Algorithmic Stablecoins
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| 7d Chart | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
141 FRAX 141Legacy Frax Dollar | $0.9914 | 0.06% | 0.08% | 0.12% | $217.43 M | $217.43 M | $237,701.00 | |||
489 AMPL 489Ampleforth | $1.26 | 2.84% | 5.93% | 1.11% | $35.77 M | $13.45 M | $2,271.36 | |||
558 MSUSD 558Metronome Synth USD | $0.622 | 16.80% | 1.13% | −11.24% | $32.07 M | $32.07 M | $2.17 M | |||
1346 SPUSD 1346SoulPeg USD | $1.00 | 0.53% | 1.16% | 1.43% | $6.78 M | $31.12 M | $1,904.28 | |||
2643 RIVER PTS 2643River Pts | $0.001314 | −10.89% | −25.55% | −17.29% | $1.11 M | $757,761.85 | $395.59 | |||
3245 UXP 3245UXD Protocol Token | $0.00008151 | 0.00% | 0.47% | −10.30% | $570,569.99 | $570,570.00 | $0.26 | |||
3347 USDS 3347Sperax USD | $1.00 | 0.10% | 0.25% | 0.89% | $514,893.05 | $514,893.05 | $50,925.00 | |||
3490 MIC 3490Mithril Cash | $0.02632 | 0.11% | 2.00% | 0.23% | $444,672.51 | $373,395.32 | $41.92 | |||
3865 YNUSDX 3865ynUSD Max | $0.9517 | 5.33% | 0.49% | −5.21% | $301,991.92 | $313,983.77 | $6,225.67 | |||
3876 UXD 3876UXD Stablecoin | $1.00 | 0.29% | 0.27% | −0.43% | $299,707.30 | $1.01 M | $91.47 | |||
5126 ESD 5126Empty Set Dollar | $0.000258 | −1.59% | −2.27% | −2.42% | $115,071.13 | $115,071.13 | $55.47 | |||
5999 BAC 5999Basis Cash | $0.001108 | −1.15% | −9.48% | −50.33% | $60,469.26 | $60,469.37 | $242.76 | |||
10830 USDM 10830USD Mars | $0.9927 | −0.01% | −0.55% | −0.65% | -- | $28.67 M | $110.96 | |||
10924 ESHARE 10924EMP Shares [OLD] | $0.409 | 0.15% | 6.73% | 31.69% | -- | $9,758.33 | $16.42 | |||
10930 SLOT 10930Snowtomb LOT | $0.3896 | 0.00% | 2.74% | 1.93% | -- | $23,201.06 | $2.92 | |||
10931 STOMB 10931Snowtomb | $0.0643 | 4.62% | 13.03% | 27.85% | -- | $15,572.10 | $4.27 | |||
10952 FTOMB 10952Frozentomb | $0.9602 | 2.82% | 11.19% | 30.11% | -- | $17,921.85 | $0.01 |
Frequently Asked Questions
What are algorithmic stablecoins?
Algorithmic stablecoins are cryptocurrencies that hold a dollar peg through code-controlled supply changes rather than full off-chain fiat reserves. Algorithmic stablecoins mint new units when price trades above $1.00 and burn or incentivize buybacks below it. The design targets capital efficiency and decentralization — a dollar-pegged unit without a bank holding real dollars. Algorithmic stablecoins differ from fiat-collateralized coins like USDT and USDC. DropsTab tracks 15+ algorithmic stablecoin projects, including Legacy Frax Dollar (FRAX), Ampleforth (AMPL), and Basis Cash (BAC).
How does an algorithmic stablecoin work?
An algorithmic stablecoin works by expanding or contracting its circulating supply to push market price back toward the peg. When price rises above $1.00, the protocol mints new tokens to increase supply and lower price. When price falls below $1.00, the protocol burns tokens or issues bonds to reduce supply. The mechanism depends on sustained market confidence — the same reflexive supply loop that defends the peg can accelerate a collapse once confidence breaks. Ampleforth (AMPL) applies a daily supply rebase at 2:00 UTC across all wallets.
What are the main types of algorithmic stablecoins?
Algorithmic stablecoins split into three mechanism types. Rebasing designs adjust token balances in every wallet daily — Ampleforth (AMPL) is the reference model. Seigniorage-share designs use multi-token bond-and-share systems — Basis Cash (BAC) and Empty Set Dollar (ESD) are the archetypes, and both largely failed to hold peg. Hybrid or fractional-algorithmic designs pair partial collateral with an algorithmic stability module — Sperax USD (USDS) and the pioneer Legacy Frax Dollar (FRAX) follow this path. Hybrid designs have proven the most durable.
How do algorithmic stablecoins differ from fiat-collateralized stablecoins?
Algorithmic stablecoins hold their peg through supply-adjusting code, while fiat-collateralized stablecoins hold their peg through off-chain dollar reserves. Fiat-backed coins like USDT and USDC keep real dollars or Treasuries in custody, redeemable 1:1. Algorithmic stablecoins hold little or no reserve, trading collateral safety for capital efficiency. Crypto-overcollateralized coins like DAI sit between the two. The reserve gap is the defining risk: fiat-backed pegs survive selloffs on redemption, while algorithmic pegs depend entirely on sustained market confidence.
Which projects lead the algorithmic stablecoin category?
Algorithmic stablecoin recognition centers on a handful of archetypes rather than a single dominant peg. Legacy Frax Dollar (FRAX) pioneered the fractional-algorithmic design and has since migrated its main dollar off pure-algo. Ampleforth (AMPL) anchors the rebasing model. Sperax USD (USDS) runs an auto-yield hybrid dollar on Arbitrum. Shade Protocol (SHD) brings a privacy-native approach, while UXD Stablecoin (UXD) uses a delta-neutral, derivatives-backed design. DropsTab lists these among 15+ algorithmic stablecoin projects for side-by-side comparison.
What happened to Terra/UST and why did algorithmic stablecoins fail?
Terra's UST is the canonical algorithmic-stablecoin collapse. UST peaked above $18B in early May 2022 before losing over 95% of value within days (Congressional Research Service). UST relied on an arbitrage loop with its sister token LUNA — when confidence broke, minting LUNA to defend the peg hyperinflated supply and triggered a reflexive death spiral. The broader algorithmic segment, which sat above $20B pre-collapse, shrank to a low-single-digit-billion residual afterward. The Terra failure is why regulators and capital now disfavor uncollateralized algorithmic designs.
Why is the algorithmic stablecoin narrative shifting toward hybrid and delta-neutral designs?
The algorithmic stablecoin narrative has shifted from pure-algo toward hybrid and delta-neutral synthetic-dollar designs. Pure-algorithmic supply stays marginal — well under 2% of the roughly $315B total stablecoin market as of mid-2026 (DefiLlama). Delta-neutral models like Ethena's USDe hold their peg by hedging collateral with offsetting short positions rather than supply games. Regulatory pressure reinforces the shift: MiCA, in force since mid-2024, disfavors uncollateralized designs. Survivors now pair partial collateral with algorithmic modules — the path Legacy Frax Dollar (FRAX) already took.
How can investors track algorithmic stablecoin projects on DropsTab?
Investors track algorithmic stablecoins on DropsTab through the category page, which lists 15+ projects with filterable market data. The category scanner ranks members by market cap and lets investors compare peg-stability history, mechanism type, and supply dynamics side by side. Drops Bot alerts flag price and listing movements for individual projects like Ampleforth (AMPL) or Sperax USD (USDS). Because peg stability is the defining metric for algorithmic stablecoins, side-by-side depeg-history comparison matters more here than for fiat-backed coins.