD | Fully Collateralized | Not disclosed; some distributors such as Binance do offer yield to holders | No | Per NYDFS regs: (a) U.S. Treasury bills acquired by the Issuer three months or less from their respective maturities (b) Reverse repurchase agreements fully collateralized by U.S. Treasury bills, U.S. Treasury notes, and/or U.S. Treasury bonds on an overnight basis (c) Government money-market funds, subject to DFS-approved caps on the fraction of Reserve assets to be held in such funds (d) Deposit accounts at U.S. state or federally chartered depository institutions | Yes | Authorized participants. | not more than two full business days (“T+2”) but usually same day. | Monthly by 3rd party auditor; weekly self-attestations | Regulated by the NYDFS | Per NYDFS regs: The assets in the Reserve must be segregated from the proprietary assets of the issuing entity, and must be held in custody with (i) U.S. state or federally chartered depository institutions with deposits insured by the Federal Deposit Insurance Corporation (“FDIC”) and/or (ii) asset custodians, approved in advance in writing by DFS. The Reserve assets shall be held at these depository institutions and custodians for the benefit of the holders of the stablecoin, with appropriate titling of accounts | XRP Ledger & Ethereum | Yes, held in a limited purpose NY trust (Per NYDFS regs: The Reserve assets shall be held at these depository institutions and custodians for the benefit of the holders of the stablecoin, with appropriate titling of accounts.) | Details pending; expected to include standard disclaimers about market volatility, operational delays, and regulatory risks in user agreements. | Assets will be held by Ripple or designated custodians in a fiduciary or custodial capacity, with oversight, subject to third-party attestations. | Funds must comply with NY laws; stablecoins must be fully backed by reserves, ensuring their market value equals or exceeds the nominal value of outstanding stablecoins daily. Reserve assets cannot be used for operational purposes or lent, pledged, or rehypothecated. | |||||||||
4 | USD fiat collateralized | USDT | Tether | USD | Fully collateralized (but there is a degree of opacity)-- S&P Global described it as 'constrained' visibility.' | Not disclosed | No | As of latest attestation (Q1 2025): ~85% in U.S. T-bills and other cash equivalents, rest in secured loans, corporate bonds, and other assets | Yes for verified customers. minimum redemption threshold applies. | Institutional clients can redeem directly; individuals may need to use exchanges or OTC desks. | Monthly attestations by thrid-party auditor (currently BDO Italia); no full independent audit yet. | Registered as an MSB with FinCEN; limited formal regulation in offshore jurisdictions (British Virgin Island and Hong Kong). | No | Ethereum, Tron, Solana, Algorand, Omni, and others | No formal bankruptcy protection; incorporated in BVI; uncertain protection for token holders. | Tether’s terms of service allow for suspension/redemption denial at discretion; disclaim responsibility for losses from reserve devaluation. | Held by the holding company and subsidiaries; not segregated in trust accounts for each other. | Broad discretion--reserves may be invested in interest-bearing or risk assets, per terms of service. | ||||||||||
5 | USD fiat collateralized | GUSD | Gemini | USD | Fully collateralized | None | None | U.S. T-bills (<90d), treasury-backed MMFs, cash deposits at FDIC insured banks | Yes- KYC folders can redeem at any time via Gemini | Burn GUSD → withdraw USD via bank transfer | Same day or T+1, depending on banking hours | Monthly attestations by independent auditor (BPM LLP); complies with NYDFS guidance | NYDFS-regulated, must follow trust and stablecoin guidance | Reserves held in FDIC-insured bank accounts; no direct pass-through | Ethereum | Reserves segregated and bankruptcy-remote under NY trust law | Standard terms of service disclaimer to cover operational risks. | Custodial accounts at FDIC-insured banks and money market accounts | Funds must comply with NY laws; stablecoins must be fully backed by reserves, ensuring their market value equals or exceeds the nominal value of outstanding stablecoins daily. Reserve assets cannot be used for operational purposes or lent, pledged, or rehypothecated. | |||||||||
6 | USD fiat collateralized | USD1 | World Liberty Financial Inc. (via WLF Holdco / DT Marks DEFI LLC) | USD (hard peg target) | Fully collateralized | Not dsclosed | None disclosed | 100% in the U.S. Treasuries, cash, USD deposits | Redeemable but details scant-- indended 1:1 USD redemption | On-chain mint/burn; fiat redemption via BitGo Trust | Auditor planned, but reports published yet. | Likely operates under the U.S. trust framework via BitGo; no formal regulatory filings known. | Not-FDIC; assets in uninsured digital custody trust. | ERC-20, BNB Smart Chain. | Yes, assets custodied in a regulated trust via BitGo, segregated from the firm. | Unclear; no legal filings yet; trust structure implies some protection. | Assets held in BitGo Trust. | Not fully disclosed; centralized control through BitGo Trust. | ||||||||||
