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The invention of Bitcoin [BTC] in 2008 led to the idea of decentralization which became the mantra of the entire crypto ecosystem. However, it was necessary to involve regulators and central authorities because of some illegal activities and their negative effect on unsuspecting investors.

USDC, USDT, BUSD caught in the midst of tornado- Here's how

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&lt;table&gt; &lt;tr&gt;&lt;td&gt; &lt;a href=&quot;https://www.reddit.com/r/ethereum/comments/w1t971/a_tale_of_two_ethbacked_stablecoins_lusd_rai/&quot;&gt; &lt;img src=&quot;https://external-preview.redd.it/Wtk3Z60Kq6RFeLWJy-nrGLQfx_pZf-78T8a9UI2zjZk.jpg?width=108&amp;amp;crop=smart&amp;amp;auto=webp&amp;amp;s=ba1fce68f94432e942139fc9d0c7a447fd95c9e2&quot; alt=&quot;A tale of two ETH-backed stablecoins: LUSD &amp;amp; RAI&quot; title=&quot;A tale of two ETH-backed stablecoins: LUSD &amp;amp; RAI&quot; /&gt; &lt;/a&gt; &lt;/td&gt;&lt;td&gt; &amp;#32; submitted by &amp;#32; &lt;a href=&quot;https://www.reddit.com/user/thomas_m_k&quot;&gt; /u/thomas_m_k &lt;/a&gt; &lt;br/&gt; &lt;span&gt;&lt;a href=&quot;https://twitter.com/ameensol/status/1548374997072166914&quot;&gt;[link]&lt;/a&gt;&lt;/span&gt; &amp;#32; &lt;span&gt;&lt;a href=&quot;https://www.reddit.com/r/ethereum/comments/w1t971/a_tale_of_two_ethbacked_stablecoins_lusd_rai/&quot;&gt;[comments]&lt;/a&gt;&lt;/span&gt; &lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

