Stablecoins by Market Capitalization
A stablecoin is a type of cryptocurrency that is designed to maintain a stable value by being pegged to an external reference, such as a fiat currency.
What is a stablecoin? Stablecoin is a cryptocurrency that is designed to minimize volatility by pegging to a more stable asset. Fiat currency digital asset is the most popular use case for stablecoins. It typically tracks popular national currencies such as the US Dollar, Euro, and the British Pound. Benefit of this includes being able to take advantage of blockchain technology and peer-to-peer value transfer while not being exposed to high volatility such as Bitcoin, Ethereum, or other cryptocurrencies. Stablecoins are relatively new kind of technology and each of them comes with different implementations, liquidity, risks, and acceptance.
| # | Coin | Price | 1h | 24h | 7d | 30d | 24h Volume | Market Cap | FDV | Market Cap / FDV | Last 7 Days | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3 |
Tether
USDT
|
$0.9992 | 0.0% | 0.0% | 0.1% | 0.1% | $62,435,284,831 | $184,056,706,921 | $189,519,411,645 | 0.9711760147562323 |
|
||
| 6 |
USDC
USDC
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $18,713,087,858 | $72,669,691,568 | $72,691,487,272 | 0.9997001615355241 |
|
||
| 13 |
USDS
USDS
|
$1.00000 | 0.0% | 0.0% | 0.0% | 0.0% | $131,371,198 | $10,341,762,650 | $10,341,003,827 | 1.0000733800316195 |
|
||
| 26 |
Ethena USDe
USDE
|
$0.9994 | 0.0% | 0.0% | 0.0% | 0.0% | $54,470,829 | $4,758,140,524 | $4,758,145,513 | 0.9999989513461247 |
|
||
| 29 |
Dai
DAI
|
Buy
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $368,155,840 | $4,544,825,151 | $4,549,020,750 | 0.9990776918635766 |
|
|
| 31 |
USD1
USD1
|
$0.9994 | 0.0% | 0.0% | 0.0% | 0.0% | $1,104,147,387 | $4,244,023,960 | $4,244,023,960 | 1.0 |
|
||
| 37 |
Global Dollar
USDG
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $632,521,186 | $3,112,175,198 | $3,112,175,198 | 1.0 |
|
||
| 41 |
PayPal USD
PYUSD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $82,630,123 | $2,908,312,433 | $2,908,312,433 | 1.0 |
|
||
| 44 |
Ripple USD
RLUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $179,539,030 | $2,417,191,738 | $2,415,191,201 | 1.000828314365744 |
|
||
| 58 |
Falcon USD
USDF
|
$0.9945 | 0.1% | 0.0% | 0.1% | 0.2% | $372,324 | $1,806,295,606 | $1,806,295,606 | 1.0 |
|
||
| 60 |
USDD
USDD
|
$0.9984 | 0.0% | 0.0% | 0.0% | 0.0% | $14,094,033 | $1,769,541,594 | $1,769,174,819 | 1.0002073140697278 |
|
||
| 64 |
United Stables
U
|
$0.9994 | 0.0% | 0.0% | 0.0% | 0.0% | $152,348,446 | $1,559,234,676 | $1,559,234,676 | 1.0 |
|
||
| 67 |
BFUSD
BFUSD
|
$0.9984 | 0.0% | 0.0% | 0.1% | 0.1% | $2,168,673 | $1,317,840,585 | $1,317,840,585 | 1.0 |
|
||
| 69 |
USDGO
USDGO
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $8,054,645 | $1,289,575,120 | $1,289,575,120 | 1.0 |