7 | USD fiat collateralized | FDUSD | FD121 Ltd (First Digital Labs)/ First Digital Trust Ltd. | USD (soft peg) | Fully-backed by reserves | None | None | ~78% U.S. Treasuries (<90d), 15% bank deposits, 7% overnight deposits/repo | Yes, for institutional KYC'd clients. | Institutional redemption via First Digital; retail through secondary markets only. | Not specifically provided; subject to banks' processing hours and operating days. | Monthly independent attestations by Prescient Assurance; smart contract audited by PeckShield; more audits ongoing | Issued by Hong Kong trust; subject to its Trust Ordinance; HK VASP regime pending; no U.S. licenses | Not FDIC-insured; reserves held in segregated custodian accounts under trust law. | ERC-20 and BNB Smart Chain. | Reserve legally segregated and held in bankruptcy-remote trust accounts; some uncertainty on issuer insolvency protection | Terms contain standard disclaimers; the issuer may suspend redemptions; limited liability. | Reserves held in segregated trust accounts via First Digital Trust Ltd. | Reserve assets must be cash/treasury bills; over-collateralization required; issuer discretion limited by trust mandate. | |||||||||
8 | USD fiat collateralized | TUSD | Techteryx | USD | Fully collateralized; 1:1 mint/burn with USD reserves staked in escrow account | No | No | USD-denominated cash, cash equivalents, and short-term liquid investments held in escrow with banks in Hong Kong, Switzerland, the Bahamas, and the U.S. | Yes | Users KYC, wire USD → mint; burn TUSD → wire USD back. | T+5 | Daily on-chain attestations via LedgerLens (TNF + Chainlink PoR); monthly CPA attestations by Cohen & Co / TNF; occasional third-party audits. | Registered as an MSB with FinCEN; oversight by the Nevada Dept of Business & Industry trust regulations | Mostly uninsured, held at banks like Silvergate, Signature, Prime Trust, First Digital Trust; some are FDIC-insured. | Ethereum, TRON, Avalanche, BSC, Polygon, Arbitrum, Optimism, Aurora. | Assets in escrow, not part of Techteryx corporate estate—but S&P flagged “limited clarity on bankruptcy remoteness”. | Terms of service disclaim liability; issuer cannot impede legitimate redemptions | Escrowed by third-party banks (“escrow accounts” monitored via live attestation). | Issuer reportedly cannot use funds for business operations; funds are escrowed until needed for mint/redemption. | |||||||||
9 | USD fiat collateralized | USDG | Paxos Digital Singapore/ Pasox Issuance Europe | USD | Fully collateralized | Yes--via revenue sharing for mints, distributions facilitation via GDN | Not directly (except via partner platforms like Kranken+) | high-quality liquid assets-- USD deposits, short-term U.S. government securities, cash equivalents. | Yes; minimum threshold applies. | Institutional KYC redemption via bank transfers; individual access via partners/ exchanges. | T+1 to T+5 (business days) | Monthly attestation by independent firm Enrome LLP. | Major Payments Institution license by MAS (Singapore); Paxos Issuance Europe under FIN-FSA/MiCA. | No; cash held in segregated trust/ custody accounts via DBS in Singapore. | Ethereum ERC-20, Solana SPL; planned multu-chain expansion subject to MAS approval. | No specific special bankruptcy protection scheme; reserves held in segregated trust/custody. The parent company is regulated by the bankruptcy law in Singapore. | Terms disclaim liabilities for any loss or damage incurred by the customer as a result of the use of the Paxos platform. Paxos may modify or suspend services at their discretion and limit their liability | held in segergated account/trust via DBS. Customers' assets are not co-mingled with operational funds. | No discretion—the reserves are ring‑fenced and held in custody by DBS per regulatory rules. | |||||||||
10 | USD fiat collateralized | PYUSD (PayPalUSD) | Paxos | USD | Fully collateralized; PYUSD is minted when users deposit USD, and burned upon redemption. | Not disclosed | 3.7% annual yield for U.S. PayPal/ Venmo users | U.S. dollar deposits, short-term U.S. T-bills, cash equivalents | Yes | Users redeem through PayPal or an external wallet; tokens are burned, and USD is released by Paxos. | varies; instant to T+1, if redemption via PayPal; T+1 to T+2 via Paxos. | Monthly attestation by KPMG LLP (since Feb 28, 2025); eariler by Withum | Regulated by NYDFS as a limited-purpose charter company. | No FDIC direct insurance; fiat reserves held with insured institutions by Paxos. | Ethereum (ERC-20) and Solana. | Reserves held in segregated custody by Paxos; protected from creditor claims. | Standard terms of service limit PayPal/Paxos' liability. | Held by Paxos as custodian in segregated accounts. | Funds must comply with NY laws; stablecoins must be fully backed by reserves, ensuring their market value equals or exceeds the nominal value of outstanding stablecoins daily. Reserve assets cannot be used for operational purposes or lent, pledged, or rehypothecated. | |||||||||
11 | USD fiat collateralized | HUSD | Stable Universal Limited; reserves custodied by Paxos Trust Company | USD | Fully collateralized | None | None | 100% USD held in U.S. money market / cash deposit accounts with Paxos | Yes – KYC users via stcoins.com and Paxos | Burn HUSD → USD sent via banking rails from Paxos | T+1 | Monthly attestations by U.S. accounting firm; smart contract audits via third parties | Paxos is NYDFS-regulated trust; Stable Universal partners with Paxos for custody/KYC | Reserves held in Paxos custody accounts; may include FDIC-insured deposits, but no direct pass-through | Ethereum (ERC-20) | Reserves custodied by Paxos (bankruptcy-remote) | Standard disclaimers via Stable Universal and Paxos contracts | Custodial cash/money-market accounts at Paxos-managed banks | ||||||||||
