{"id":39749,"date":"2025-05-21T20:09:15","date_gmt":"2025-05-21T18:09:15","guid":{"rendered":"https:\/\/www.coinpro.ch\/uncategorized\/the-abcs-of-stablecoins-everything-you-need-to-know\/"},"modified":"2025-08-08T17:06:45","modified_gmt":"2025-08-08T15:06:45","slug":"the-abcs-of-stablecoins-everything-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.coinpro.ch\/en\/insights-en\/the-abcs-of-stablecoins-everything-you-need-to-know\/","title":{"rendered":"The ABCs of Stablecoins \u2013 Everything You Need to Know"},"content":{"rendered":"<p>Stablecoins have become a central component of the crypto economy. They combine the advantages of blockchain technology with the stability of traditional currencies. In this comprehensive editorial for CoinPro.ch, you will learn everything you need to know about stablecoins: their history, functionality, risks, opportunities, and the most important projects on the market.  <\/p>\n<h2>What are Stablecoins?<\/h2>\n<p>Stablecoins are cryptocurrencies whose value is tied to a stable asset \u2013 usually fiat currencies such as the US dollar, the euro, or commodities such as gold. They are designed to offset the volatility of traditional cryptocurrencies such as Bitcoin or Ethereum. Key features:  <\/p>\n<ul>\n<li>Price stability<\/li>\n<li>Transparency through blockchain technology<\/li>\n<li>Fast transactions and low costs<\/li>\n<\/ul>\n<blockquote><p>Stablecoins are the link between the traditional financial world and the decentralized blockchain world. \u2013 Nic Carter, Castle Island Ventures <\/p><\/blockquote>\n<script type=\"text\/plain\" data-tcf=\"waiting-for-consent\" data-id=\"20572\" data-bid=\"1\" data-placement=\"33872\">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<\/script><h2>The History of Stablecoins<\/h2>\n<p>The idea of a stable digital currency arose in response to the high volatility of classic cryptos. Early on, projects such as BitUSD (2014) and NuBits attempted to achieve price stability through algorithmic or secured models. Milestones:  <\/p>\n<ol>\n<li><strong>2014:<\/strong> Launch of BitUSD on the BitShares platform<\/li>\n<li><strong>2015:<\/strong> Launch of Tether (USDT) \u2013 the first major stablecoin<\/li>\n<li><strong>2017\u20132020:<\/strong> DeFi boom brings stablecoins like DAI into focus<\/li>\n<li><strong>2021\u20132023:<\/strong> Rise of USDC, BUSD, UST (Terra)<\/li>\n<li><strong>2022:<\/strong> Collapse of TerraUSD (UST) sparks regulatory debates worldwide (<a href=\"https:\/\/www.coinpro.ch\/news\/do-kwon-gesteht-betrug\/\">more on this<\/a>)<\/li>\n<\/ol>\n<h2>How Do Stablecoins Work? The Technology behind It <\/h2>\n<p>Stablecoins differ in their functionality, depending on the mechanism for price stability. The three main types: <\/p>\n<h3>Fiat-backed Stablecoins<\/h3>\n<p>These are backed by deposits in traditional currencies held in bank accounts. Examples: <\/p>\n<ul>\n<li>Tether (USDT)<\/li>\n<li>USD Coin (USDC)<\/li>\n<li>TrueUSD (TUSD)<\/li>\n<\/ul>\n<h3>Crypto-backed Stablecoins<\/h3>\n<p>These use cryptocurrencies as collateral, usually via smart contracts with over-collateralization. Examples: <\/p>\n<ul>\n<li>DAI (backed by ETH, USDC, etc.)