|
||
| 91 |
Open USD
OUSD
|
$0.9985 | 0.0% | 0.0% | 0.1% | 0.0% | $344,335 | $787,481,836 | $787,481,836 | 1.0 |
|
||
| 97 |
GHO
GHO
|
Buy
|
$0.9989 | 0.0% | 0.1% | 0.0% | 0.0% | $2,753,992 | $698,202,257 | $698,202,257 | 1.0 |
|
|
| 113 |
Usual USD
USD0
|
$0.9986 | 0.0% | 0.0% | 0.0% | 0.0% | $920,585 | $541,886,293 | $541,886,434 | 0.9999997384093591 |
|
||
| 119 |
TrueUSD
TUSD
|
$0.9991 | 0.0% | 0.0% | 0.1% | 0.0% | $14,552,722 | $494,032,299 | $494,032,299 | 1.0 |
|
||
| 120 |
EURC
EURC
|
Buy
|
$1.12 | 0.1% | 0.2% | 0.4% | 3.6% | $28,046,609 | $492,878,204 | $492,985,231 | 0.9997828997486581 |
|
|
| 121 |
YLDS
YLDS
|
Buy
|
$0.9993 | 0.0% | 0.0% | 0.1% | 0.1% | $8,248,514 | $487,359,516 | $487,359,516 | 1.0 |
|
|
USDtb
USDTB
|
$0.9992 | 0.0% | 0.0% | 0.1% | 0.1% | $991,660 | $470,242,236 | $470,242,236 | 1.0 |
|
|||
| 123 |
A7A5
A7A5
|
Buy
|
$0.01154 | 0.0% | 0.1% | 3.7% | 2.7% | $1,537.57 | $453,000,245 | $453,000,245 | 1.0 |
|
|
| 137 |
SoFiUSD
SOFID
|
$0.9995 | 0.0% | 0.2% | 0.0% | 0.0% | $10,302,747 | $337,741,636 | $337,741,636 | 1.0 |
|
||
| 139 |
First Digital USD
FDUSD
|
$0.9984 | 0.0% | 0.1% | 0.0% | 0.0% | $208,826,540 | $324,401,348 | $324,401,348 | 1.0 |
|
||
| 143 |
Re Protocol reUSD
REUSD
|
$1.11 | 0.0% | 0.0% | 0.2% | 0.6% | $3,732,457 | $318,303,932 | $318,615,574 | 0.9990218860863015 |
|
||
| 145 |
apxUSD
APXUSD
|
$0.9917 | 0.0% | 0.0% | 0.2% | 1.6% | $3,117,442 | $313,688,146 | $313,688,146 | 1.0 |
|
||
Binance-Peg BUSD
BUSD
|
$0.9994 | 0.1% | 0.0% | 0.6% | 0.0% | $1,316,231 | $283,040,326 | $283,040,326 | 1.0 |
|
|||
| 177 |
crvUSD
CRVUSD
|
$0.9992 | 0.0% | 0.0% | 0.1% | 0.1% | $26,586,394 | $218,822,818 | $219,099,322 | 0.9987379985793597 |
|
||
| 178 |
Legacy Frax Dollar
FRAX
|
Buy
|
$0.9921 | 0.0% | 0.0% | 0.1% | 0.1% | $344,989 | $217,569,417 | $217,569,417 | 1.0 |
|
|
| 186 |
USX
USX
|
Buy
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.0% | $241,683 | $209,245,049 | $209,245,049 | 1.0 |
|
|
| 193 |
EUR CoinVertible
EURCV
|
$1.12 | 0.2% | 0.2% | 0.3% | 3.5% | $17,763,858 | $187,748,714 | $187,748,714 | 1.0 |
|
||
| 196 |
USAT
USAT
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.0% | $938,559 | $183,128,028 | $183,128,028 | 1.0 |
|
||
| 201 |
AUSD
AUSD
|
$0.9992 | 0.0% | 0.0% | 0.0% | 0.1% | $11,731,542 | $178,596,959 | $178,596,959 | 1.0 |
|
||
Polymarket USD
PUSD
|
$0.9994 | 0.0% | 0.0% | 0.0% | 0.1% | $26,698.02 | $174,132,457 | $174,132,457 | 1.0 |
|
|||
| 225 |
GUSD
GUSD
|
$0.9977 | 0.0% | 0.0% | 0.1% | 0.1% | $275,718 | $149,441,682 | $319,255,881 | 0.46809375 |
|
||
| 237 |
JPY Coin
JPYC
|
$0.006293 | 0.0% | 0.3% | 0.2% | 2.8% | $1,096,156 | $133,941,310 | $133,941,310 | 1.0 |
|
||
| 245 |
JPYSC
JPYSC
|
$0.006323 | 0.1% | 0.1% | 0.0% | 2.9% | - | $126,831,657 | $126,831,657 | 1.0 |
|
||
| 246 |
CASH