12 | USD fiat collateralized | M0 | Multiple permissioned Minters (regulated institutions/funds); protocol governed by M0 Foundation; federated issuer model where qualified entities can become eligible to hold reserves and mint stablecoins. | USD | Over‑collateralization by short-term U.S. Treasuries held off-chain; minting/redemption controlled on-chain; independent Validators ensure collateral adequacy | Minters keep majority of yield generated by collateral; protocol may collect fee share | Earners approved via governance can receive yield via rebasing or claimable rewards (~Feds rate); currently ~5% | Short-dated U.S. Treasury bills exclusively; no commercial bank exposure | Yes | Burn $M → Minters receive collateral off-chain; on-chain burn validated by protocol | T+1 to T+2, depending on Minters’ off-chain settlement processes | Validators provide real-time collateral attestations; protocol audited before mainnet | M0's infrastructure is designed to support stablecoins that are compliant with relevant regulations; minters are potentially subject to local regulatory approvals. | No | Ethereum (main net), wrapped to chains like Solana, Optimism, Arbitrum via Wormhole | Collateral held in bankruptcy-remote SPVs; Minters’ collateral insulated from bankruptcies | Protocol disclaimer covers operational risks; liability limited to collateral backing | Off-chain reserves held by Minters in segregated custody; on-chain governance by validators/minters | Minters can rebalance yield but cannot use collateral for other purposes; protocol governance enforces compliance. | |||||||||
13 | Non-USD fiat collateralized | EURC | Circle France | EUR | Fully collateralized | No | No | 100% Euro-denominated cash deposits | Yes | At €1 per token; direct redemption via Circle Mint or retail form; SEPA transfers; | T≤5 | Monthly attestation by Deloitte; annual audits included in broader Circle financial statements filed with the SEC. | MiCA compliance since July 1, 2024; licensed e-money institution; regulated by Banque de France. | Not FDIC-insured; euro deposits held in segregated bank accounts. | Ethereum, Avalanche, Base, Solana, Stellar. | Yes; reserves are bankruptcy-remote and segregated under MiCA rules. | Standard EU disclaimers. | Held by Circle France in segregated trust/custody accounts via regulated banks. | limited discretion; must comply with MiCA rules (100% cash, 30% local deposits, concentration limits); reserves cannot be used for issuer's operations. | |||||||||
14 | Non-USD fiat collateralized | GYEN | GMO-Z.com Trust Company | JPY | Fully collateralized | No | No | 100% Japanese Yen / USD deposits in FDIC-insured U.S. banks | Yes | Users can redeem GYEN 1:1 for JPY; Burn tokens via GMO Trust portal; fiat transferred via traditional rails | Same day or T+1, depending on banking hours | Monthly independent attestations by The Network Firm (AICPA standards); smart contract audited by Quantstamp | NYDFS-chartered Limited Purpose Trust; greenlisted via VOLT; regulated for issuance/redemption in NY | Reserve deposited in FDIC-insured U.S. banks | Ethereum, Stellar, Solana | Customer funds held in segregated trust accounts (bankruptcy-remote under NY trust law) | Standard terms of service disclaimer to cover operational risks. | Segregated trust accounts at FDIC-insured banks; custodied via Komainu for digital assets | Funds must comply with NY laws; stablecoins must be fully backed by reserves, ensuring their market value equals or exceeds the nominal value of outstanding stablecoins daily. Reserve assets cannot be used for operational purposes or lent, pledged, or rehypothecated. | |||||||||
15 | Non-USD fiat collateralized | XSGD | StraitX | SGD | Fully collateralized | No | No | 100% SGD held in segregated Singapore bank accounts (DBS, Standard Chartered) | Yes | 1:1 redemption via StraitsX platform; Burn XSGD → receive SGD via bank transfer through StraitsX rails | Near instant on-chain; same day or T+1 for fiat withdrawals. | Monthly reserve attestations by ISCA-certified accountants under ISCA standards | Regulated as a Major Payment Institution by the MAS. | Deposits are protected under Singaporean law. | Ethereum, Polygon, Avalanche, Arbitrum, Hedera, Zilliqa, XRP Ledger | Reserves held in segregated accounts under trust/compliance framework; protected from issuer bankruptcy | Standard terms of service disclaimer to cover operational risks. | Segregated accounts in MAS-authorized banks, held for benefit of token holders | Limited by regulatory mandate: 100% fiat backing, no leveraging or lending; issuer must maintain full reserves | |||||||||
16 | Non-USD fiat collateralized | HKDD | First Digital Labs | HKD | Fully collateralized | No | No | 100% HKD held in segregated custody accounts by a Hong Kong trust company | Yes (to qualifying institutional users) | 1:1 redemption; Burn HKDD → redeem HKD via First Digital Trust rails | Same day or T+1, depending on banking hours | Monthly independent attestations by third party; smart contracts audited by PeckShield & Quantstamp | Will apply for HKMA stablecoin license under forthcoming regime; operates within the Hong Kong Trustee Ordinance cap. 29 | Reserves are regulated under HK trust law. | Ethereum, BNB Chain, Solana, Sui | Reserves segregated under Trustee Ordinance cap.29, bankruptcy-remote from issuer | Standard terms of service disclaimer to cover operational risks. | Held by First Digital Trust Ltd., a regulated trust company, on behalf of token holders | None — must maintain 1:1 backing; reserves cannot be lent or used for other purposes | |||||||||