<\/li>\n<li>sUSD (from Synthetix)<\/li>\n<\/ul>\n<h3>Algorithmic Stablecoins<\/h3>\n<p>These regulate the price through supply and demand adjustments via smart contracts, without direct collateral. Examples: <\/p>\n<ul>\n<li>(formerly) TerraUSD (UST)<\/li>\n<li>Frax (partially algorithmic)<\/li>\n<\/ul>\n<blockquote><p>Not all stablecoins are equally stable \u2013 the underlying mechanics determine security and function. \u2013 Sam Kazemian, founder of Frax Finance <\/p><\/blockquote>\n<h2><span style=\"font-size: 23.04px;\">The most Important Stablecoins in Comparison<\/span><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-34033 size-full\" src=\"https:\/\/www.coinpro.ch\/wp-content\/uploads\/2025\/05\/Stablecoins.png\" alt=\"\" width=\"1536\" height=\"1024\" srcset=\"https:\/\/www.coinpro.ch\/wp-content\/uploads\/2025\/05\/Stablecoins.png 1536w, https:\/\/www.coinpro.ch\/wp-content\/uploads\/2025\/05\/Stablecoins-300x200.png 300w, https:\/\/www.coinpro.ch\/wp-content\/uploads\/2025\/05\/Stablecoins-1024x683.png 1024w, https:\/\/www.coinpro.ch\/wp-content\/uploads\/2025\/05\/Stablecoins-768x512.png 768w\" sizes=\"auto, (max-width: 1536px) 100vw, 1536px\" \/><\/p>\n<h3>Tether (USDT)<\/h3>\n<ul>\n<li>Market leader by market capitalization with over $100 billion in circulation (as of May 2025)<\/li>\n<li>Pegged to the US dollar (1 USDT \u2248 1 USD)<\/li>\n<li>Reserves include, among other things, US government bonds, cash, corporate bonds<\/li>\n<li>Publisher: Tether Ltd., based in the British Virgin Islands<\/li>\n<li>The lack of transparency in the reserves has been criticized, but there are now regular audits (source: <a href=\"https:\/\/tether.to\/en\/transparency\">Tether Transparency<\/a>)<\/li>\n<\/ul>\n<h3>USD Coin (USDC)<\/h3>\n<ul>\n<li>Published by Circle in partnership with Coinbase<\/li>\n<li>Fully backed by US dollars in bank accounts<\/li>\n<li>Regulatorily registered and auditable in the USA \u2013 monthly accountability reports<\/li>\n<li>Often the first choice for institutional investors<\/li>\n<li>Supported on Ethereum, Solana, Avalanche, Polygon, etc.<\/li>\n<li>Monthly audited reserves, high transparency (source: <a href=\"https:\/\/www.circle.com\/transparency\">Circle Transparency Reports<\/a>)<\/li>\n<\/ul>\n<h3>DAI<\/h3>\n<ul>\n<li>Decentralized stablecoin from MakerDAO, backed by crypto assets such as ETH and USDC<\/li>\n<li>Over-collateralization through smart contracts (Collateralized Debt Positions, CDPs)<\/li>\n<li>Governance is carried out via the MKR token&gt;<\/li>\n<li>DAI is a prime example of DeFi innovation<\/li>\n<li>More volatile during market turbulence, as hedging is carried out using volatile assets<\/li>\n<li>Governance by the MakerDAO community (source: <a href=\"https:\/\/docs.makerdao.com\/\">MakerDAO Docs<\/a>)<\/li>\n<\/ul>\n<h3>TrueUSD (TUSD)<\/h3>\n<ul>\n<li>Real-time transparency of bank reserves (source: TrustExplorer)<\/li>\n<li>Fully backed by USD, with real-time transparency via third-party providers (source: TrustExplorer)<\/li>\n<li>Uses smart contracts for custody and management<\/li>\n<li>Has been resold several times, most recently in 2023 to a Chinese consortium<\/li>\n<li>Frequently used on Asian exchanges such as Binance<\/li>\n<li>Is partially secured by automated mechanisms with proof-of-reserve<\/li>\n<\/ul>\n<h3>EURC (Formerly EUROC)<\/h3>\n<ul>\n<li>Stablecoin from Circle that maps the euro<\/li>\n<li>Available on Ethereum since 2022, 1:1 backed by euro balances in EU bank accounts<\/li>\n<li>Response to the demand for euro-based digital assets in the DeFi sector<\/li>\n<li>Supports DeFi staking pools in euros, e.g. on Aave<\/li>\n<li>Used primarily by European