CASH
|
Buy
|
$0.9989 | 0.0% | 0.0% | 0.0% | 0.1% | $6,543,019 | $126,448,299 | $126,448,299 | 1.0 |
|
|
| 249 |
Avant USD
AVUSD
|
$0.9985 | 0.0% | 0.0% | 0.0% | 0.1% | $49.48 | $124,243,688 | $124,243,688 | 1.0 |
|
||
| 271 |
Aster USDF
USDF
|
$0.9975 | 0.0% | 0.0% | 0.1% | 0.2% | $8,743.96 | $111,274,927 | $111,274,958 | 0.9999997189810365 |
|
||
| 277 |
Frax USD
FRXUSD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $3,531,476 | $105,465,274 | $105,465,274 | 1.0 |
|
||
| 289 |
Saturn Dollar
USDAT
|
$0.9987 | 0.0% | 0.1% | 0.1% | 0.1% | $2,046,319 | $100,576,005 | $100,576,005 | 1.0 |
|
||
| 293 |
Unity USD
UUSD
|
$0.9991 | 0.0% | 0.1% | 0.2% | 0.3% | $1,753,623 | $99,904,171 | $99,904,171 | 1.0 |
|
||
USDa
USDA
|
$0.9671 | 0.0% | 0.6% | 1.9% | 1.6% | $10.67 | $94,542,304 | $94,542,304 | 1.0 |
|
|||
| 304 |
f(x) Protocol fxUSD
FXUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.1% | $887,621 | $91,528,989 | $91,529,230 | 0.999997370682652 |
|
||
| 317 |
USDA
USDA
|
$0.9921 | 0.3% | 0.3% | 9.1% | 8.2% | $1,441,625 | $86,341,844 | $86,341,844 | 1.0 |
|
||
| 334 |
USDsui
USDSUI
|
$0.9986 | 0.0% | 0.1% | 0.1% | 0.1% | $3,969,414 | $79,960,612 | $79,960,612 | 1.0 |
|
||
| 348 |
Cygnus Finance Global USD
CGUSD
|
$0.9916 | 0.0% | 0.0% | 0.1% | 0.3% | $2.18 | $75,620,465 | $75,620,465 | 1.0 |
|
||
| 349 |
Lista USD
LISUSD
|
$0.9962 | 0.0% | 0.0% | 0.1% | 0.3% | $4,723.47 | $75,592,258 | $75,592,258 | 1.0 |
|
||
| 352 |
Felix feUSD
FEUSD
|
$0.9989 | 0.0% | 0.1% | 0.0% | 0.1% | $49,963.69 | $74,923,560 | $8,888,858,863 | 0.008428928940653186 |
|
||
| 357 |
Crown BRLV
BRLV
|
$0.2003 | 0.0% | 0.2% | 4.3% | 2.6% | $52.09 | $73,888,563 | $73,888,563 | 1.0 |
|
||
| 358 |
Cap USD
CUSD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | - | $73,869,285 | $73,869,285 | 1.0 |
|
||
| 362 |
Ondo U.S. Dollar Token
USDON
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | - | $72,327,988 | $72,348,687 | 0.9997139061393293 |
|
||
| 364 |
DOLA
DOLA
|
Buy
|
$0.9970 | 0.0% | 0.0% | 0.0% | 0.1% | $1,233,330 | $71,334,944 | $110,729,405 | 0.6442276527149354 |
|
|
| 370 |
Tori trUSD
TRUSD
|
$0.9983 | 0.0% | 0.1% | 0.1% | 0.1% | $816,751 | $70,255,550 | $70,255,550 | 1.0 |
|
||
| 395 |
Axis USD
USDX
|
$0.9985 | 0.0% | 0.1% | 0.1% | 0.0% | $579,075 | $65,220,913 | $65,220,913 | 1.0 |
|
||
Royal Euro
REUR
|
$4.13 | 0.0% | 262.8% | 260.8% | 254.5% | $19,804,868 | $62,008,637 | $20,669,545,573 | 0.0029999999999999996 |
|
|||
| 414 |
Precious Metals USD
PMUSD
|
$0.6445 | 0.0% | 3.9% | 36.2% | 17.5% | $29,450.83 | $60,583,764 | $60,583,764 | 1.0 |
|
||
Yuzu USD
YZUSD
|
$0.9995 | 0.1% | 0.0% | 0.0% | 0.1% | $13,160.78 | $59,330,483 | $59,330,483 | 1.0 |
|
|||
| 451 |
Brazilian Digital
BRZ
|
$0.1964 | 0.1% | 0.2% | 0.4% | 0.7% | $58,563.51 | $53,590,631 | $53,590,649 | 0.9999996534985932 |
|
||
Neutrl USD