17 | Non-USD fiat collateralized | TRYB | BiLira Teknoloji A.Ş. (Turkey-based company) | TRY (Turkish Lira) | Fully collateralized at par by Turkish Lira held in Turkish bank accounts. | No | No | 100% cash reserves in Turkish Lira deposited in domestic Turkish banks | Yes, for KYC’d users | Users send TRYB to issuer; issuer wires equivalent TRY to user’s local bank account | usually same day or T+1 on business days | Periodic reports published by the issuer; no fully independent, Big 4 audit disclosed publicly | Operates as a Turkish company under local electronic money and fintech rules. | TRYB is not subject to the deposit insurance protections provided by Turkish law. | Ethereum (ERC-20); also available on Avalanche, BNB Chain. | Funds are held in segregated bank accounts, but bankruptcy remoteness is limited; users may become unsecured creditors. | Standard terms of service disclaimer to cover operational risks. | Turkish bank accounts held in issuer’s name, supposedly on behalf of token holders | Limited – must remain in TRY reserves; but issuer retains control and responsibility for managing accounts | |||||||||
18 | Non-Stablecoin Off-Chain Collateralized Instrument | Tokenized MMF | USDM | Mountain Protocol | USD | Fully-backed by off-chain reserves) + daily rebasing via smart contract (on-chain) | Likely via APY fee-sharing with partners (not publicly disclosed) | Daily rebasing mechanism: holders receive extra USDM as yield. | Mostly U.S. Treasuries (T-bills ≤60 days), tokenized MMFs, ETFs, reverse repo; small buffer in transit cash/USDC | Yes, for "primary users" who are KYC'd and non-U.S. persons | Mint/redeem via Mountain portal with KYC; redemption in USDC or USD; secondary market on-chain | T+2 for large amounts | Monthly attestations by Nephos Group (attestation, not full audit); yearly financial audits also include USDM Reserves | BMA Class F (full) Bermuda Digital Asset Business license; Reg S compliance; not US-available | Reserves in bankruptcy-remote segregated accounts with regulated custodians; Bermuda banking insurance minimal (~$50k) | Ethereum ERC‑20, Polygon, Arbitrum, Optimism, Base, ZKSync Era, Celo, Avalanche | Yes-- reserves are kept in bankruptcy-remote accounts, separate from company estate | Standard terms of services limit liabilities, reserves not commingled; issuer may suspend/limit operations | Held “in the name of the Company…on behalf of, and for the benefit of, Users” in regulated custodial accounts | Must follow strict reserves mandate: only short-dated government assets; buffer maintained; transactions require custody partners; issuer discretion limited to mandate compliance. | ||||||||
19 | Tokenized MMF | USDL | Paxos Issuance MENA Ltd. | USD | Fully-backed by off-chain reserves; daily rebasing via smart contract (on-chain) | Likely via APY fee-sharing with partners (not publicly disclosed) | Daily rebasing yield; current APY ~3.7–5% | Short-term U.S. Treasuries, cash equivalents, and overnight repos. | Yes | Via Paxos portal | T+1 for institutional client; T+5 typically | Monthly attestations by Crowe Mak LLP; independent review. | Licensed by the Financial Services Regulatory Authority (FSRA) (UAE); regulated as a fiat-referenced token under the ADGM. | Cash is a segregated account at FSRA-authorized banks; no FDIC. | Ethereum, Arbitrum | Yes; segregated reserves, bankruptcy priority for holders. | Terms limit liabilities; governed by the FSRA rules. | Custody by third-party banks under the FSRA rules. | Reserve use is limited to high-quality liquid assets; the issuer cannot re-allocate outside the mandate. | |||||||||
20 | Tokenized MMF | USDY | Ondo USDY Ltd. (Bermuda) | USD (soft peg) | Fully-backed by off-chain assets and on-chain mint/burn control | Potentially yes | Holders receive on-chain distributed yield (target APY varies, recent ~5%); yield comes from interest on U.S. Treasuries & bank deposits | Short-term U.S. Treasuries (≤1 year) + demand deposits (USD cash at banks) | Yes, for qualified non-U.S. persons via Ondo platform | Users burn USDY to redeem underlying cash (USD) via Ondo’s regulated structure | Typically T+1 to T+2 | Monthly independent attestation reports on assets and liabilities | Issued under Bermuda Monetary Authority (BMA) Digital Asset Business license | No; cash reserves are in commercial banks, but not FDIC pass-through insured | Ethereum, Solana | Assets held in bankruptcy-remote SPV; tokenholders have direct claim over assets | Terms disclaim liability for certain losses; generally, limited liability. | Held in custody accounts for benefit of token holders; segregated from Ondo’s corporate assets. | Very limited; funds must stay in short-term Treasuries and demand deposits; can rebalance within those per mandate. | |||||||||
21 | Tokenized MMF | USDP | Paxos | USD | Off-chain fiat and cash-equivalent reserves | Potentially yes | No | 100% held in cash and cash equivalents (e.g., U.S. Treasury bills with maturities less than 3 months). Paxos does not use commercial paper. All cash and cash equivalents are held in segregated accounts. | Yes | Typically for institutional clients. | T+1 | Monthly attestation by an institutional accounting firm; public reports detail reserves and total tokens outstanding. | Issued under a limited-purpose trust charter by the NYDFS. | No FDIC pass-through insurance, but reserves are held in insured U.S. banks to the extent applicable. | Issued natively on Ethereum (ERC-20); also available on other networks (e.g., BNB Chain, Polygon, Solana). | Reserves are held in a bankruptcy-remote trust, and customer assets are segregated from Paxos' corporate assets. | Paxos disclaims responsibility for third-party losses and imposes limits on user claims beyond the 1:1 redemption value. | Custodial capacity on behalf of USDP holders; Paxos holds reserves as a fiduciary under its trust charter. | Paxos may invest reserves in short-term U.S. Treasury instruments and cash equivalents, subject to NYDFS guidelines, but does not share yield with users. Paxos cannot use or lend reserves. | |||||||||