users and companies<\/li>\n<\/ul>\n<h3>Binance USD (BUSD)<\/h3>\n<ul>\n<li>A stablecoin that is pegged 1:1 to the US dollar<\/li>\n<li>Issued in cooperation between Binance and the US-regulated company Paxos Trust Company<\/li>\n<li>Was fully regulated by the New York Department of Financial Services (NYDFS) until the beginning of 2023<\/li>\n<li>Reserve coverage entirely in cash and short-term US government bonds \u2013 with monthly audit reports (source: <a href=\"https:\/\/www.paxos.com\/busd-transparency\/\">Paxos Transparency Reports<\/a>)<\/li>\n<li>Known for high liquidity on the Binance platform and as the main stablecoin in the Binance ecosystem<\/li>\n<li>At the beginning of 2023, Paxos announced, on the instructions of the NYDFS, that it would no longer mint new BUSD, but existing tokens will remain valid and redeemable<\/li>\n<li>Usage has declined sharply since then, but it is still relevant as a historically significant example of regulatory intervention in the stablecoin market<\/li>\n<\/ul>\n<div class=\"row\"  id=\"row-869814479\">\r\n\r\n\n\t<div id=\"col-1598490167\" class=\"col box-shadow-custom small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\r\n\r\n\t<div id=\"text-2674952414\" class=\"text\">\n\t\t\r\n<h2 class=\"uppercase\"><span style=\"color: #f29209;\">What Happened to TerraUSD?<\/span><\/h2>\r\n\t\t\n<style>\n#text-2674952414 {\n  text-align: center;\n}\n<\/style>\n\t<\/div>\n\t\r\n\t<div id=\"gap-1107861895\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1107861895 {\n  padding-top: 15px;\n}\n<\/style>\n\t<\/div>\n\t\r\n\r\n<div class=\"accordion\">\r\n\r\n\t<div id=\"accordion-242936420\" class=\"accordion-item\">\n\t\t<a id=\"accordion-242936420-label\" class=\"accordion-title plain\" href=\"#accordion-item-terrausd\" aria-expanded=\"false\" aria-controls=\"accordion-242936420-content\" >\n\t\t\t<button class=\"toggle\" aria-label=\"Toggle\"><i class=\"icon-angle-down\"><\/i><\/button>\n\t\t\t<span>TerraUSD<\/span>\n\t\t<\/a>\n\t\t<div id=\"accordion-242936420-content\" class=\"accordion-inner\" aria-labelledby=\"accordion-242936420-label\" >\n\t\t\t\r\nTerraUSD (UST) was an algorithmic stablecoin of the Terra ecosystem that did without classic reserves. Instead, price stability was ensured by an arbitrage-based mechanism with the native token LUNA.\r\n\r\n\t\t<\/div>\n\t<\/div>\n\t\r\n\t<div id=\"accordion-2837985623\" class=\"accordion-item\">\n\t\t<a id=\"accordion-2837985623-label\" class=\"accordion-title plain\" href=\"#accordion-item-what-went-wrong?\" aria-expanded=\"false\" aria-controls=\"accordion-2837985623-content\" >\n\t\t\t<button class=\"toggle\" aria-label=\"Toggle\"><i class=\"icon-angle-down\"><\/i><\/button>\n\t\t\t<span>What Went Wrong?<\/span>\n\t\t<\/a>\n\t\t<div id=\"accordion-2837985623-content\" class=\"accordion-inner\" aria-labelledby=\"accordion-2837985623-label\" >\n\t\t\t\r\n<ul>\r\n \t<li>In May 2022, UST lost its 1:1 peg to the US dollar.<\/li>\r\n \t<li>Panic selling, liquidity problems, and a fatal spiral between the token burn of UST and the minting of LUNA caused both tokens to crash massively.<\/li>\r\n \t<li>Over $45 billion in market value was destroyed in a few days.<\/li>\r\n \t<li>Many investors lost their entire capital, and DeFi platforms and CEXs were also affected.<\/li>\r\n \t<li>The incident has been described as the \u201cLehman moment of the crypto industry\u201d.