NUSD
|
$0.9983 | 0.0% | 0.0% | 0.1% | 0.1% | $10,315.61 | $53,296,810 | $53,296,810 | 1.0 |
|
|||
| 458 |
StandX DUSD
DUSD
|
$0.9970 | 0.0% | 0.0% | 0.2% | 0.2% | $118,445 | $52,620,088 | $52,526,671 | 1.001778463080412 |
|
||
| 463 |
Fidelity Digital Dollar
FIDD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $9,070,650 | $51,798,314 | $51,798,314 | 1.0 |
|
||
| 468 |
Resupply USD
REUSD
|
$0.9897 | 0.0% | 0.0% | 0.0% | 0.0% | $1,503,253 | $50,872,789 | $50,872,789 | 1.0 |
|
||
Alloy Tether
AUSDT
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $0.9950 | $50,110,423 | $50,110,423 | 1.0 |
|
|||
USDKG
USDKG
|
$1.00 | 0.0% | 0.1% | 0.2% | 0.1% | $33,935.72 | $50,055,177 | $50,055,177 | 1.0 |
|
|||
| 493 |
JupUSD
JUPUSD
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.1% | $6,501,279 | $46,636,921 | $46,636,921 | 1.0 |
|
||
| 499 |
StraitsX XUSD
XUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $8,482,540 | $46,204,360 | $46,204,360 | 1.0 |
|
||
| 502 |
Metronome Synth USD
MSUSD
|
$0.8865 | 0.0% | 0.0% | 0.5% | 24.6% | $3,054,435 | $45,792,188 | $45,793,387 | 0.9999738072724335 |
|
||
XDAI
XDAI
|
Buy
|
$1.00000 | 0.0% | 0.0% | 0.0% | 0.0% | $234,053 | $44,581,146 | $44,554,592 | 1.000595998041153 |
|
||
| 528 |
Main Street USD
MSUSD
|
$0.5576 | 0.0% | 0.0% | 1.1% | 14.5% | $13.99 | $42,226,242 | $42,226,242 | 1.0 |
|
||
| 529 |
Frankencoin
ZCHF
|
$1.20 | 0.0% | 0.4% | 0.2% | 2.2% | $1,981,752 | $42,063,148 | $42,063,170 | 0.999999478750661 |
|
||
| 531 |
AllUnity CHF
CHFAU
|
$1.20 | 0.0% | 0.0% | 0.2% | 2.0% | $461.41 | $41,951,441 | $41,951,441 | 1.0 |
|
||
| 550 |
MetaMask USD
MUSD
|
$0.9991 | 0.0% | 0.0% | 0.1% | 0.1% | $2,048,912 | $39,932,645 | $39,932,645 | 1.0 |
|
||
| 563 |
BOLD
BOLD
|
$0.9940 | 0.1% | 0.1% | 0.1% | 0.4% | $1,522,442 | $37,984,946 | $37,970,971 | 1.000368035443719 |
|
||
| 579 |
Eurite
EURI
|
$1.12 | 0.2% | 0.2% | 0.3% | 3.5% | $3,203,444 | $37,080,568 | $37,080,568 | 1.0 |
|
||
| 587 |
Gemini Dollar
GUSD
|
$0.9989 | 0.0% | 0.0% | 0.0% | 0.0% | $316,999 | $36,206,020 | $36,206,020 | 1.0 |
|
||
| 589 |
Noon USN
USN
|
$0.9987 | 0.0% | 0.0% | 0.1% | 0.1% | $192,505 | $35,892,853 | $35,892,853 | 1.0 |
|
||
| 611 |
Aegis YUSD
YUSD
|
$0.9990 | 0.0% | 0.0% | 0.0% | 0.3% | $80,568.11 | $34,466,904 | $34,466,904 | 1.0 |
|
||
| 612 |
BUSD
BUSD
|
$0.9996 | 0.0% | 0.2% | 0.2% | 0.2% | $1,845.11 | $34,400,155 | $34,400,155 | 1.0 |
|
||
| 630 |
Monerium EUR emoney
EURE
|
$1.12 | 0.1% | 0.3% | 0.6% | 3.6% | $1,375,922 | $33,096,668 | $33,105,507 | 0.9997329931705303 |
|
||
| 647 |
Hive Dollar
HBD
|
$0.9623 | 0.3% | 6.7% | 6.7% | 4.2% | $1,059.90 | $31,762,071 | $31,762,071 | 1.0 |
|
||
Universal USD
USDU
|
$1.00 | 0.0% | 0.0% | 0.1% | 0.1% | $14.21 | $30,787,683 | $30,787,683 | 1.0 |
|
|||
| 680 |
Mezo USD
MUSD
|