22 | Tokenized MMF | BUIDL | BlackRock | USD | NAV mechanism; Soft peg to USD via NAV-backed token; 1 BUIDL ≈ $1.00, but technically represents shares in a fund, not a fiat-pegged stablecoin. | None disclosed | Yes. Tokenholders receive daily accrued yield. | Short-term U.S. Treasuries, reverse repos, and cash equivalents; equivalent to institutional prime or government MMFs. | Yes, subject to compliance; only qualified investors with KYC/AML can redeem | Shares redeemed via smart contract, settled via Securitize Markets; “Each Fund has elected to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption.” https://www.sec.gov/Archives/edgar/data/844779/000119312519100379/d683821d485bpos.htm#toc683821_14 | Fund is registered under the Investment Company Act of 1940 and subject to SEC filings; daily NAV disclosures and portfolio reporting through standard MMF regulatory channels. | SEC-regulated; tokenization and investor services managed by Securitize, an SEC-registered transfer agent and broker-dealer. | No FDIC pass-through insurance; | Ethereum (ERC-20 token) | Assets are segregated from BlackRock corporate assets. Investor protections apply under 40 Act fund structure and custodianship by BNY Mellon. | Standard fund prospectus includes liability disclaimers; investors assume risk of loss, and tokenization platform limits liability in case of blockchain-based disruptions. | Assets are held in the custody of BNY Mellon on behalf of the fund; tokenized shares are managed via Securitize. | BlackRock manages fund investments per its stated investment policy (only highly liquid U.S. Treasuries and equivalents); no discretionary use of assets for non-fund purposes. | ||||||||||
23 | Tokenized MMF | BENJI | FOBXX (Franklin Templeton) | USD | NAV mechanism: maintains $1 NAV target; represents shares in a fund. | via fee revenue in fund structure | current ~4.12% 7-day yield | U.S. Treasuries, cash, repos ≥99.5% | Yes. | via fund redemption; USDC on-ramp via ZeroHash for some users; Redeem fund shares → get USD; conversion via partner rails | Fund redemptions settle per fund rules (typically next business day); USDC conversions can be near-real-time | Regulated fund with regular statements and the Investment Act, 1940 oversight | SEC-registered under the 1940 Act. | Not FDIC-insured. | Stellar, Avalanche, Ethereum, Polygon, Base, Solana, etc. | Fund assets held separately; priority claims by shareholders. | Fund disclaimers are included in the prospectus. | Franklin Templeton holds the custody of assets and is responsible for their management. | Fund manager follows prospectus mandate; asset use restricted. | |||||||||
24 | Tokenized MMF | UStb | Ethena Labs | USD | Fully backed by BUIDL tokenized on Ethereum | None disclosed. But platform partners could receive a fee share. | Yes- holders get net yield from underlying BUIDL (APR varies; currently ~5%) | Indirect exposure, contingent on the BUIDL, which is backed by U.S. Treasury, repo, cash, and reverse repo positions. | Yes, subject to KYC | Burn UStb → redeem underlying BUIDL shares → fiat (USD) | T+1 to T+2 | Underlying BUIDL is audited; smart contracts are security audited. | Indirect through BUIDL, which is managed by BlackRock under a U.S. regulatory framework; Ethena, as the issuer, operates offshore, outside the U.S. | No; underlying BUIDL assets are in regulated custodial accounts but not FDIC insured | Ethereum | Underlying BUIDL assets are bankruptcy-remote; Ethena's wrapper may not provide the same direct legal claim | Ethena terms disclaim liability; users rely on underlying asset safety | The underlying assets of BUIDL are held by BNY Mellon | Fund manager follows prospectus mandate; asset use restricted. | |||||||||
25 | Tokenized MMF | YLDS | Figure Certificate Company | USD | Fully backed by prime MMF securities; 1:1 mint-burn via figure portal | None disclosed | Daily accrual, paid monthly at SOFR – 0.50% (~3.85%) | Prime MMF securities (government + asset-backed equivalents). | Yes, fiat off-ramp during U.S. banking hours. | Burn YLDS to redeem USD or convert to stablecoins via Figure Markets. | Instant on-chain; fiat settlement during U.S. banking hours. | SEC-registered; SEC rules apply. | SEC-registered offering. | Not applicable. | Provenance | Unsecured obligations of Figure Certificate Co.—not ring‑fenced trust structure | Standard disclaimers; unsecured instrument. | On-and off-balance prime MMF securities. | Issuers hold full discretion over assets; not protected in bankruptcy. | |||||||||
