Stablecoins

What actually backs a stablecoin

Circulating supply tells you size, not safety. The peg mechanism is what matters: fiat-collateralized stablecoins hold cash and short-term Treasuries roughly 1:1; crypto-collateralized ones lock crypto worth more than the stablecoin issued; algorithmic designs rely on incentives and arbitrage rather than a hard reserve — historically the riskiest category (TerraUSD’s 2022 collapse is the clearest example).

Qué observar

• A consistent 1:1 peg, with only brief, small deviations.
• Published, independently audited reserve attestations — see Reserve Watch.
• No history of a sustained de-peg.