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
|
$0.9994 | 0.0% | 0.0% | 0.0% | 0.0% | $48,090,982,501 | $184,279,327,182 | $189,743,286,068 | 0.9712034138379557 | |||
| 5 |
USDC
USDC
|
$0.9997 | 0.0% | 0.0% | 0.0% | 0.0% | $12,976,032,830 | $73,007,182,116 | $73,033,683,603 | 0.9996371333665522 | |||
| 13 |
USDS
USDS
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $286,899,941 | $10,004,685,098 | $10,002,975,157 | 1.0001709432476786 | |||
| 23 |
Dai
DAI
|
Buy
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $219,074,250 | $4,641,663,069 | $4,643,405,421 | 0.9996247684966219 | ||
| 25 |
USD1
USD1
|
$0.9991 | 0.0% | 0.0% | 0.0% | 0.1% | $568,746,154 | $4,377,667,837 | $4,359,500,142 | 1.0041673804596298 | |||
| 27 |
Ethena USDe
USDE
|
$0.9997 | 0.0% | 0.0% | 0.1% | 0.0% | $164,903,132 | $3,908,851,609 | $3,910,446,149 | 0.9995922356836812 | |||
| 29 |
Global Dollar
USDG
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $23,744,577 | $3,150,121,942 | $3,150,119,161 | 1.0000008827205824 | |||
| 34 |
PayPal USD
PYUSD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $258,108,394 | $2,829,675,990 | $2,832,181,334 | 0.9991154015960738 | |||
| 40 |
Ondo US Dollar Yield
USDY
|
$1.14 | 0.0% | 0.0% | 0.1% | 0.3% | $2,132,312 | $2,152,958,857 | $2,152,958,857 | 1.0 | |||
| 49 |
USDD
USDD
|
$0.9988 | 0.0% | 0.0% | 0.0% | 0.1% | $1,801,836 | $1,565,297,877 | $1,566,379,851 | 0.9993092515551635 | |||
| 50 |
Ripple USD
RLUSD
|
$1.00000 | 0.0% | 0.0% | 0.0% | 0.0% | $119,596,270 | $1,532,190,068 | $1,516,690,914 | 1.0102190592280906 | |||
| 54 |
Falcon USD
USDF
|
$0.9966 | 0.0% | 0.0% | 0.0% | 0.0% | $237,559 | $1,422,406,883 | $1,422,406,883 | 0.9999999999999997 | |||
| 58 |
BFUSD
BFUSD
|
$0.9987 | 0.0% | 0.0% | 0.0% | 0.0% | $1,122,103 | $1,318,295,873 | $1,318,295,873 | 1.0 | |||
| 63 |
United Stables
U
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $130,444,098 | $1,041,556,374 | $1,041,556,374 | 1.0 | |||
| 65 |
USDGO
USDGO
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $8,589,406 | $940,032,200 | $940,032,200 | 1.0 | |||
| 81 |
USDtb
USDTB
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $10,584,719 | $727,221,812 | $727,221,812 | 1.0 | |||
| 87 |
GHO
GHO
|
Buy
|
$0.9980 | 0.0% | 0.0% | 0.0% | 0.1% | $6,167,407 | $597,800,916 | $597,800,916 | 1.0 | ||
| 91 |
Usual USD
USD0
|
$0.9977 | 0.0% | 0.0% | 0.1% | 0.0% | $822.62 | $551,990,728 | $551,965,773 | 1.0000452105665514 | |||
| 93 |
YLDS
YLDS
|
Buy
|
$0.9995 | 0.0% | 0.0% | 0.0% | 0.0% | $15,025,980 | $538,442,809 | $569,441,049 | 0.9455637414381953 | ||
| 95 |
USX
USX
|
Buy
|
