Table of Contents
The Crisis of Trust and Future of Stablecoins
Current status ranking of mainstream stablecoins
Home web3.0 Stablecoin concept Is the stablecoin concept over?

Stablecoin concept Is the stablecoin concept over?

Jul 29, 2025 pm 01:06 PM
ai binance cryptocurrency Stablecoin Binance usdt exchange Huobi okx Ouyi htx cryptocurrency trading Ouyi okx 2

The recent collapse of algorithmic stablecoins has sparked widespread concerns in the market, but this does not mean the end of the stablecoin concept. Instead, the crisis eliminated high-risk designs and accelerated the industry's evolution towards a more transparent and compliant direction. For investors and users, it is more important than ever to understand the current operating model and risks of mainstream stablecoins.

Mainstream exchanges of stablecoins in 2025:

Ouyi okx :

Binance binance:

Huobi htx:

The Crisis of Trust and Future of Stablecoins

The collapse of the once-high-profile algorithmic stablecoin UST shows the entire crypto market the huge risk of getting rid of real asset mortgages. This incident not only led to the evaporation of a market value of 100 billion yuan, but also triggered strict scrutiny of stablecoins by global regulators. Many people are beginning to question whether stablecoins are a pseudo-concept.

However, we need to distinguish between different types of stablecoins. What failed is a model that relies on algorithms and market confidence to maintain a linkage, represented by UST. Centralized stablecoins that use fiat currency as reserves and are audited and regulated, such as USDC and BUSD, have shown stronger resilience in this crisis. Therefore, the concept of stablecoins is not over, but is undergoing an evolution of eliminating false and retaining the truth and embracing regulation. In the future, compliance and transparency will become the core competitiveness of stablecoins for survival and development.

Stablecoin concept Is the stablecoin concept over? - php Chinese

Current status ranking of mainstream stablecoins

1. Tether (USDT)

As the largest and oldest stablecoin with market value, USDT is the de facto “dollar” in the cryptocurrency world. It is issued by Tether, claiming to be anchored 1:1 with the US dollar and backed by fiat currency, cash equivalents and other assets. Although the transparency of its reserves has always been controversial, with its unparalleled liquidity and wide acceptance, USDT remains the most core trading medium for major exchanges (such as Binance , Ouyi , Huobi ), and a key bridge connecting the fiat currency world and the crypto world.

2. USD Coin (USDC)

USDC is widely regarded as the strongest competitor of USDT, and is known for its high transparency and compliance. It is issued by Circle, in partnership with Coinbase, and its reserves are entirely made up of cash and short-term U.S. government bonds and are regularly audited by top accounting firms. After the UST crisis, large amounts of funds seeking hedging poured into USDC, causing its market share to grow significantly. On mainstream platforms such as Binance , USDC's trading pairs and application scenarios are rapidly expanding.

3. Binance USD (BUSD)

BUSD is a stablecoin endorsed by the Binance brand, the world's largest cryptocurrency exchange and issued by Paxos. It has been approved and regulated by the New York State Department of Financial Services (NYDFS), meaning its reserves are under strict scrutiny and each BUSD has a corresponding dollar reserve. BUSD has natural advantages within the Binance ecosystem, such as offering zero-fee trading pairs, which greatly boosts its adoption. It not only dominates the Binance platform, but is also gradually expanding to other public chains and DeFi applications.

4. Dai (DAI)

DAI is the representative of decentralized stablecoins, generated by the MakerDAO protocol through over-solidated crypto assets such as ETH. Unlike centralized stablecoins, DAI issuance and management does not rely on any centralized entity, but is automatically executed through smart contracts, maintaining a soft anchor to the US dollar. This decentralized feature makes it very popular in the DeFi field. However, it is worth noting that in order to maintain stability, DAI's collateral also includes centralized stablecoins such as USDC, which introduces centralized risks to a certain extent. Users can easily trade DAI on exchanges such as Gate.io and Ouyi .

5. TrueUSD (TUSD)

TUSD is another fiat-collateralized stablecoin that emphasizes transparency. It allows anyone to verify their asset status at any time by working with multiple trust companies. While its market size is smaller than the first few, TUSD offers reliable options for users looking for a safe alternative with its clear compliance framework and verifiable reserves. It has good liquidity on major exchanges such as Huobi and Binance .

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