<\/li>\r\n \t<li>\u201cThe Terra crash has shown us what happens when complex systems are scaled without real security.\u201d \u2013 Vitalik Buterin, Ethereum co-founder<\/li>\r\n<\/ul>\r\n\t\t<\/div>\n\t<\/div>\n\t\r\n\t<div id=\"accordion-28559446\" class=\"accordion-item\">\n\t\t<a id=\"accordion-28559446-label\" class=\"accordion-title plain\" href=\"#accordion-item-lessons-from-the-terra-debacle\" aria-expanded=\"false\" aria-controls=\"accordion-28559446-content\" >\n\t\t\t<button class=\"toggle\" aria-label=\"Toggle\"><i class=\"icon-angle-down\"><\/i><\/button>\n\t\t\t<span>Lessons from the Terra Debacle<\/span>\n\t\t<\/a>\n\t\t<div id=\"accordion-28559446-content\" class=\"accordion-inner\" aria-labelledby=\"accordion-28559446-label\" >\n\t\t\t\r\n<div>Algorithmic stablecoins have since been considered particularly risky. Regulatory supervisors worldwide (e.g. SEC, BaFin, FINMA) have since increased their focus on stablecoin transparency and risks. <\/div>\r\n<div><\/div>\r\n<div>Confidence in uncollateralized stablecoin models has been severely damaged since then.<\/div>\r\n\t\t<\/div>\n\t<\/div>\n\t\r\n\r\n<\/div>\r\n\r\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1598490167 > .col-inner {\n  padding: 15px 15px 15px 15px;\n}\n@media (min-width:550px) {\n  #col-1598490167 > .col-inner {\n    padding: 30px 30px 30px 30px;\n  }\n}\n<\/style>\n\t<\/div>\n\n\t\r\n\r\n\n<style>\n#row-869814479 > .col > .col-inner {\n  background-color: rgb(238, 238, 238);\n  border-radius: 15px;\n}\n<\/style>\n<\/div>\n<h2>Opportunities and Potential of Stablecoins<\/h2>\n<p>Stablecoins not only offer a stable bridge between fiat money and cryptocurrencies, but also open up completely new possibilities in the digital financial world. They are considered the backbone of the DeFi ecosystem and, in the long term, could even revolutionize classic payment transactions, international transfers and earnings models such as staking or lending. <\/p>\n<blockquote><p>\u201cTrust is more important than technology for stablecoins.\u201d \u2013 Caitlin Long, founder of Custodia Bank<\/p><\/blockquote>\n<h3>1. Secure Alternative to the Volatility of Cryptocurrencies<\/h3>\n<p>The high volatility of Bitcoin, Ethereum and Co. is an obstacle for many users. Stablecoins such as USDC or DAI, on the other hand, offer a \u201csafe haven\u201d: <\/p>\n<ul>\n<li>Price peg to fiat currencies such as the US dollar or euro offers predictability<\/li>\n<li>Ideal for savings plans and payment applications, e.g. salary payments in Web3 companies<\/li>\n<li>Protection against inflation risks in unstable economies (e.g. Turkey, Argentina)<\/li>\n<\/ul>\n<h3>2. Staking and Interest Income with Stablecoins<\/h3>\n<p>A particularly interesting application is so-called stablecoin staking \u2013 stablecoins are \u201clocked in\u201d smart contracts to generate returns:<\/p>\n<ul>\n<li>Platforms such as Aave, Compound, Curve or Yearn Finance enable interest rates between 2% and over 10% per year<\/li>\n<li>Centralized providers such as crypto exchanges <a href=\"https:\/\/www.coinpro.ch\/en\/reviews-en\/binance-test-experiences-2025-crypto-exchange-review\/\">Binance<\/a> or <a href=\"https:\/\/www.coinpro.ch\/en\/reviews-en\/bitvavo-experiences-2025-the-crypto-exchange-under-review\/\">bitvavo<\/a> or formerly Celsius offered comparable programs \u2013 but sometimes without sufficient transparency (or as in the case of Celsius, where the deposits were lost)<\/li>\n<li>Advantage over classic savings books: higher returns, no volatility<\/li>\n<li>Risk: smart contract errors or platform bankruptcies, as occurred e.g. B. at Celsius in 2022<\/li>\n<\/ul>\n<blockquote><p>\u201cStablecoins are the heart of earnings models in DeFi \u2013 without them there is no real passive income.