26 | Tokenized commodities | PAXG | Paxos Trust Company | Gold (1 troy fine ounce of gold on a London Good Delivery gold bar) | Fully backed by physical gold bars held in custody. | None | None-- token reflects gold's market movements. | Allocated physical gold bars are held in a secured and insured vault. | Yes-- 1:1 redemption for physical gold or USD. | Direct through Paxos portal or via brokers. | varies; PAXG to USD via Paxos = T+1 to T+2; PAXG for physical gold bars = T+1 to T+3 subject to KYC and logistics confirmation; PAXG on exchanges/ OTC= near instant on-chain. | Monthly by KPMG LLP; smart contract security audits including CertiK & ChainSecurity. | Regulated by NYDFS as a limited-purpose charter company. | Vault provider (Brink's Global Service) maintains insurance on gold in custody. | ERC-20; EVM/chain bridges. | Reserves are held in a bankruptcy-remote trust, and customer assets are segregated from Paxos' corporate assets. | Paxos disclaims responsibility for third-party losses and imposes limits on user claims beyond the 1:1 redemption value. | Held in allocated form within vault custody. | Paxos may invest reserves in short-term U.S. Treasury instruments and cash equivalents, subject to NYDFS guidelines, but does not share yield with users. Paxos cannot use or lend reserves. Gold can only back PAXG tokens. | |||||||||
27 | Tokenized commodities | XAUT | TG Commodities Limited, a subsidiary of Tether Holdings Limited, registered in Hong Kong. | Gold (1 troy fine ounce of gold on a London Good Delivery gold bar) | Fully backed by physical gold bars held in custody. | None disclosed | No | Allocated physical gold bars stored in Swiss vaults; each token represents ownership of a specific bar or fractional share. | Yes, but only to verified holders with a minimum of 430 XAUT (1 full gold bar). Redemptions are subject to KYC/AML and storage/transport fees. | Redemption requires an account with TG Commodities; minimum redemption amount is 430 XAUT (1 bar). Retail users typically use exchanges to cash out. | No regular third-party attestations in the style of stablecoin audits; Tether publishes gold bar serial numbers, weight, and refinery info for each token allocation on its website. | Not regulated as a financial instrument in the U.S. or EU. | No, gold held in private vaults is not insured by the FDIC or any equivalent scheme. | Issued on Ethereum (ERC-20) and Tron (TRC-20) blockchains. | Gold is held in allocated, segregated custody; no express bankruptcy-remote structure like a regulated trust. | Tether’s terms of service contain broad disclaimers of liability, including delays in redemption or force majeure affecting vault access. | TG Commodities holds physical gold in custody on behalf of token holders; token holders have ownership rights to specific gold bars. | No discretion to rehypothecate or invest gold reserves; assets are held in allocated custody specifically for token redemption purposes. | ||||||||||
28 | Programmatic overcollateralized | Single collateral | RAI | Reflexer | Non-pegged | Hybrid of the overcollaterlized model of DAI/USDS and an algroithmmic arbitrage mechanism, which incentivizes purchases or liquidations when the price diverges from a target. While RAI aims for stability, it allows for some volatility around the target and does not peg to the value of a traditional stable asset. | No | No | ETH | Indirectly. Users can repay their RAI-denominated debt to reclaim collateral. Arbitrageurs help keep the market price close to the redemption price, but there is no direct redemption at par from a central issuer. | Operates on a CDP model: users lock ETH, mint RAI, and can repay RAI to unlock collateral. Market-based arbitrage is the main price-alignment force. | No traditional audits or attestations. No off-chain reserves exist to audit. | None. | None. | Ethereum mainnet (ERC-20) | None. | Protocol governance and Reflexer Labs disclaim liability for smart contract bugs, hacks, or price volatility. Governance may change parameters but with time delays. | On-chain smart contracts manage ETH collateral; users retain control through self-custodied vaults. There is no intermediary custody. | None. Collateral (ETH) is locked in vaults and cannot be moved or used except by the original vault owner. | |||||||||
29 | Multi-collateral | USDS | Sky Protocol | Soft peg to USD | Over-collateralization via vaults + PSMs to swap stablecoins like USDC/USDT to maintain peg; targeted stabilized value is 1:1. | Vault users earn PSM rebates and governance incentives indirectly. | Yes. Sky Savings Rate (SSR) pays in USDS; Sky Token Rewards pays SKY to USDS holders. | Crypto collateral (ETH, stETH, real-world assets, such as government bonds), stablecoins (e.g., USDC) | via vaults (burn (USDS and withdraw collateral) or PSM swap to stablecoins. | Redemption at par; burning the stablecoins (taking the USDS token out of circulation) | Instant | Smart contract audits (ChainSecurity, CertiK) | None; decentralized governance under the SKY DAO. | None. | Ethereum, Solana (via Wormhole), Base, Polygon, Arbitrum, Optimism, ZKSync, Celo, Avalanche. | None. | Governance may "freeze" contracts, but limited liability is due to smart contract design. | Collateral held in smart contracts/vaults owned by the protocol. | Protocol governed by SKY DAO; reserve asset use governed by on-chain rules, PSMs, and community consensus. | |||||||||