$0.9995 | 0.0% | 0.0% | 0.0% | 0.0% | $1,434,003 | $522,604,344 | $522,604,344 | 1.0000000000000135 | ||
| 99 |
TrueUSD
TUSD
|
$0.9979 | 0.0% | 0.0% | 0.0% | 0.1% | $17,303,763 | $493,473,255 | $493,473,255 | 1.0 | |||
| 102 |
A7A5
A7A5
|
Buy
|
$0.01233 | 0.8% | 1.3% | 1.0% | 7.3% | $2,789.91 | $483,650,935 | $483,650,935 | 1.0 | ||
| 105 |
EURC
EURC
|
Buy
|
$1.14 | 0.1% | 0.3% | 0.0% | 1.1% | $49,360,404 | $423,364,077 | $423,364,077 | 1.0 | ||
| 118 |
First Digital USD
FDUSD
|
$0.9974 | 0.0% | 0.0% | 0.0% | 0.0% | $81,941,626 | $347,232,918 | $347,232,918 | 1.0 | |||
| 126 |
apxUSD
APXUSD
|
$0.8755 | 0.1% | 0.3% | 0.3% | 9.7% | $5,215,267 | $307,862,429 | $307,862,429 | 0.9999999999999998 | |||
| 147 |
Legacy Frax Dollar
FRAX
|
Buy
|
$0.9912 | 0.0% | 0.0% | 0.2% | 1.8% | $288,076 | $237,524,188 | $237,524,188 | 0.9999999999999997 | ||
Binance-Peg BUSD
BUSD
|
$0.8001 | 9.8% | 18.2% | 33.7% | 20.4% | $37,136.21 | $226,566,928 | $226,566,928 | 0.999999999998664 | ||||
| 161 |
crvUSD
CRVUSD
|
$0.9989 | 0.0% | 0.1% | 0.0% | 0.0% | $32,885,555 | $204,777,251 | $204,776,680 | 1.000002786113749 | |||
| 171 |
USAT
USAT
|
$0.9992 | 0.0% | 0.0% | 0.0% | 0.0% | $3,154,863 | $185,328,694 | $185,328,694 | 1.0 | |||
| 176 |
AUSD
AUSD
|
$0.9997 | 0.0% | 0.0% | 0.0% | 0.0% | $3,514,693 | $177,790,519 | $177,790,519 | 1.0 | |||
Polymarket USD
PUSD
|
$1.00 | 0.0% | 0.1% | 0.0% | 0.1% | $38,117.47 | $174,283,734 | $174,283,734 | 1.0 | ||||
| 185 |
Re Protocol reUSD
REUSD
|
$1.09 | 0.0% | 0.0% | 0.1% | 0.5% | $3,378,934 | $159,360,330 | $159,361,329 | 0.9999937288199456 | |||
| 187 |
Satoshi Stablecoin
SATUSD
|
$0.9959 | 0.2% | 0.4% | 0.1% | 0.2% | $1,875.83 | $158,517,153 | $158,517,153 | 0.9999999999999998 | |||
| 197 |
GUSD
GUSD
|
$0.9990 | 0.0% | 0.1% | 0.0% | 0.1% | $1,046,760 | $149,632,120 | $319,662,717 | 0.46809375000000003 | |||
| 199 |
EUR CoinVertible
EURCV
|
$1.14 | 0.1% | 0.4% | 0.1% | 1.1% | $9,124,292 | $147,777,774 | $147,777,774 | 1.0 | |||
Noble USDC
USDC.N
|
$1.00 | 0.3% | 0.1% | 0.2% | 0.3% | $161,277 | $131,079,200 | $132,644,513 | 0.9881991819669801 | ||||
| 218 |
Zedxion USDZ
USDZ
|
$0.9974 | 0.0% | 0.1% | 0.0% | 0.0% | $58,232.39 | $127,424,334 | $86,772,047,823 | 0.0014684951823790101 | |||
| 219 |
CASH
CASH
|
Buy
|
$0.9992 | 0.0% | 0.0% | 0.0% | 0.0% | $8,912,560 | $127,355,375 | $127,355,375 | 1.0 | ||
| 240 |
Aster USDF
USDF
|
$0.9978 | 0.0% | 0.1% | 0.1% | 0.0% | $67,672.69 | $110,862,883 | $110,865,278 | 0.999978399077179 | |||
| 242 |
Frax USD
FRXUSD
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $3,197,163 | $109,908,331 | $109,962,877 | 0.9995039588137208 | |||
| 243 |
Avant USD
AVUSD
|
