Fiat-backed Stablecoin

USDT began as Realcoin’s Omni token with a one-bank-account promise, then changed through Bitfinex, regulatory settlements and a broader reserve portfolio into an issuer-administered token on multiple chains.

USDC began as Circle and Coinbase’s shared Centre standard. A US$3.3 billion SVB exposure tested its bank-dependent redemption path in 2023; Circle later took sole control of issuance while reserve assurance, company audit and holder redemption remained distinct promises.

USDS arrived in 2024 as Sky Protocol’s upgraded stablecoin while DAI stayed live. It converts 1:1 with DAI, but plain USDS earns no savings rate, its USDC exit depends on a governed LitePSM, and its upgradeable contract leaves key controls with Sky governance.

DAI began as an ETH-backed experiment and became a governance-managed dollar target supported by crypto collateral, centralized stablecoins and real-world assets. It remains live beside USDS and converts 1:1 through Sky contracts, but neither the peg nor a fiat-dollar redemption is guaranteed.

USDG pairs regulated one-dollar redemption with a partner network that shares distribution economics, while Paxos retains reserve, compliance and contract controls.

MGX announced a $2 billion Binance investment before USD1’s public reveal; WLF later named USD1 as the selected stablecoin. BitGo’s issuer documents explain who can turn that token back into dollars.

PayPal put a familiar checkout brand on a public-chain dollar in 2023, but Paxos issues PYUSD, manages its reserve and operates chain-specific supply and intervention controls. Its later spread across seven native networks turned a wallet feature into payment infrastructure while keeping redemption and rewards subject to separate rulebooks.

RLUSD is a dollar stablecoin issued by Standard Custody & Trust Company. Eligible direct customers have conditional par redemption, while Ripple retains ledger-specific freeze, clawback, mint, burn, and upgrade powers.

USD0 is Usual's RWA-backed dollar token, but its exit is a tokenized-collateral redemption rather than an unconditional cash claim. The separate bUSD0, rt-bUSD0, USUAL and USUALx tokens divide maturity, early-exit, coupon, governance and revenue rights—and Usual multisigs retain powerful operational roles.

TUSD survived a change of operator, illiquid-reserve allegations and litigation. Its dollar exit is an eligibility-based service; Ethereum code remains upgradeable and administratively controlled.

A7A5 is a rebasing rouble token issued by Kyrgyzstan's Old Vector on Tron and Ethereum. The issuer claims 1:1 bank-deposit backing, while redemption runs through platforms or agents and privileged roles can mint, pause, blacklist and rebase the Ethereum token.

USDtb is a one-dollar payment stablecoin solely issued by Anchorage Digital Bank since October 13, 2025. BUIDL and cash support a segregated reserve trust, but only bank Clients can redeem directly and administrator roles can mint, burn, block, pause and upgrade the token.

FDUSD is a six-chain dollar token issued by FD121 (BVI) Limited, but one-dollar redemption is an approved-account service rather than a right every exchange holder can exercise. Its 2025 depeg exposed the gap between reserve reporting, exchange liquidity and access to the issuer's desk.

SoFiUSD (SOFID) is a dollar payment token issued by SoFi Bank, N.A., but the bank's own terms draw a firm line around that label: SOFID is not a deposit, carries no FDIC or SIPC insurance, pays no interest, and gives an ordinary wallet no automatic direct redemption right. Approved SoFi Customers can issue or redeem at par under separate agreements. An SEC filing reported that, as of June 30, 2026, $52.5 million of SOFID was outstanding and reserves held as USD cash totaled the same amount, while the Ethereum contract retains privileged mint, freeze, blacklist, rescue and upgrade controls.

AUSD is the reserve-backed dollar issued by Agora Bermuda Limited, not another token that happens to share the ticker. Its July 31, 2026 attestation measured $241,476,955 of reserve assets against $240,745,867 of circulation. Transferable AUSD does not automatically make its holder an Agora customer: direct mint and redemption require verified organizational onboarding, while Agora can mint, burn, freeze, pause and upgrade contracts.

CoinGecko ID frax now means Legacy Frax Dollar: the 2020 stablecoin at Ethereum address 0x853d…99e. Frax retired its fractional-algorithmic model, briefly promised chain-specific 1:1 upgrades to frxUSD, then separated the two balance sheets and withdrew the DAO guarantee. The bare name FRAX now belongs to the former FXS governance token; the old contract still moves but carries neither that governance right nor frxUSD redemption.

USA₮ (USAT) is issued and redeemed by Anchorage Digital Bank, not Tether and not the U.S. government. Direct $1 redemption belongs only to bank Clients; other holders face secondary-market liquidity, while the bank controls supported chains and can freeze or burn tokens.

EUR CoinVertible is a MiCA electronic-money claim issued by SG-FORGE, not a governance token. Its €1 promise rests on segregated reserves and conditional EEA redemption while four ledgers expose different issuer controls: UUPS roles on Ethereum, permanent delegation on Solana, clawback on XRPL, and authorization/revocation on Stellar.

Frax USD (frxUSD) is the 2025 reserve-backed stablecoin at Ethereum `0xCAcd…6E29`. It is separate from Legacy Frax Dollar and from the FRAX governance token formerly called FXS; redemption depends on available custodian routes, caps, fees and eligibility rather than a universal claim on every reserve.

cgUSD is a Base rebasing token whose balance follows an operator-reported asset total. The contract receives Base USDC, but its accounting classifies almost all assets as invested rather than available in the token buffer. That classification does not establish their location or custody. Withdrawals use a queue and administrator controls with an observed 10-second timelock; no current reserve attestation or incorporated issuer was identified.

BRLV turns one real into two legal relationships and two onchain forms. Crown promises approved users R$1 primary redemption and a fiduciary claim on sovereign-bond reserves. Authorized operators can issue tokens, burn specified balances, block accounts or pause transfers; a separate upgrade power can replace the contract implementation.

Ondo U.S. Dollar Token (USDon) is the settlement stablecoin used to buy and redeem Ondo Stocks. Ondo says each token is backed by one dollar of cash or equivalents in an Ondo Stocks brokerage account, while conversion to USDC depends on a permissioned, liquidity-limited smart-contract swapper.

USDsui is Bridge-issued Sui Dollar at 0x44f8…::usdsui::USDSUI under Bridge’s general 1:1 reserve model. TreasuryCap, DenyCapV2 and UpgradeCap concentrate supply, freeze and code control. The reviewed sources do not establish its specific reserve attestation or the route from developer revenue to advertised holder benefits.

Royal Euro (REUR) is an administratively controlled euro-reference token whose on-chain supply exists before its own official registry recognizes a launched product, named legal issuer or published reserve verification.

CHFAU runs on two published clocks. AllUnity advertises under-five-minute Mint processing for onboarded institutions, while a redemption without discrepancies by a later holder is targeted within five business days after the tokens arrive. The difference explains what the onchain Swiss franc changes—and what still waits on the issuer and banks.

xDAI is Gnosis Chain's native 18-decimal gas asset, minted and burned by a bridge now backed through Ethereum USDS/DAI flows. It is separate from GNO, the 1-GNO-per-validator staking asset, and its convertibility depends on 4-of-7 bridge validators plus an upgradeable 8-of-15 governor system.

BRZ turns a private reserve-and-redemption promise into tokens across several chains. Its useful question is whether one real, one token and one exit route can still be reconciled from public evidence.

JPYC’s biography separates the redeemable 2025 electronic payment instrument from JPYC Prepaid and reconciles four chain supplies, reserves, issuer rights and contract controls.