A cryptocurrency designed to hold a stable value relative to a reference asset — usually a fiat currency like the US dollar.
A stablecoin is a class of cryptoasset engineered to maintain a stable value relative to a chosen reference — most often the US dollar, but sometimes another fiat currency, a commodity like gold, or a basket of assets. Unlike Bitcoin or Ether, whose prices float, a stablecoin is designed to trade at (or very near) its peg. Stablecoins exist because payments, savings, and settlement need a stable unit of account onchain. As of 2026, the total stablecoin supply is well over $200 billion, dominated by USDT (Tether) and USDC (Circle).