稳定币类型解释 (2026)

Types of Stablecoins Explained (2026) A practical guide to stablecoin types, how they maintain their peg, generate yield, and the risks behind each digital dollar.

Quicknode June 8, 2026 — 11 min read

Stablecoins all promise the same outcome: one token worth one dollar.

The interesting part is that stablecoins keep this promise.

Some stablecoins hold Treasury bills in custody.

Few liquidate onchain collateral when markets move against them.

Others hedge derivatives positions to manage dollar exposure.

Uniquely, a few try to sustain the peg through incentives alone.

To an end user, they may all look like dollars. However, each one is unique and behaves differently because stablecoins are not a single product category.

They are combinations of design choices: what backs the peg? How does new supply enter circulation? Who captures the yield generated by the system?

This guide breaks stablecoins down into different types, explains the mechanisms under the hood, and discusses the purpose behind the design,

What are Stablecoins?

Stablecoins are digital assets designed to maintain a stable price (usually $1) by backing their value with reserves, collateral, or other price-stabilizationin mechanisms.

They bring a stable unit of account into crypto.

In 2025 alone, stablecoins facilitated over $27 trillion in transfer volume, enabling trading, payments, savings, and liquidity across onchain markets.

However, stablecoins are not a single design pattern. Two tokens that both trade at $1 can rely on entirely different mechanisms to maintain that outcome.

To understand those differences, three questions matter:

What backs the peg?

How are new tokens created?

Where does the yield come from?

This guide uses these dimensions to classify the different types of stablecoins, starting with the most fundamental one: what backs the peg.

Types of Stablecoins by Collateral / Peg Mechanism

Stablecoins do not all achieve price stability in the same way: some rely on assets held outside the blockchain, while others depend on onchain collateral, etc. The mechanism behind the peg determines what holds the price under pressure and what fails first when conditions turn.

Here are 5 major types of stablecoins based on their way of maintaining price stability:

Type How the Peg Is Maintained Fiat-backed Offchain reserves such as cash and Treasury bills Crypto-collateralized Excess onchain collateral and liquidations Synthetic / delta-neutral Hedged derivatives positions Commodity-backed Physical commodity reserves RWA-backed

Let’s now dive into each of these types in detail.

Fiat-Backed Stablecoins

Fiat-backed stablecoins are issued against cash, bank deposits, or short-duration government securities held in custody by regulated institutions.

Each token represents a direct claim on one dollar of reserves.

Popular examples of fiat-backed stablecoins are USDT and USDC .

Now, how do fiat-backed stablecoins work?

Benefits of fiat-backed stablecoins are:

Simplest trust model: reserves are auditable, redemption path is direct.

Deepest liquidity across CEXs, DEXs, and DeFi protocols.

No oracle risk, no liquidation cascades, predictable behavior under normal conditions.

Clearest regulatory path: GENIUS Act (US) and MiCA (EU) both designed around this model.

Who bears the loss?

Reserve shortfalls, banking disruptions, or redemption stress are typically absorbed by issuers and, in extreme cases, token holders who cannot redeem at par.

Crypto-Collateralized Stablecoins

Crypto-collateralized stablecoins are minted by locking onchain crypto assets worth more than the stablecoins issued.