What is a stablecoin?

A digital token designed to hold a fixed value, almost always one U.S. dollar, backed by reserves such as cash and short-term Treasuries held by the issuer. Holders can redeem tokens for dollars, and the tokens move on public blockchains like any other crypto asset.

How do stablecoin issuers make money?

Primarily from interest earned on the reserves backing the tokens. Because most reserves sit in Treasury bills, issuer revenue rises and falls with short-term interest rates, and large issuers have become significant buyers of U.S. government debt.

What do stablecoin laws typically require?

Licensing of issuers, reserves held one-to-one in high-quality liquid assets, regular disclosure or audit of those reserves, redemption rights for holders, and anti-money-laundering compliance. The rules decide whether banks, fintechs, and crypto companies compete on equal terms to issue digital dollars.

Topic · Gokhshtein Media

Stablecoins

Tether, USDC, and the digital dollars carrying most of crypto’s volume — and Washington’s new rules for them

30 stories · Updated Yesterday

Stablecoins are where crypto meets the real financial system: dollar tokens that settle trades, move money across borders in seconds, and hold reserves large enough to matter to the Treasury market. This hub tracks the issuers, the reserves, the legislation now governing them, and the banks, fintechs, and payment networks racing to issue their own.

Coverage led by The On-Chain Desk

The basics · reviewed September 25, 2026

What is a stablecoin?: A digital token designed to hold a fixed value, almost always one U.S. dollar, backed by reserves such as cash and short-term Treasuries held by the issuer. Holders can redeem tokens for dollars, and the tokens move on public blockchains like any other crypto asset.
How do stablecoin issuers make money?: Primarily from interest earned on the reserves backing the tokens. Because most reserves sit in Treasury bills, issuer revenue rises and falls with short-term interest rates, and large issuers have become significant buyers of U.S. government debt.
What do stablecoin laws typically require?: Licensing of issuers, reserves held one-to-one in high-quality liquid assets, regular disclosure or audit of those reserves, redemption rights for holders, and anti-money-laundering compliance. The rules decide whether banks, fintechs, and crypto companies compete on equal terms to issue digital dollars.

Terms to know

Algorithmic stablecoin Central bank digital currency Cross-border payments Depeg Dollarization Fiat-backed stablecoin GENIUS Act Mint and burn Money market fund Off-ramp On-ramp Payment stablecoin Proof of reserves Real-world assets Full glossary →

Stablecoins

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