\u201d \u2013 Stani Kulechov, founder of Aave<\/p><\/blockquote>\n<h3>3. Cross-border Payments and Remittances<\/h3>\n<p>Stablecoins offer great potential for cross-border payments:<\/p>\n<ul>\n<li>Transactions are possible almost in real time and at a fraction of the cost of traditional banks.<\/li>\n<li>Particularly valuable for developing countries, where many people do not have a bank account but have access to smartphones.<\/li>\n<li>Projects like Stellar and Celo are specifically focused on these use cases.<\/li>\n<li>Example: A transfer of $500 USD from Germany to Nigeria via Western Union costs up to 10%, with USDC on the Stellar blockchain under 0.1%.<\/li>\n<\/ul>\n<h3>4. Onboarding in Crypto &amp; DeFi<\/h3>\n<p>Stablecoins lower the barriers to entry:<\/p>\n<ul>\n<li>Easier entry for beginners, as there is no risk from price fluctuations.<\/li>\n<li>Often the first step to get to know decentralized applications.<\/li>\n<li>Increasingly accepted as a means of payment in online shops.<\/li>\n<\/ul>\n<h3>5. Programmable Money and Smart Contracts<\/h3>\n<p>Stablecoins are ideal for automated payments through smart contracts:<\/p>\n<ul>\n<li>Wage payments, dividends, crowdfunding \u2013 everything can be automated.<\/li>\n<li>Enables new business models in the area of Decentralized Autonomous Organizations (DAOs).<\/li>\n<li>Combination with NFTs, Real-World Assets (e.g. real estate) and supply chain solutions conceivable.<\/li>\n<\/ul>\n<h2>Risks and Challenges of Stablecoins<\/h2>\n<p>Despite their stability and the many opportunities, stablecoins are not a risk-free investment. Depending on the type, hedging mechanism and regulatory framework, there are different weaknesses \u2013 some of which have already had serious consequences, as the TerraUSD (UST) case has drastically shown. <\/p>\n<h3>1. Centralization &amp; Counterparty Risk<\/h3>\n<p>Many stablecoins \u2013 especially USDT and USDC \u2013 are centralized, i.e.:<\/p>\n<ul>\n<li>A single company controls the issuance and management (e.g. Tether Ltd. or Circle).<\/li>\n<li>Trust in these issuers is essential \u2013 a loss of control or fraud could destabilize the entire system.<\/li>\n<li>Blocking wallets by central stablecoin issuers (e.g. on the instructions of authorities) undermines the censorship resistance of the blockchain.<\/li>\n<\/ul>\n<p>Example: In August 2022, Circle froze over 75,000 USDC on Ethereum wallets that were linked to Tornado Cash \u2013 a precedent that worried many in the crypto community.<\/p>\n<h3>2. Transparency &amp; Reserves<\/h3>\n<p>Not all stablecoins regularly disclose their reserves:<\/p>\n<ul>\n<li>USDT (Tether) has long been criticized for opaque reserves. Audits have only been published since 2021 \u2013 but not by the \u201cBig Four\u201d accounting firms. <\/li>\n<li>Questionable or illiquid assets in coverage can be problematic in the event of a crisis.