30 | Multi-collateral | DAI | MakerDAO | USD | Overcollateralized debt positions (Vaults) and a Target Rate Feedback Mechanism (TRFM). DAI is minted by locking crypto/real-world asset (RWA) collateral in smart contracts; arbitrage and liquidation mechanisms maintain the peg | No | Yes—through the DAI Savings Rate (DSR). Rate funded from stability fees and reserve earnings. | A mix of crypto collateral, stablecoins, tokenized RWAs. | Yes, subject to the repayment of the DAI debt. | CDP model: Users mint DAI by depositing excess collateral and can redeem by repaying debt. Peg is maintained through arbitrage, liquidations, and the DSR. | All vault balances and system liabilities are publicly verifiable on-chain via Maker’s dashboard and analytics tools (e.g., Dune, MakerBurn). RWA integrations have off-chain disclosures. | None for MakerDAO as a protocol. Some RWA partners are regulated (e.g., Monetails, BlockTower). | None. | Ethereum (mainnet); DAI also circulates as a bridged token on many L2s and alt-L1s (e.g., Arbitrum, Optimism, Polygon). | None. | MakerDAO governance disclaims responsibility for losses from smart contract risks, governance decisions, or collateral volatility. Governance may change parameters with time-delay modules. | Collateral is held on-chain in smart contracts, controlled by vault users and automated governance rules. RWA collateral is held by off-chain entities with legal SPVs interfacing with Maker. | Limited discretion via governance. MKR holders can vote to onboard new collateral types, adjust parameters (e.g., stability fees, DSR), and interact with RWA entities. | ||||||||||
31 | Interest-bearing collateralized | MIM | Abbracadabra | USD | Overcollateralized lending model using interest-bearing tokens (ibTKNs) like yvUSDT and xSUSHI; Peg stability is maintained via secondary market arbitrage and liquidation incentives. | No | No native yield on MIM. However, collateral used to mint MIM (e.g., Yearn vault tokens) accrues yield, which remains with the user. | Interest-bearing tokens: e.g., yvUSDT, yvUSDC, yvWETH (from Yearn). Rebasing/DeFi tokens: e.g., xSUSHI, cvx3pool, stETH; Supports volatile or complex cryptoassets. | Yes, subject to the repayment of the debt. | Users mint MIM by depositing collateral into cauldrons (lending vaults). To redeem, users repay MIM debt plus interest to reclaim their collateral. | None. Information about the collateral positions are public available and visible on-chain. | None. | None. | Native to Ethereum, but also deployed on Avalanche, Arbitrum, Fantom, Binance Smart Chain, and others via multichain architecture. | None. | Protocol and contributors disclaim liability in the event of smart contract exploits, market volatility, or governance risks. | Assets are held on-chain in decentralized smart contract vaults (Cauldrons), under user control until undercollateralization triggers liquidation | Protocol parameters (e.g., accepted collateral, interest rates, liquidation thresholds) are governed by DAO proposals. Admin multisigs and governance can alter collateral types and risk parameters. | ||||||||||
32 | Uncollateralized algorithmic | Seigniorage/ arbitrage | ESD | Empty Set DAO (community-led protocol) | USD | Uncollateralized seigniorage-style algorithmic system. The system incentivizes the supply expansion and contract around the peg via bond and rebase logic. It uses a system of rewards and incentives to encourage users to sell off the tokens when the demand decreases. | No | No fixed yield. Participants may earn rewards (newly minted ESD) for providing liquidity or bonding during expansion phases. | None. | None. | Uses a bonding/coupon system: Users burn ESD for coupons when price is below $1. Coupons are redeemable later (after expiry conditions) when ESD price is above $1. | None. | None. | None. | Ethereum mainnet (ERC-20) | None. | The DAO and developers typically disclaim responsibility for volatility, loss, or smart contract risk; users interact with the system at their own risk. | No reserve assets held; the protocol manages token supply via bonding and rebasing. | Not applicable. Protocol logic is executed via smart contracts. | |||||||||
33 | cUSD | Mento Protocol (Celo Foundation) | USD | Supply adjustment via smart contracts: users can mint/burn cUSD by exchanging with CELO (native asset) and other crypto collateral; uses on-chain reserve and algorithmic policy to defend peg | No | No | Crypto assets: primarily CELO, plus BTC, ETH, USDC, DAI and other assets approved by governance | Yes | Permissionless mint/burn via on-chain Mento exchange contract; Users can swap cUSD into CELO (and vice versa) directly on-chain at the market-clearing price determined by the Mento AMM. | Immediate (on-chain transaction finality) | Smart contract code audited by several firms (Trail of Bits, OpenZeppelin, etc.); reserve balances publicly viewable on-chain | None. | None. | Celo | None. Protocol assets exist in smart contracts. | Protocol disclaimers; governed by DAO, no formal issuer liability | Held in on-chain reserve smart contracts. | Controlled by on-chain governance: Mento reserve managers and governance can rebalance collateral; no single issuer discretion. | ||||||||||
34 | TerraUSD | Terraform Labs | USD | Mint-burn arbitrage model, with volatile LUNA token exchangable for stable TERRA token. | Unknown | Yes | None. | Yes. Users could redeem UST for $1 worth of LUNA at any time via the protocol. | 1:1 mint-burn parity between LUNA and UST based on oracle price feeds. The mechanism functioned like a floating currency swap, with no collateral pool, relying solely on supply destruction and creation. | None. | None. Currently subject to the SEC and DOJ investigations following the Terra/Luna collapse. | None. | Terra Classic, following the collapse. | None. | No clear structure, Terraform Labs exerting de facto central influence over major decisions. | No off-chain custody of reserves (except late-stage BTC held by Luna Foundation Guard). | Not applicable. | |||||||||||
