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awesome-stablecoins

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A hopefully comprehensive guide to the stablecoin landscape

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# Stablecoins Landscape

## A hopefully comprehensive guide to the stablecoin landscape

Stablecoins algorithmic or otherwise generally fit into a few categories as detailed in [Anthony Zhangs](https://twitter.com/AnthonyLeeZhang) blog [Stablecoin Central Banking](https://medium.com/@anthonyleezhang/stablecoin-central-banking-the-next-frontier-7ac8a1aa478d).

|Type|Advantage|Disadvantage|
|---|---|---|
| Fully Backed | 1:1 Redementions | Centralized, Regulatory Risk |
| Overcollateralized | Full Redemntions, Decentralized | Capital Inefficient  |
| Undercollateralized or Algorithmic | Captial Efficent, Decentralized | Depeg Risk |

## Projects
### Fully Backed
- [USDC](https://www.circle.com/en/usdc)
- [BUSD](https://www.binance.com/en/busd)
- [GUSD](https://www.gemini.com/dollar)
- [USDT](https://tether.to/en/)
- [USDP](https://paxos.com/usdp/)
- [TUSD](https://www.trueusd.com/)
- [CUSD](https://celo.org/)

### Overcollateralized
- [DAI](https://makerdao.com/en/)
	- [Whitepaper](https://makerdao.com/en/whitepaper/)
	- [Ecosystem](https://makerdao.com/en/ecosystem/)
	- [Documentation](https://docs.makerdao.com/)
	- [The Purple Paper](https://nikolai.fyi/purple/)
- [LUSD](https://www.liquity.org/)
	- [Documentation](https://docs.liquity.org/)
	- [Summary](https://github.com/liquity/dev#liquity-system-summary)
- [alUSD](https://alchemix.fi/)
	- [Documentation](https://alchemix-finance.gitbook.io/user-docs/)
- [sUSD](https://synthetix.io/)
	 - [Litepaper](https://docs.synthetix.io/litepaper/)
	 - [Whitepaper](https://whitepaper.io/document/503/synthetix-network-token-whitepaper)
	 - [Documentation](https://docs.synthetix.io/)

### Undercollaterlized or Algorithmic 
- [RAI](https://reflexer.finance/)
	- [Introduction](https://medium.com/reflexer-labs/stability-without-pegs-8c6a1cbc7fbd)
	- [Whitepaper](https://github.com/reflexer-labs/whitepapers/blob/master/English/rai-english.pdf)
	- [Documentation](https://docs.reflexer.finance/)
- [Basis](https://www.basis.io/)
	- Shutdown due to regulatory risk, with basis cash launching shortly after
	- [Basis](https://basis.cash/)
		- [Documentation](https://docs.basis.cash/)
- [FEI](https://fei.money/)
	- [Documentation](https://docs.tribedao.xyz/)
	- [Fei Launch Analysis](https://doseofdefi.substack.com/p/fei-launch-and-the-enduring-allure)
	- [FEI Protocol Analysis](https://bennettftomlin.com/2021/03/29/fei-protocol-analysis/)
	- [Whitepaper](https://fei.money/static/media/whitepaper.7d5e2986.pdf)
- [UST](https://www.terra.money/)
	- [Whitepaper](https://assets.website-files.com/611153e7af981472d8da199c/618b02d13e938ae1f8ad1e45_Terra_White_paper.pdf)
	- [Stability Stress Test](https://agora.terra.money/t/stability-stress-test/55)
	- The Depeg
		- [The Depegging of UST](https://jumpcrypto.com/the-depegging-of-ust/)
		- [Revival Plan](https://agora.terra.money/t/terra-ecosystem-revival-plan/8701)
- [FLOAT](https://floatprotocol.com/#/)
	- [Documentation](https://docs.floatprotocol.com/what-is-float-protocol/a-non-stable-stablecoin)
	- [Litepaper Collection](https://observablehq.com/collection/@floatcoder/float-protocol-litepaper)
- [Empty Set Dollar](https://emptyset.finance/)
	- [Documentation](https://docs.emptyset.finance/0)
- [Dynamic Set Dollar](https://dynamicsetdollar.medium.com)
	- [Introducing Dynamic Set Dollar](https://dynamicsetdollar.medium.com/introducing-dynamic-set-dollar-c35213651d59)
	- [Whitepaper](https://github.com/emptysetsquad/dollar/blob/master/d%C3%B8llar.pdf)
- [DeFi Dollar (dUSD)](https://dusd.finance/)
	- [Documentation](https://docs.dusd.finance/)
	- [Opeth powering stablecoin loans](https://medium.com/opyn/buidling-with-opyn-defidollars-opeth-powering-stablecoin-loans-fbb6c7b20af8)
- [MIM](https://abracadabra.money/)
	- [Documentation](https://docs.abracadabra.money/)
- [FRAX](https://frax.finance/)
	- [Documentation](https://docs.frax.finance/)
	- [Whitepaper](https://docs.frax.finance/overview)
- [USDL](https://www.lemma.finance/)
	- [Documentation](https://docs.lemma.finance/)
- [UXD](https://uxd.fi/)
	- [Whitepaper](https://uxd.fi/static/media/whitepaper.7be6354b.pdf)
	- [Documentation](https://docs.uxd.fi/uxdprotocol/)
- [PUSD](https://www.primeprotocol.xyz/)
	- [Introducing Prime Protocol](https://medium.com/@primeprotocol/introducing-prime-protocol-dd68948128d4)

