คู่มือที่เข้าใจง่ายเกี่ยวกับคริปโต ตลาด และเทคโนโลยีเบื้องหลัง
Two issuers control 83% of a $310B market that settled $33 trillion in 2025, but USD1, USDe, and PYUSD are gaining share - here is the data on structural shifts and what realistically changes before 2030.
CBDCs are government-issued and programmable by central banks, while stablecoins are private and composable with DeFi - both target the same payments infrastructure, and here is where each wins.
This breakdown covers every major stablecoin depeg — USDC's SVB crisis, USDD, USDN, IRON Finance — with the five on-chain warning signs that appeared before each collapse and how to read them in real time.
Use this to understand what each jurisdiction requires: GENIUS Act reserve mandates for US issuers, MiCA e-money rules for Europe — and how seven regulatory frameworks compare for any stablecoin you currently hold.
This guide covers how people in Argentina, Nigeria, and Turkey use USDT and USDC as dollar savings accounts — what the on-chain transaction data shows, and what it means when stablecoins become the de facto dollar.
A $200 remittance costs $12.73 (6.36%) on traditional rails, while USDT on Tron handles the same transfer in minutes for near zero - here is the corridor-by-corridor data on where stablecoins win.
Stablecoins in Aave, Compound, or Curve earn yield, but each protocol layer adds liquidation risk, smart contract exposure, and compounding fees that most users never calculate.
This breakdown covers the business model behind each major stablecoin: Tether's $13B annual profit from T-bill reserves, Circle's fee-sharing with distributors, and Ethena's delta-neutral yield strategy.
The tokenized Treasury market grew from $100M to $16B in three years - ~160x - because stablecoin issuers discovered T-bills earn yield and reserves don't, reshaping the economics of how stablecoins are backed.
Use this to compare yield-bearing stablecoins: sUSDe at 4–8% via delta-neutral funding rates, sDAI at 4–5% via the DSR — with the specific risk that breaks each model when markets move against the strategy.
$18.7B in TerraUSD collapsed to near zero in 72 hours - not from fraud or a hack, but from a design flaw that bank-run dynamics exposed, triggering the exact death spiral that the BTC defense failed to stop.
Algorithmic stablecoins promised to eliminate the idle capital trap of collateralized designs, but most collapsed under bank-run dynamics - here is what the logic got right, where it failed, and what remains in 2026.
Minting $100 DAI requires locking $150 in ETH because over-collateralization is the buffer that survives liquidation cascades - this explains the mechanics, what stability fees cost, and where the model breaks.
This guide teaches you to read a stablecoin reserve report — the difference between an attestation and a full audit, how custodians work, and the five questions to answer before trusting any fiat-backed peg.
Use this to assess the challengers: PYUSD for PayPal's distribution moat, RLUSD for Ripple's payment network, FDUSD for Binance's liquidity engine — and which of the three has a genuine path to scale.
DAI launched as a decentralized stablecoin with no freeze function and no fiat backing, but Sky Protocol's USDS has both - here is what changed, why, and what it means for DeFi users who still hold DAI.
This analysis shows how Circle rebuilt trust after a $0.87 SVB depeg, turned GENIUS Act compliance into a competitive moat, and went public at $31 per share — and what it means for USDC's position against Tether.
$117B in T-bills, 82.3% of all stablecoin trading volume, a Bitfinex settlement, and dollarization in Argentina and Turkey — here's how USDT actually works, what backs it, and what makes it controversial.
Use this to classify any stablecoin: fiat-backed for simplicity, crypto-collateralized for decentralization, algorithmic for capital efficiency, and commodity-backed for real-asset exposure - each with its failure mode.
This breakdown explains the arbitrage loops, collateral buffers, and liquidation mechanics that hold the dollar peg — and shows why the same design features that stabilize a coin can accelerate its collapse.