A tale of two ETH-backed stablecoins: LUSD & RAI

&lt;table&gt; &lt;tr&gt;&lt;td&gt; &lt;a href=&quot;https://www.reddit.com/r/ethereum/comments/uqwtcv/differences_between_stablecoins_by_collateral/&quot;&gt; &lt;img src=&quot;https://a.thumbs.redditmedia.com/tmAXb0j7BftEOZC2z8h_f2HD8C5jduRAg4ejkYJlAA8.jpg&quot; alt=&quot;Differences between stablecoins by collateral&quot; title=&quot;Differences between stablecoins by collateral&quot; /&gt; &lt;/a&gt; &lt;/td&gt;&lt;td&gt; &lt;!-- SC_OFF --&gt;&lt;div class=&quot;md&quot;&gt;&lt;p&gt;At Wido, we tried to look at the differences between stablecoins as of May 1st, approximately 1 week before UST crashed.&lt;/p&gt; &lt;p&gt;Stablecoins achieve price stability through collateralisation. There are different types of collateral (cash or other crypto assets), let’s explore it for a few stablecoins – USDC, UST, DAI, FRAX and LUSD.&lt;/p&gt; &lt;h1&gt;USDC&lt;/h1&gt; &lt;p&gt;&lt;a href=&quot;https://preview.redd.it/gnkmj6lpguz81.png?width=1684&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=135b652023acbfd2ae857786db7a890bc7d98662&quot;&gt;https://preview.redd.it/gnkmj6lpguz81.png?width=1684&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=135b652023acbfd2ae857786db7a890bc7d98662&lt;/a&gt;&lt;/p&gt; &lt;p&gt;In the chart above, USDC stands out of the crew. As of May 1, 2022, there was 49B USDC issued, fully backed by US dollars.&lt;/p&gt; &lt;p&gt;Let’s zoom in to better see the rest of the picture. We will purposefully keep UST for the end.&lt;/p&gt; &lt;p&gt;&amp;#x200B;&lt;/p&gt; &lt;h1&gt;DAI&lt;/h1&gt; &lt;p&gt;&lt;a href=&quot;https://preview.redd.it/lw3syd8wguz81.png?width=1682&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=bf9fcae6ab654c1c267848dd12ef0d2f654a2045&quot;&gt;https://preview.redd.it/lw3syd8wguz81.png?width=1682&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=bf9fcae6ab654c1c267848dd12ef0d2f654a2045&lt;/a&gt;&lt;/p&gt; &lt;p&gt;DAI is an over-collateralized stablecoin, backed by various types of crypto collateral, most notably ETH, WBTC and USDC, as well as real-world assets such as real estate.&lt;/p&gt; &lt;p&gt;As of May 1, 2022, there was ~ &lt;strong&gt;8.46 billion&lt;/strong&gt; DAI in circulation backed by approximately &lt;strong&gt;$13.14 billion&lt;/strong&gt; worth of collateral, most notably $5.96 billion worth of ETH and 4.37 billion USDC, resulting in a collateralization ratio of &lt;strong&gt;155%&lt;/strong&gt;.&lt;/p&gt; &lt;p&gt;Notably, as of May 1, 2022, there also was $1.29B worth of MKR (protocol market cap) that serves as a backstop to protect the dollar peg.&lt;/p&gt; &lt;p&gt;Source &lt;a href=&quot;https://makerburn.com/#/rundown&quot;&gt;makerburn.com&lt;/a&gt;, &lt;a href=&quot;https://www.coingecko.com/en/coins/dai&quot;&gt;coingecko.com&lt;/a&gt;, &lt;a href=&quot;https://etherscan.io/token/0x6b175474e89094c44da98b954eedeac495271d0f#tokenInfo&quot;&gt;etherscan.io&lt;/a&gt;, &lt;a href=&quot;https://defillama.com/protocol/makerdao/&quot;&gt;https://defillama.com/protocol/makerdao/&lt;/a&gt;&lt;/p&gt; &lt;h1&gt;FRAX&lt;/h1&gt; &lt;p&gt;&lt;a href=&quot;https://preview.redd.it/qav35quzguz81.png?width=1684&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=7786b153fc5c6e354f1fad2bc470d05df1f6503f&quot;&gt;https://preview.redd.it/qav35quzguz81.png?width=1684&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=7786b153fc5c6e354f1fad2bc470d05df1f6503f&lt;/a&gt;&lt;/p&gt; &lt;p&gt;FRAX is an algorithmic stablecoin, partially backed by USDC stable-coin and FXS (Frax Share Token).&lt;/p&gt; &lt;p&gt;As of May 1, 2022, there was &lt;strong&gt;2.7 billion&lt;/strong&gt; FRAX in circulation and the protocol’s collateralization ratio was sitting at &lt;strong&gt;86.75%&lt;/strong&gt;, which equals approximately &lt;strong&gt;$2.34 billion&lt;/strong&gt; in USDC collateral.&lt;/p&gt; &lt;p&gt;There also was $1.41B worth of FXS serving as a backstop to protect the dollar peg.&lt;/p&gt; &lt;p&gt;Source: &lt;a href=&quot;https://app.frax.finance/&quot;&gt;frax.finance&lt;/a&gt;, &lt;a href=&quot;https://www.coingecko.com/en/coins/frax&quot;&gt;coingecko.com&lt;/a&gt;, &lt;a href=&quot;https://etherscan.io/token/0x853d955acef822db058eb8505911ed77f175b99e#tokenInfo&quot;&gt;etherscan.io&lt;/a&gt;.