### Bitcoin/Lightning Stablecoins
- [Settling Stablecoins on Liquid](https://blog.liquid.com/what-is-a-stablecoin-how-to-trade-stablecoins-on-liquid "https://blog.liquid.com/what-is-a-stablecoin-how-to-trade-stablecoins-on-liquid")
- [Synonym (Tether)](https://synonym.to/products)
	- [Overview](https://www.youtube.com/watch?v=Zfh-oOlt03I)
- [RGB for Stablecoins](https://www.youtube.com/watch?time_continue=1&v=dxD3gs2qI1A&feature=emb_title)
- [Omnibolt](https://omnilab.online/omnibolt/)

### Questionably a Stablecoin 
- [OHM](https://www.olympusdao.finance/)
	- [Documentation](https://docs.olympusdao.finance/main/basics/basics)
	- [The Game Theroy of OHM](https://olympusdao.medium.com/the-game-theory-of-olympus-e4c5f19a77df)
	- [DeFi liquidity management via Optimal Control: Ohm as a case study](https://people.eecs.berkeley.edu/~ksk/files/Ohm_Liquidity_Management.pdf)
- [TOMB](https://tomb.com/)
	- [Documentation](https://docs.tomb.finance/)

## Selected Reading
- [Algorithmic Stablecoins are impossible without continous funding](https://fragileequilibrium.substack.com/p/algorithmic-stablecoins-are-provably)
- [Two Thought experiments on stablecoins](https://vitalik.ca/general/2022/05/25/stable.html)
- [Capital Structures for Stablecoin Protocols: the Revenge of the Sith](https://dirtroads.substack.com/p/-37-capital-structures-for-stablecoin?s=w)
- [Captial Structures for Stablecoins: Funding](https://dirtroads.substack.com/p/-38-capital-structures-for-stablecoin?s=r)
- [How Frax beats the Rest](https://mirror.xyz/jackchong.eth/iB_teRKgBaKm4OTKFmjf8hFAM55C1_i0Z2kf-KkYz2I)
- [The seniorage stablecoin model](https://smithandcrown.com/research/the-cryptoeconomics-of-seigniorage-shares-stablecoins-basis-and-carbon/)
- - [A Stablecoin by Any Other Name: Value, Risk, Loss, and Gain](http://thinking.farm/essays/2021-01-14-stablecoin-by-any-other-name/)
- [Beware the Coupon Clipper: The Insurmountable Flaws of so-called Algorithmic Stablecoins](http://thinking.farm/essays/2021-01-17-beware-the-coupon-clipper/)
- [Designing Money: A Functional Trilemma for the Digital Age](http://thinking.farm/essays/2020-12-29-designing-money/)
- [Terra Thread](https://twitter.com/cryptoharry_/status/1502284520082804743?s=21) 
- [Anchor to big to thrive](https://dirtroads.substack.com/p/-34-anchor-protocol-too-big-to-thrive?r=k87cd&s=w&utm_campaign=post&utm_medium=web) 
- [Hackernoon Algostables](https://hackernoon.com/algorithmic-stablecoins-a-beginners-guide-pmh320t) 
- [Leminscap Algostablecoins](https://medium.com/lemniscap/algorithmic-stablecoins-ad178b7404dd) 
- [A visual explanation of algo stables](https://medium.com/dragonfly-research/a-visual-explanation-of-algorithmic-stablecoins-9a0c1f0f51a0)
- [Coingecko List of Seniorage Shares](https://www.coingecko.com/en/categories/seigniorage)

## Other
- [Stablecoin Growth from the Block](https://www.theblockcrypto.com/data/decentralized-finance/stablecoins)) 
- A minimal stablecoin [implementation](https://twitter.com/usmfum/status/1447437647727763456?s=20&t=XSjpNHcv6AQmL0LPz_r4jw)
  - [Dune Analytics](https://dune.xyz/itzler/usm)
- [Rico Credit System](https://bank.dev)

## Alternative Lists 
- [Epiisteme/awesome-stablecoins](https://github.com/Epiisteme/awesome-stablecoins)
- [sdtsui/awesome-stablecoins](https://github.com/sdtsui/awesome-stablecoins)

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