<\/li>\n<\/ul>\n<p><strong>Regulatory context:<\/strong> In the EU, MiCAR (Markets in Crypto-Assets Regulation) is expected to introduce strict disclosure rules in the future \u2013 stablecoins will then have to publish daily what their coverage looks like (source: <a href=\"https:\/\/www.europarl.europa.eu\/news\/de\/press-room\/20230414IPR80133\/neue-regeln-zur-ruckverfolgung-von-kryptowertetransfers-in-der-eu\">EU Parliament, 2023<\/a>).<\/p>\n<h3>3. Smart Contract Risks with Decentralized Stablecoins<\/h3>\n<p>Stablecoins like DAI are secured by smart contracts \u2013 this brings new technical risks:<\/p>\n<ul>\n<li>Hacks, bugs or exploits in the underlying smart contracts can lead to the loss of coverage or arbitrage attacks.<\/li>\n<li>Liquidations in crash phases: In phases of strong market volatility, there can be mass liquidations of collateral, which leads to instability.<\/li>\n<\/ul>\n<p>Example: In March 2020 (\u201cBlack Thursday\u201d), DAI briefly lost its peg to the US dollar because Ethereum crashed by 50% within minutes and collateral could not be liquidated in time.<\/p>\n<h3>4. Regulatory Uncertainty<\/h3>\n<p>Stablecoins are increasingly the focus of financial regulators worldwide:<\/p>\n<ul>\n<li><strong>USA:<\/strong> The SEC classifies certain stablecoins as potential \u201csecurities\u201d.<\/li>\n<li><strong>EU:<\/strong> MiCAR (in force from 2024) brings clear rules, but could overwhelm small projects.<\/li>\n<li><strong>Switzerland:<\/strong> FINMA differentiates between means of payment, investment instrument and hybrids, depending on the design.<\/li>\n<\/ul>\n<p>&gt;Risk: A regulatory intervention \u2013 such as the ban on new BUSD emissions by Paxos in 2023 \u2013 can suddenly have a major impact on the market and liquidity.<\/p>\n<h3>5. Systemic Risks in the DeFi Sector<\/h3>\n<p>Stablecoins are the backbone of many DeFi protocols:<\/p>\n<ul>\n<li>The collapse of a dominant stablecoin can trigger a chain reaction.<\/li>\n<li>Example: The collapse of TerraUSD (UST) led to the total loss at Anchor, Mirror, Kujira and other platforms.<\/li>\n<li>Concentration on a few stablecoins (USDT, USDC, DAI) makes the system vulnerable to systemic dependence.<\/li>\n<\/ul>\n<blockquote><p>The crypto industry needs robust stablecoins \u2013 not just stable prices, but also stable structures. \u2013 Caitlin Long, founder of Custodia Bank <\/p><\/blockquote>\n<h2>Regulation of Stablecoins: between Innovation and Supervision<\/h2>\n<p>Stablecoins are no longer a fringe phenomenon \u2013 their growing influence on the global financial world makes them a central topic for legislators, central banks and supervisory authorities. However, the regulatory framework is still under construction in many places and differs significantly from country to country. <\/p>\n<h3>1. Regulatory Balancing Act: Consumer Protection vs. Promoting Innovation<\/h3>\n<p>Regulatory authorities are faced with a dilemma. On the one hand, consumers must be protected, money laundering prevented and financial market stability maintained. On the other hand, technological innovation must not be stifled \u2013 especially in countries that want to position themselves as a crypto location. Stablecoins move at the interface between decentralized innovation and classic financial supervision. Due to their growing influence on payment flows, money markets and the banking system, they are increasingly the focus of regulators worldwide.    <\/p>\n<h3>1. Why Stablecoins Need to be Regulated<\/h3>\n<p>Stablecoins are no longer considered purely technological experiments from a regulatory perspective \u2013 they are:<\/p>\n<ul>\n<li>Systemically relevant for the crypto sector (e.g. liquidity in DeFi)<\/li>\n<li>Risk objects in the financial system (e.g. in the event of bank runs or loss of the peg)<\/li>\n<li>New opportunities for money laundering, terrorist financing or sanctions evasion, provided they are not monitored<\/li>\n<\/ul>\n<blockquote><p>If stablecoins function like banks, they must also be regulated like banks. \u2013 Janet Yellen, US Treasury Secretary (2022) <\/p><\/blockquote>\n<h3>2. European Union: MiCAR as a Blueprint<\/h3>\n<p>With the Markets in Crypto-Assets Regulation (MiCAR), the EU has adopted a uniform set of rules that has been fully in effect since mid-2024:<\/p>\n<ul>\n<li>Stablecoins with high distribution are considered \u201csignificant\u201d and are subject to particularly strict requirements.<\/li>\n<li>Issuers must hold capital reserves, have a license as an e-money institution and report regularly.<\/li>\n<li>Stablecoins that are not covered by fiat may only be marketed to a limited extent.<\/li>\n<li>A ban on algorithmic stablecoins such as TerraUSD in their current form is considered likely.<\/li>\n<\/ul>\n<p>MiCAR is considered the world&#8217;s first comprehensive regulatory framework specifically for crypto assets and is expected to serve as a template for other regions. More on the topic of <a href=\"https:\/\/www.coinpro.ch\/en\/insights-en\/crypto-regulation-in-the-eu-this-is-what-mica-will-bring-from-2024\/\">MiCAR<\/a> <\/p>\n<h3>3. Switzerland: Differentiated and Innovation-Friendly Attitude<\/h3>\n<p>Switzerland has been pursuing a differentiated regulatory strategy for years:<\/p>\n<p>FINMA differentiates stablecoins according to use case:<\/p>\n<ul>\n<li>Payment tokens, e.g. USDC \u2192 are treated like money<\/li>\n<li>Investment tokens, e.g. gold-linked stablecoins \u2192 are subject to fund or investment regulations<\/li>\n<li>Hybrid constructs, regulated differently depending on the design<\/li>\n<\/ul>\n<p>Since the DLT Act came into force (2021), Switzerland has been considered a prime example of legal clarity in the blockchain sector.<\/p>\n<p><strong>Special feature:<\/strong> Switzerland also recognizes algorithmic stablecoins under certain conditions \u2013 a unique selling point in a global comparison.<\/p>\n<h3>4. USA: Disagreement between Authorities<\/h3>\n<p>The United States is discussing stablecoin laws intensively, but in a fragmented way:<\/p>\n<ul>\n<li>The SEC (Securities and Exchange Commission) sees many stablecoins as potentially \u201csecurities\u201d.<\/li>\n<li>The CFTC (Commodity Futures Trading Commission), on the other hand, sees them more as commodities.<\/li>\n<li>A bipartisan bill (\u201cStablecoin TRUST Act\u201d) has been in Congress since 2022, but without a conclusion so far.<\/li>\n<\/ul>\n<p>The US government demands:<\/p>\n<ul>\n<li>Centralized issuers should be under state supervision.<\/li>\n<li>Stablecoins must be fully covered and immediately redeemable.<\/li>\n<\/ul>\n<p>An important precedent was the halt to new emissions of Binance USD (BUSD) by Paxos under pressure from the NYDFS in February 2023 \u2013 although BUSD was considered a regulated stablecoin until then.<\/p>\n<h3>5. Challenges for Stablecoin Issuers<\/h3>\n<p>Regulation creates security, but also hurdles:<\/p>\n<ul>\n<li>Small startups struggle with capital requirements, accountability, and audits.<\/li>\n<li>Global providers must meet multiple legal jurisdictions in parallel (e.g., MiCAR + US laws).