&lt;/p&gt; &lt;h1&gt;Liquity USD&lt;/h1&gt; &lt;p&gt;&lt;a href=&quot;https://preview.redd.it/mlht39p8huz81.png?width=1684&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=c8ade3a073d278bd4c00d9dc2578891437740efc&quot;&gt;https://preview.redd.it/mlht39p8huz81.png?width=1684&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=c8ade3a073d278bd4c00d9dc2578891437740efc&lt;/a&gt;&lt;/p&gt; &lt;p&gt;Liquity USD is an over-collateralized stablecoin, backed by ETH.&lt;/p&gt; &lt;p&gt;As of May 1, 2022, there was &lt;strong&gt;479 million&lt;/strong&gt; LUSD in circulation, backed by 364 thousand ETH worth approximately &lt;strong&gt;$997 million&lt;/strong&gt;, resulting in a collateralization ratio of &lt;strong&gt;208%&lt;/strong&gt;.&lt;/p&gt; &lt;p&gt;Note: For Liquity, as per their docs, the LQTY token does not serve as a back-stopping mechanism.&lt;/p&gt; &lt;p&gt;Source: &lt;a href=&quot;https://dune.com/dani/Liquity&quot;&gt;dune.com&lt;/a&gt;, &lt;a href=&quot;https://www.coingecko.com/en/coins/liquity-usd&quot;&gt;coingecko.com&lt;/a&gt;, &lt;a href=&quot;https://etherscan.io/token/0x5f98805A4E8be255a32880FDeC7F6728C6568bA0#tokenInfo&quot;&gt;etherscan.io&lt;/a&gt;.&lt;/p&gt; &lt;p&gt;&amp;#x200B;&lt;/p&gt; &lt;h1&gt;UST&lt;/h1&gt; &lt;p&gt;&lt;a href=&quot;https://preview.redd.it/xa1vbzcdhuz81.png?width=1682&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=ab9ff9c3125824012d822550276d5f69becc1d51&quot;&gt;https://preview.redd.it/xa1vbzcdhuz81.png?width=1682&amp;amp;format=png&amp;amp;auto=webp&amp;amp;s=ab9ff9c3125824012d822550276d5f69becc1d51&lt;/a&gt;&lt;/p&gt; &lt;p&gt;In the case of UST, as of May 1, 2022, there was 18.56B of UST total issued.&lt;/p&gt; &lt;p&gt;LFG collateral worth $1B consisted mostly of BTC. On top of that, there was $27.15B worth of Luna, which served as the backstop mechanism.&lt;/p&gt; &lt;p&gt;Source: &lt;a href=&quot;https://www.terra.money/&quot;&gt;terra.money&lt;/a&gt;, &lt;a href=&quot;https://www.coingecko.com/en/coins/terra-luna&quot;&gt;coingecko.com&lt;/a&gt;.&lt;/p&gt; &lt;p&gt;&amp;#x200B;&lt;/p&gt; &lt;p&gt;--&lt;/p&gt; &lt;p&gt;&amp;#x200B;&lt;/p&gt; &lt;p&gt;Did you find this thread insightful? Add feedback in the comments.&lt;/p&gt; &lt;p&gt;We are currently running research on how people use stablecoins in DeFi. Support us by answering 7 short questions here: &lt;a href=&quot;https://forms.gle/kgbCiQp6a9BNwZXD6&quot;&gt;https://forms.gle/kgbCiQp6a9BNwZXD6&lt;/a&gt;&lt;/p&gt; &lt;p&gt;You can find the interactive chart at: &lt;a href=&quot;https://app.joinwido.com/stablecoin-collateralization&quot;&gt;https://app.joinwido.com/stablecoin-collateralization&lt;/a&gt;&lt;/p&gt; &lt;p&gt;This content was also &lt;a href=&quot;https://twitter.com/joinwido/status/1526199353903394816?s=20&amp;amp;t=SE8u9H6MmdOisOpwlApMsg&quot;&gt;posted on Twitter&lt;/a&gt;.&lt;/p&gt; &lt;/div&gt;&lt;!-- SC_ON --&gt; &amp;#32; submitted by &amp;#32; &lt;a href=&quot;https://www.reddit.com/user/romanmazur&quot;&gt; /u/romanmazur &lt;/a&gt; &lt;br/&gt; &lt;span&gt;&lt;a href=&quot;https://www.reddit.com/r/ethereum/comments/uqwtcv/differences_between_stablecoins_by_collateral/&quot;&gt;[link]&lt;/a&gt;&lt;/span&gt; &amp;#32; &lt;span&gt;&lt;a href=&quot;https://www.reddit.com/r/ethereum/comments/uqwtcv/differences_between_stablecoins_by_collateral/&quot;&gt;[comments]&lt;/a&gt;&lt;/span&gt; &lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;

Differences between stablecoins by collateral

USDC

On May 13, Circle&#x2019;s chief financial officer Jeremy Fox-Geen published a blog post called &#x201C;How to Be Stable,&#x201D; following the aftermath of Terra&#x2019;s stablecoin implosion. Circle&#x2019;s CFO explained that since usd coin&#x2019;s inception, the stablecoin aims to be &#x201C;the most transparent and trusted dollar digital currency.&#x201D; Terra&#x2019;s Stablecoin De-Pegging Incident Has Cast a Spotlight on [&#8230;]

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