$0.9896 | 0.0% | 0.1% | 0.1% | 0.0% | $97,540.24 | $29,631,323 | $29,631,323 | 1.0 |
|
||
| 685 |
TerraClassicUSD
USTC
|
$0.005255 | 0.3% | 2.6% | 8.8% | 2.7% | $1,161,211 | $29,302,753 | $31,922,975 | 0.9179205094937071 |
|
||
| 709 |
Monerium EUR emoney [OLD]
EURE
|
$1.12 | 0.0% | 0.3% | 0.5% | 3.7% | $238,621 | $27,517,819 | $27,516,978 | 1.000030585302134 |
|
||
| 724 |
Tokenised GBP
TGBP
|
$1.32 | 0.0% | 0.1% | 0.1% | 2.2% | $29,213.47 | $26,434,529 | $26,434,529 | 1.0 |
|
||
| 732 |
Liquity USD
LUSD
|
$1.00 | 0.0% | 0.2% | 0.0% | 0.7% | $1,732,626 | $26,083,355 | $26,083,355 | 1.0 |
|
||
| 736 |
Bucket Protocol BUCK Stablecoin
BUCK
|
$0.9978 | 0.0% | 0.1% | 0.3% | 0.2% | $581,274 | $25,906,715 | $25,906,715 | 1.0 |
|
||
| 753 |
Pax Dollar
USDP
|
$0.9983 | 0.0% | 0.2% | 0.7% | 0.4% | $637,534 | $25,040,617 | $25,040,617 | 1.0 |
|
||
| 756 |
Hylo USD
HYUSD
|
$0.9980 | 0.0% | 0.0% | 0.1% | 0.1% | $1,314,166 | $24,944,380 | $24,944,380 | 1.0 |
|
||
| 765 |
BRLA Digital BRLA
BRLA
|
$0.1992 | 0.6% | 0.8% | 0.6% | 2.3% | $148,961 | $24,520,437 | $24,524,541 | 0.9998326392913566 |
|
||
| 788 |
Electronic USD
EUSD
|
$0.9998 | 0.1% | 0.3% | 0.2% | 0.1% | $1,494,085 | $23,101,522 | $23,101,522 | 1.0 |
|
||
| 795 |
Hex Trust USD
USDX
|
$0.9939 | 0.0% | 0.9% | 0.0% | 0.0% | $86.55 | $22,879,317 | $22,996,520 | 0.9949034399764541 |
|
||
| 804 |
JPY Coin
JPYC
|
$0.008614 | 0.1% | 0.5% | 2.7% | 11.3% | $234.87 | $22,395,762 | $22,395,762 | 1.0 |
|
||
| 827 |
USDH
USDH
|
$0.9980 | 0.1% | 0.1% | 0.2% | 0.1% | $3,473.18 | $21,316,914 | $99,806,104,008 | 0.00021358326668413302 |
|
||
| 841 |
JPY Coin v1
JPYC
|
$0.008502 | 0.1% | 1.3% | 7.8% | 13.0% | $201.88 | $20,983,685 | $20,983,685 | 1.0 |
|
||
| 878 |
NXUSD
NXUSD
|
$1.02 | 0.0% | 0.0% | 3.6% | 2.2% | $1.68 | $19,377,528 | $19,377,528 | 1.0 |
|
||
| 920 |
USDPT | Western Union
USDPT
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $34,975.33 | $17,935,775 | $17,935,775 | 1.0 |
|
||
| 966 |
MegaUSD
USDM
|
$1.00 | 0.1% | 0.0% | 0.8% | 0.5% | $472,586 | $16,147,838 | $16,147,838 | 1.0 |
|
||
Stablecoins Categories
| Name | 24h | Market Cap |
|---|---|---|
|
All Stablecoins
|
2.5%
|
$299,722,286,380
|
|
USD Stablecoin
|
2.6%
|
|
|
Fiat-backed Stablecoin
|
2.6%
|
|
|
GENIUS Act Compliant Stablecoin
|
3.7%
|
|
|
MiCA-Compliant Stablecoin
|
0.3%
|
|
|
Synthetic Dollar
|
251.2%
|
|
|
Crypto-backed Stablecoin
|
0.7%
|
|
|
US Treasury-backed Stablecoin
|
0.6%
|
|
|
Algorithmic Stablecoin
|
1.1%
|
|
|
EUR Stablecoin
|
2.7%
|
|
|
RUB Stablecoin
|
0.1%
|
|
All Stablecoins
MiCA-Compliant Stablecoin
Fiat-backed stablecoins that are fully authorized under the European Union's Markets in Crypto-Assets (MiCA) regulation. These assets are issued by regulated entities such as Electronic Money Institutions (EMIs) or licensed credit institutions and adhere to strict European standards regarding 1:1 liquid reserve backing, transparent public auditing, and safeguarded custody to ensure consumer protection and financial stability.