$0.9999 | 0.2% | 0.1% | 0.1% | 0.1% | $3,205.62 | $108,912,936 | $108,912,936 | 1.0 | |||
| 249 |
StandX DUSD
DUSD
|
$0.9976 | 0.0% | 0.0% | 0.1% | 0.1% | $1,018,740 | $105,495,117 | $105,495,168 | 0.9999995254075109 | |||
| 258 |
Saturn Dollar
USDAT
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $1,343,520 | $101,019,446 | $100,886,221 | 1.0013205552750966 | |||
| 260 |
Unity USD
UUSD
|
$0.9978 | 0.0% | 0.1% | 0.0% | 0.0% | $514,462 | $99,789,560 | $99,789,560 | 1.0 | |||
| 264 |
USDa
USDA
|
$0.9834 | 0.0% | 0.1% | 0.1% | 0.0% | $5.27 | $96,194,157 | $96,194,157 | 1.0 | |||
| 285 |
USDA
USDA
|
$0.9629 | 0.2% | 0.0% | 0.4% | 1.8% | $653,033 | $83,742,621 | $84,940,409 | 0.9858984968846594 | |||
| 301 |
Ondo U.S. Dollar Token
USDON
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $40,404,524 | $78,510,974 | $78,510,974 | 1.0 | |||
| 310 |
Cygnus Finance Global USD
CGUSD
|
$0.9968 | 0.0% | 0.0% | 0.0% | 0.0% | $7.51 | $75,656,544 | $75,656,544 | 1.0 | |||
| 312 |
Felix feUSD
FEUSD
|
$0.9995 | 0.0% | 0.1% | 0.0% | 0.1% | $14,271.09 | $74,964,953 | $8,895,811,009 | 0.008426994765386409 | |||
| 313 |
Lista USD
LISUSD
|
$0.9978 | 0.0% | 0.1% | 0.0% | 0.0% | $16,122.29 | $74,919,341 | $74,919,341 | 1.0 | |||
| 295 |
USDX
USDX
|
$0.6712 | 0.1% | 1.9% | 4.0% | 7.9% | $4,631.71 | $74,884,394 | $74,884,394 | 1.0 | |||
| 317 |
Crown BRLV
BRLV
|
$0.1968 | 0.0% | 1.2% | 1.5% | 0.3% | $22,736.49 | $73,239,970 | $73,239,970 | 0.999999999731249 | |||
| 337 |
DAI on PulseChain
DAI
|
Buy
|
$0.001534 | 0.6% | 7.8% | 5.8% | 18.1% | $167,366 | $68,029,286 | $68,029,286 | 1.0 | ||
| 340 |
XDAI
XDAI
|
Buy
|
$0.9919 | 0.1% | 0.3% | 0.0% | 2.7% | $2,811.02 | $67,454,223 | $67,453,994 | 1.0000033910541195 | ||
| 341 |
Precious Metals USD
PMUSD
|
$0.7165 | 0.3% | 3.7% | 6.6% | 10.4% | $32,599.99 | $67,355,460 | $67,355,460 | 1.0 | |||
| 349 |
Neutrl USD
NUSD
|
$0.9990 | 0.1% | 0.1% | 0.0% | 0.0% | $964,697 | $65,637,741 | $65,337,596 | 1.004593758617687 | |||
| 348 |
Royal Euro
REUR
|
$4.13 | 288.1% | 262.7% | 260.8% | 254.4% | $19,804,868 | $62,008,637 | $20,669,545,573 | 0.0029999999999999996 | |||
| 370 |
Cap USD
CUSD
|
$0.9998 | 0.0% | 0.0% | 0.0% | 0.0% | $15,018.68 | $61,289,157 | $61,289,157 | 1.0 | |||
| 373 |
f(x) Protocol fxUSD
FXUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.0% | $2,106,448 | $58,992,162 | $58,992,162 | 1.0 | |||
| 407 |
Brazilian Digital
BRZ
|
$0.1941 | 0.0% | 0.6% | 1.3% | 0.9% | $79,574.53 | $51,676,944 | $51,681,096 | 0.9999196730425556 | |||
| 416 |
USDKG
USDKG
|
$0.9999 | 0.0% | 0.1% | 0.0% | 0.0% | $30,050.56 | $49,995,166 | $49,995,166 | 1.0 | |||
| 417 |
Alloy Tether
AUSDT
|