35 | Hybrid algorithmic and on-chain collateralized | USDD | TRON DAO Reserve | Soft peg to USD (floats ±3%) | Over-collateralization with crypto + algorithmic support via Peg Stability Module (PSM) | No | Up to ~20 % APY subsidized by TRON DAO | Crypto basket: TRX, BTC, USDT, USDC, TUSD, JST; collateral ratio >130–200+ % | No centralized redemption; on-chain mint/burn only | Permissionless vaults (collateralized minting) and PSM swaps | Instant | Smart contract audits (ChainSecurity) | None; decentralized governance under the TRON DAO Reserve; governance claims contested. | None. | Multi-chain: TRON, Ethereum, BNB Chain. | None. | No centralized liability. | Assets are held in on-chain vault contracts; reserves remain on-chain. | Smart-contract governed reserve allocation; TRON DAO Reserve can rebalance per policy (e.g. swap BTC→TRX). | |||||||||
36 | Elastic Supply/rebasing | AMPL | Fragments, Inc. | Target price is ~$1 (2019 USD), adjusted by the Consumer Price Index (CPI). | Supply elastic rebasing: If price > target, balances increase (positive rebase). If price < target, balances decrease (negative rebase). | Unknown | No | None | No redemption mechanism | Not applicable | None | None | None | Originally launched on Ethereum (ERC-20). Also deployed on Avalanche, Polygon, BNB Chain, and other networks. | Not applicable | Protocol includes standard disclaimers about price volatility, rebase effects, and smart contract risks. No legal entity guarantees AMPL's value or stability. | No assets are held. | Not applicable. | ||||||||||
37 | Protocol token overcollateralization (synthetic minting) | sUSD | Synthetix Protocol | USD | Synthetic, overcollateralized: Users mint sUSD by staking SNX—governance token, or depositing ETH (on newer versions). Requires high overcollateralization ratio (350–500% depending on system version). Peg is maintained via arbitrage and debt pool mechanics — all stakers share system-wide debt and must maintain proper collateralization. | Unknown | The token itself is not yield-generating. But SNX stakers mint sUSD and earn inflationary SNX rewards + trading fees from the Synthetix ecosystem | SNX tokens and ETH staked in smart contract. | Yes, for stakers. | A staker can burn their minted sUSD to unlock their collateral. | None. | None. | None. | Initially on Ethereum mainnet, now primarily active on Optimism, with support for other L2s and rollups (via Synthetix V3). | None. | Synthetix disclaims responsibility for losses due to market volatility, undercollateralization, smart contract bugs, or governance changes. | Collateral (e.g., SNX, ETH) is held on-chain in Synthetix’s smart contracts. Collateral is not segregated per user but pooled into a shared debt pool model. | Parameters such as collateral types, ratios, and incentives are set by the Synthetix DAO via governance proposals (SIPs), not by a central team. | ||||||||||
38 | Synthetic Hedged | Delta-Neutral hedging (spot+short perps) | USDe | Ethena Labs | USD | Delta-neutral synthetic exposure, maintained by accepting ETH or liquid staking tokens (e.g., stETH) as collateral and taking short perpetual futures positions of equal value. This creates a hedged (market-neutral) position, mimicking USD exposure without holding actual dollars. Peg stability is maintained through arbitrage and on-chain mint/redeem mechanisms. | Unknown | Yes; holders can opt into ‘Ethena Earn’. | Long staked ETH (stETH) and other LSTs. Short perpetual futures (centralized exchanges like Binance, Bybit, OKX). No fiat or fiat-pegged stablecoin is used in the backing. | Yes. | Users deposit collateral (e.g. stETH), Ethena opens a short perp to hedge, and mints USDe. | Monthly attestation published by third-party auditors, covering total collateral, perp positions, and collateralization ratios. | None. | None. | Native to Ethereum (ERC-20); deployed across Layer 2s and integrated with Curve, Pendle, Synthetix, etc. | None. | Ethena disclaims liability for: Volatility in funding rates Exchange risk (e.g., a CEX going down) Smart contract bugs or oracle failures | Long collateral (stETH) held in non-custodial smart contracts. | High discretion; Ethena Labs and governance modules actively manage hedging strategies, collateral composition, and risk limits. | |||||||||
39 | Hedged multi-asset backing with dynamic exposure | agEUR | Angle Protocol | EUR | Hybrid model, including overcollateralization, hedging modules using perpetual swaps/ futures to dela-hedge foreign exchange volatility, and arbitrage. | Unknown | No native yield. Angle staking gives reward to liquidity providers. | wETH, wBTC, USDC, DAI, EURe; Collateral is often paired with hedging strategies to maintain euro exposure (e.g., perpetual swaps on ETH/EUR) | Yes. | Users can burn agEUR to redeem the exact value of the underlying collateral (in proportion to price and risk ratios). Redemptions are programmatic and modular, dependent on the minting route (e.g., borrowing, direct minting, perpetual hedging). | No third-party attestation. | None. | None. | Optimism, Arbitrum, Polygon, Base, Gnosis Chain, zkSync, and other L2s. | None. | Standard DeFi disclaimers apply. | Assets are held on-chain in Angle smart contracts, segregated by module (e.g., perpetual-backed, vault-based). | Moderate discretion; The DAO can update parameters, add/remove collateral types, and change hedging strategies. | ||||||||||
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