Explainers
USDC and the Circle Stablecoin, Measured Onchain
USDC is the second-largest stablecoin onchain, but the number you cite depends on whether you count bridged copies as real dollars. Here is how the Circle stablecoin is measured.
stablecoins
Explainers
Tether (USDT): How the Largest Stablecoin Works
USDT is the largest stablecoin in circulation by a wide margin. Here is how the Tether stablecoin is structured, what backs it, and why the way you count its supply changes the number you report.
Explainers
MiCA and Stablecoins: What the Rules Require
MiCA governs stablecoins in the EU through two token categories, each with its own reserve, redemption and reporting duties. Here is what the rules actually demand.
Explainers
Onchain Proof of Reserves: The Double-Count Trap
Onchain proof of reserves is powerful for verifying token supply and wallet balances directly, but it stops at the bank door. Here is the line between what you can check yourself and what still needs an attestation.
Explainers
Is XRP a Stablecoin? No, and Here's the Difference
XRP is not a stablecoin. Its price floats with the market, while the token pegged to the dollar in Ripple's ecosystem is RLUSD. Here is the clean distinction.
Explainers
How to Prove Stablecoin Collateral: Reserves vs Onchain
Proving a stablecoin is fully backed means reconciling two separate ledgers: the reserves an issuer holds off-chain and the tokens circulating onchain. Here is what each proof covers and where they fall short.
Explainers
Stablecoin Depeg: Why a Dollar Slips Off a Dollar
A stablecoin depeg is rarely a single event. It is a chain of redemption pressure, liquidity gaps and onchain flows that show up in the data before the price does.
stablecoins
Stablecoin Data on the Bloomberg Terminal: What RWAS <GO> Shows
Bloomberg launched a stablecoin dashboard on the Terminal powered by Allium data. What it covers, how often it updates, and why supply figures differ by $44B.
Explainers
How Stablecoins Get Rebalanced Across Exchanges
When USDT trades at a discount on one venue and par on another, someone moves supply to close the gap. Here is how stablecoin rebalancing across exchanges actually plays out onchain.
Explainers
Crosschain Stablecoin Monitoring: What to Track
Tracking a stablecoin across chains is not one feed, it is dozens that have to agree. Here is what crosschain stablecoin monitoring has to reconcile, and where it fails.
Explainers
Algorithmic Stablecoins: Why Most Broke Their Peg
Algorithmic stablecoins promise a dollar without a bank account behind it. The mechanism is elegant on paper and fragile in practice. Here is why.
Explainers
Stablecoin Payment Infrastructure: How the Stack Works
Stablecoin payment infrastructure is a stack: issuance, wallets, settlement rails, on/off ramps, and reconciliation. Here is what each layer does and where the money actually settles.