$0.9998 | 0.0% | 0.1% | 0.0% | 0.0% | $291,956 | $49,987,283 | $49,987,283 | 1.0 | |||
| 428 |
Fidelity Digital Dollar
FIDD
|
$0.9999 | 0.0% | 0.0% | 0.0% | 0.0% | $4,982,797 | $48,876,271 | $48,876,271 | 1.0 | |||
| 454 |
DOLA
DOLA
|
Buy
|
$0.9960 | 0.0% | 0.1% | 0.1% | 0.0% | $475,647 | $44,791,797 | $100,486,551 | 0.44574917629862343 | ||
Yuzu USD
YZUSD
|
$0.9997 | 0.0% | 0.0% | 0.1% | 0.1% | $233,019 | $44,490,610 | $44,490,610 | 0.9999999999999998 | ||||
| 478 |
Frankencoin
ZCHF
|
$1.24 | 0.1% | 0.4% | 0.4% | 1.5% | $167,876 | $42,146,222 | $42,146,227 | 0.9999998759227281 | |||
| 481 |
JPY Coin
JPYC
|
$0.006163 | 0.0% | 0.1% | 0.1% | 1.5% | $25,538.55 | $41,941,647 | $41,941,647 | 1.0 | |||
| 490 |
Metronome Synth USD
MSUSD
|
$0.9949 | 0.0% | 0.2% | 0.2% | 0.1% | $1,729,776 | $40,666,882 | $40,666,882 | 0.9999999999999998 | |||
| 497 |
StraitsX XUSD
XUSD
|
$1.00 | 0.0% | 0.0% | 0.0% | 0.1% | $9,551,847 | $39,550,039 | $39,550,039 | 1.0 | |||
| 503 |
Gemini Dollar
GUSD
|
$1.01 | 2.0% | 0.6% | 0.7% | 0.7% | $609,994 | $39,064,652 | $39,064,652 | 1.0 | |||
| 507 |
Eurite
EURI
|
$1.14 | 0.1% | 0.3% | 0.1% | 1.2% | $1,451,027 | $38,646,521 | $38,646,521 | 1.0 | |||
| 510 |
BUSD
BUSD
|
$1.01 | 4.0% | 1.4% | 1.2% | 1.3% | $13,728.44 | $38,359,728 | $38,359,728 | 1.0 | |||
| 535 |
Aegis YUSD
YUSD
|
$0.9986 | 0.0% | 0.1% | 0.0% | 0.0% | $370,150 | $35,931,172 | $35,931,172 | 1.0 | |||
| 556 |
Tokenised GBP
TGBP
|
$1.34 | 0.1% | 0.0% | 0.0% | 0.2% | $299,923 | $34,251,808 | $34,251,808 | 1.0 | |||
| 561 |
MetaMask USD
MUSD
|
$0.9996 | 0.0% | 0.0% | 0.0% | 0.0% | $2,422,874 | $33,852,363 | $33,852,363 | 1.0 | |||
| 571 |
Monerium EUR emoney
EURE
|
$1.14 | 0.1% | 0.4% | 0.1% | 2.1% | $108,881 | $33,259,030 | $33,272,861 | 0.9995843270727242 | |||
| 580 |
XT Stablecoin XTUSD
XTUSD
|
$1.00000 | 0.0% | 0.0% | 0.0% | 0.0% | $4,256,680 | $32,798,240 | $32,798,240 | 1.0 | |||
| 580 |
Hive Dollar
HBD
|
$0.9929 | 0.5% | 1.9% | 2.9% | 5.4% | $4.46 | $32,770,261 | $32,770,288 | 0.9999991967208486 | |||
| 592 |
Pax Dollar
USDP
|
$1.00 | 0.0% | 0.1% | 0.0% | 0.1% | $15,351,348 | $31,955,751 | $31,955,751 | 1.0 | |||
| 594 |
Resupply USD
REUSD
|
$0.9961 | 0.0% | 0.1% | 0.1% | 0.5% | $77,095.16 | $31,862,290 | $31,862,290 | 1.0 | |||
| 602 |
MegaUSD
USDM
|
$1.00 | 0.0% | 0.3% | 1.0% | 34.7% | $84,997.67 | $31,213,566 | $31,213,575 | 0.9999997062274356 | |||
| 606 |
Noon USN
USN
|
$0.9989 | 0.0% | 0.1% | 0.0% | 0.3% | $1.45 | $31,067,517 | $31,067,517 | 0.9999999999999999 | |||
| 605 |
TerraClassicUSD
USTC
|
$0.005546 | 0.2% | 2.9% | 8.9% | 5.2% | $1,072,664 | $30,915,888 | $33,705,640 | 0.9172318777993912 | |||
| 609 |
