USD 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.

USDe turned a derivatives trade into a circulating dollar token: spot backing sits with custodians while short futures seek to cancel its price movement. The design launched publicly in February 2024, but ordinary holders, approved redeemers, sUSDe savers and ENA voters occupy different legal and operational positions.

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.

Falcon USD is a freely transferable synthetic dollar whose direct issuance and redemption run through Falcon Digital Limited, KYC, custodians and a seven-day cooldown. USDf, yield-bearing sUSDf and governance token FF confer different rights.

USDD began in April 2022 as a TRON DAO Reserve-managed stablecoin tied to TRX issuance and then lost its peg during its first market shock. The January 2025 redesign replaced that machinery with collateralized vaults and a PSM. Holders gained an on-chain stablecoin exit, but not a documented claim on bank dollars, guaranteed yield, or token-holder control.

USDGO is Anchorage Digital Bank N.A.'s payment stablecoin, branded and distributed by OSL. The official Solana mint is 72puLt71H93Z9CzHuBRTwFpL4TG3WZUhnoCC7p8gxigu; a ticker match alone does not identify this asset, and only Anchorage clients receive direct contractual par redemption.

YLDS is a $0.01 face-amount certificate issued by Figure Certificate Company: an SEC-registered but unsecured 20-year debt security whose yield, surrender right and legal ownership depend on FCC, its reserve assets and a permissioned transfer-agent record.

GHO is Aave’s dollar-targeted debt asset, issued only through approved facilitators and their bucket limits. Borrower interest feeds the DAO treasury; GSM and CCIP widen liquidity routes, while governance, stewards and guardians retain distinct operational 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.

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.

Solstice USX is a Solana settlement token backed through an entity-level collateral pool and a permissioned institutional gateway. Retail holders can transfer it, but they neither own reserves nor share the same direct redemption path as whitelisted partners.

apxUSD is Apyx's on-chain dollar backed by preferred shares held off-chain, primarily STRC, plus cash and Treasuries. Its value and primary redemption follow a managed collateral basket, and direct redemption is restricted by role.

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.

GUSD is Gemini Trust Company’s two-decimal Ethereum dollar token. Its reserves sit in Gemini-controlled omnibus accounts; direct 1:1 redemption belongs to eligible Gemini customers, while FDIC coverage and contract immutability are both limited.

CASH is the six-decimal Token-2022 dollar stablecoin at mint CASHx9K...PCASH, designed for Phantom and issued by Bridge Building Inc.; self-custody does not remove Bridge's conditional redemption rules or token-control powers.

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.

Cap USD (cUSD) is an upgradeable Ethereum stablecoin that mints against approved reserve assets and burns for a chosen asset or a proportional reserve basket. Yield belongs to the separate stcUSD position. Cap calls borrower risk “covered,” but that cover is a liquidation waterfall of underwriter collateral and optional contracts—not bank insurance or an unconditional legal promise by the front-end company.

Saturn Dollar is USDat: a permissioned, six-decimal stablecoin on Ethereum, BNB Chain and Monad. Its August 2026 upgrade replaced legacy M backing with PYUSDx; live Ethereum reserves exactly matched supply, while public docs and the Accountable dashboard lagged the migration.

USDA is AP Web3’s BNB token at 0x17EAfd08994305D8AcE37EfB82F1523177eC70EE. Its code permits role-based minting, blacklisting and mutable pair taxes. The materials reviewed do not establish the claimed reserve, FDIC protection or a holder redemption agreement.

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.

Felix feUSD is an overcollateralized debt token minted from collateral-specific Troves on HyperEVM and linked to HyperCore spot. Its dollar target rests on redemptions, liquidations and Stability Pools, while AdminController roles can change critical branch infrastructure.

Tori trUSD is an Ethereum synthetic dollar whose live reserves support an operational peg, while its terms leave repurchase discretionary and give holders no claim on reserve assets.

fxUSD is the stable liability inside f(x)’s leveraged system, not a vault receipt with a fixed asset list. Its redemption depends on supported markets, oracle state and solvency; rUSD is a separate LRT-backed V1 token.

StandX DUSD is a BNB Chain and Solana token backed by an actively hedged crypto reserve. The guide describes daily reward calculation, seven-day settlement and a separate claim, while issuer terms keep rewards discretionary and recognize direct rights only for Greenlisted holders.

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.

fxSAVE is an ERC-4626 wrapper over the fxUSD/USDC Stability Pool: yield comes from defending the peg and harvesting rewards, while exits, fees and upgrades remain protocol-controlled.

DOLA kept the same Ethereum token while Inverse Finance replaced the lending machinery around it after two 2022 oracle failures. Today FiRM creates most DOLA debt, while a USDS PSM and authorized Feds provide narrower supply routes.

FIDD is the dollar Fidelity lets travel beyond its own platform while keeping the $1 exit behind an eligible Fidelity account. Its story runs from a conditional OCC approval to a February 2026 launch, then into April terms and a July reserve examination that reveal where blockchain transfer ends and issuer discretion begins.

Jupiter launched JupUSD on January 5, 2026 as a Solana dollar for its own trading and lending products. It targets 90% USDtb and 10% USDC reserves, restricts direct redemption to approved counterparties, and keeps reserve yield outside the base token while the promised Perps/JLP conversion remains unfinished.

USDKG did not begin as a single Ethereum balance. A state-owned issuer launched 50 million tokens on TRON in November 2025 while a separate Ethereum contract carried 3 million at the review block. Its history is the gap between a public gold-reserve claim and the narrower institutional redemption door that token holders actually receive.