Algorithmic Stablecoin
An algorithmic stablecoin is a type of stablecoin that maintains its peg to a specific value, such as a fiat currency or other assets through algorithmic mechanisms. These mechanisms adjust the supply of the stablecoin based on market demand often by issuing more coins when the price is above the peg and buying back or burning coins when the price is below the peg.
Top Stablecoins Sectors Market Cap Chart
Major Stablecoins Sectors Performance Chart
What are Stablecoins
Stablecoins are a type of cryptocurrency pegged to a reference asset like fiat money, or other commodities like gold. Stablecoins minimize the volatility of the crypto space by maintaining their pegs. There are four major types of stablecoins: fiat-backed stablecoins, crypto-collateralized stablecoins, commodity-backed stablecoins, and algorithmic stablecoins.
Centralized Stablecoins
Fiat-backed stablecoins, like USDT and USDC, are issued by a central entity and backed by reserves that are equal or greater than their tokens in circulation. However, the reserve breakdown between USDT and USDC is quite different. In the case of USDT, this includes secured loans, corporate bonds, funds and precious metals in addition to cash and cash equivalents. On the other hand, USDC is only backed by U.S. Treasury Securities and cash deposits. Commodity-collateralized stablecoins are similar to fiat-backed stablecoins, except that they are backed by other physical assets like precious metals, oils, or real estate.
Decentralized Stablecoins
Unlike centralized stablecoins, which are issued by a central entity, decentralized stablecoins run on smart contracts, with governance input from a designated community (the DAO). DAI by MakerDao is an example of a decentralized stablecoin, and it is collateralized by other cryptocurrencies such as ETH. In order for DAI to maintain a stable price, users borrow against their locked collateral. Due to the volatility of cryptocurrencies, users must deposit collateral worth more than the value they intend to borrow, and this collateral can be liquidated by the protocol if the value decreases below a certain threshold.
Finally, there are algorithmic stablecoins. These rely on two tokens – a stablecoin and another cryptocurrency that serves as the backing of the stablecoin – and an algorithm (or smart contract) regulates the supply and demand so that the stablecoin can maintain its peg. This worked in the case of Terra’s UST and LUNA, until UST’s depeg in May 2022 resulted in arbitrageurs exchanging it for LUNA, which was then dumped on the open market, creating a freefall on both fronts.
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