OpenEden OpenDollar
USDO
|
$0.9969 | 0.0% | 0.0% | 0.1% | 0.1% | $2.19 | $30,365,967 | $30,365,967 | 1.0 | |||
| 632 |
BOLD
BOLD
|
$1.00 | 0.1% | 0.0% | 0.1% | 0.2% | $330,150 | $28,967,559 | $28,967,728 | 0.9999941448485997 | |||
| 641 |
Monerium EUR emoney [OLD]
EURE
|
$1.14 | 0.0% | 0.2% | 0.1% | 1.3% | $1,343,606 | $28,321,485 | $28,354,589 | 0.9988325070321944 | |||
| 645 |
Mezo USD
MUSD
|
$0.9945 | 0.1% | 0.3% | 0.3% | 0.3% | $212,913 | $27,809,514 | $27,809,514 | 1.0 | |||
| 648 |
Liquity USD
LUSD
|
$1.01 | 1.0% | 1.5% | 0.9% | 1.2% | $5,107.25 | $27,572,101 | $27,572,101 | 0.9999999999999998 | |||
| 676 |
Bucket Protocol BUCK Stablecoin
BUCK
|
$0.9997 | 0.4% | 0.2% | 0.1% | 0.5% | $139,431 | $25,961,536 | $25,961,536 | 1.0 | |||
| 671 |
Universal USD
USDU
|
$0.9982 | 0.0% | 0.3% | 0.3% | 0.0% | $13.99 | $25,606,645 | $25,606,645 | 1.0 | |||
| 698 |
pathUSD
PATHUSD
|
$0.9998 | 0.1% | 0.5% | 0.1% | 0.6% | $1,266,268 | $24,113,100 | $24,113,100 | 1.0 | |||
| 737 |
Main Street USD
MSUSD
|
$0.3226 | 0.4% | 0.1% | 13.6% | 71.7% | $3,438.78 | $23,992,240 | $23,992,240 | 1.0 | |||
| 715 |
Electronic USD
EUSD
|
$0.9985 | 0.0% | 0.1% | 0.1% | 0.0% | $304,760 | $23,214,435 | $23,214,435 | 0.9999999999999997 | |||
| 730 |
Hex Trust USD
USDX
|
$0.9385 | 5.6% | 1.9% | 5.2% | 6.1% | $77,170.55 | $22,392,687 | $22,392,687 | 1.0 | |||
| 747 |
BRLA Digital BRLA
BRLA
|
$0.1943 | 0.0% | 0.4% | 1.5% | 0.7% | $2,319,382 | $21,462,241 | $21,682,495 | 0.9898418438421812 | |||
| 750 |
USDH
USDH
|
$0.9997 | 0.0% | 0.0% | 0.0% | 0.0% | $416,260 | $21,347,259 | $99,961,809,417 | 0.00021355415206204644 | |||
| 783 |
JPY Coin
JPYC
|
$0.007487 | 0.3% | 3.2% | 3.2% | 6.1% | $190.75 | $19,689,916 | $19,689,916 | 0.9999999999999998 | |||
| 801 |
NXUSD
NXUSD
|
$1.00 | 0.0% | 0.0% | 0.1% | 42.9% | $2.34 | $19,004,777 | $19,004,777 | 0.9999999999999996 | |||
| 802 |
JPY Coin v1
JPYC
|
$0.007559 | 0.0% | 2.2% | 2.1% | 7.3% | $213.25 | $18,983,786 | $18,983,786 | 0.9999999999999998 | |||
WEMIX Dollar
WEMIX$
|
$0.9933 | 0.9% | 1.0% | 0.3% | 0.6% | $62,327.43 | $14,447,920 | $14,443,042 | 1.0003377337830723 | ||||
Stablecoins Categories
| Name | 24h | Market Cap |
|---|---|---|
|
All Stablecoins
|
0.3%
|
$306,391,482,694
|
|
USD Stablecoin
|
0.3%
|
|
|
Fiat-backed Stablecoin
|
0.3%
|
|
|
GENIUS Act Compliant Stablecoin
|
0.3%
|
|
|
MiCA-Compliant Stablecoin
|
0.3%
|
|
|
Crypto-backed Stablecoin
|
0.2%
|
|
|
Synthetic Dollar
|
1.0%
|
|
|
US Treasury-backed Stablecoin
|
0.2%
|
|
|
Algorithmic Stablecoin
|
0.3%
|
|
|
EUR Stablecoin
|
0.5%
|
|
|
RUB Stablecoin
|
1.3%
|
|
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.