<\/li>\n<li>Open source communities (e.g. MakerDAO) face the question of how to organize themselves legally without a central authority.<\/li>\n<\/ul>\n<blockquote><p>Regulation is not a brake on stablecoins &#8211; it is the foundation for sustainable growth. \u2013 Patrick Hansen, Circle EU Policy Lead <\/p><\/blockquote>\n<section class=\"stablecoin-regulation-map\">\n<h2>\ud83c\udf0d Regulatory Map: Stablecoins in International Comparison<\/h2>\n<table>\n<thead>\n<tr>\n<th>Region \/ Country<\/th>\n<th>Regulatory situation<\/th>\n<th>Special features \/ Remarks<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\ud83c\uddea\ud83c\uddfa <strong>European Union (MiCAR)<\/strong><\/td>\n<td>\u2705 In force from mid-2024<\/td>\n<td>Definition of e-money and asset-backed tokens, daily reports, issuer obligations<\/td>\n<\/tr>\n<tr>\n<td>\ud83c\uddfa\ud83c\uddf8 <strong>USA<\/strong><\/td>\n<td>\u26a0\ufe0f Inconsistent, in progress<\/td>\n<td>SEC vs. CFTC disagree; Trust Acts in Congress; BUSD issuance stopped by NYDFS<\/td>\n<\/tr>\n<tr>\n<td>\ud83c\udde8\ud83c\udded <strong>Switzerland<\/strong><\/td>\n<td>\u2705 Clear and differentiated (FINMA)<\/td>\n<td>DLT law, flexible token classification, algorithmic models allowed<\/td>\n<\/tr>\n<tr>\n<td>\ud83c\uddec\ud83c\udde7 <strong>Great Britain<\/strong><\/td>\n<td>\u26a0\ufe0f In preparation<\/td>\n<td>Financial Services and Markets Bill; Focus on consumer protection &amp; systemic risks<\/td>\n<\/tr>\n<tr>\n<td>\ud83c\uddf8\ud83c\uddec <strong>Singapore<\/strong><\/td>\n<td>\u2705 Strictly regulated (MAS)<\/td>\n<td>Stablecoin guidelines since 2023; full coverage &amp; liquidity obligation<\/td>\n<\/tr>\n<tr>\n<td>\ud83c\uddef\ud83c\uddf5 <strong>Japan<\/strong><\/td>\n<td>\u2705 Law active since 2023<\/td>\n<td>Only banks, trustees or money transfer services are allowed to issue stablecoins<\/td>\n<\/tr>\n<tr>\n<td>\ud83c\uddf0\ud83c\uddf7 <strong>South Korea<\/strong><\/td>\n<td>\u26a0\ufe0f Planned laws until 2025<\/td>\n<td>Transparency and custody obligation after TerraUSD crash<\/td>\n<\/tr>\n<tr>\n<td>\ud83c\udde8\ud83c\uddf3 <strong>China<\/strong><\/td>\n<td>\u274c Stablecoins effectively prohibited<\/td>\n<td>Promotion of the digital yuan (e-CNY); private stablecoin use prohibited<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<style>\n    .stablecoin-regulation-map table {<br \/>      width: 100%;<br \/>      border-collapse: collapse;<br \/>      margin-top: 1em;<br \/>    }<br \/>    .stablecoin-regulation-map th,<br \/>    .stablecoin-regulation-map td {<br \/>      padding: 0.75em 1em;<br \/>      border: 1px solid #ddd;<br \/>      text-align: left;<br \/>      vertical-align: top;<br \/>    }<br \/>    .stablecoin-regulation-map thead {<br \/>      background-color: #f8f8f8;<br \/>    }<br \/>    .stablecoin-regulation-map td strong {<br \/>      display: inline-block;<br \/>      margin-left: 0.25em;<br \/>    }<br \/>    .stablecoin-regulation-map tr:nth-child(even) {<br \/>      background-color: #fafafa;<br \/>    }<br \/>    .stablecoin-regulation-map td:nth-child(2)::before {<br \/>      content: '\u2705 ';<br \/>    }<br \/>    .stablecoin-regulation-map td:nth-child(2):contains(\"\u26a0\ufe0f\")::before {<br \/>      content: '\u26a0\ufe0f ';<br \/>    }<br \/>    .stablecoin-regulation-map td:nth-child(2):contains(\"\u274c\")::before {<br \/>      content: '\u274c ';<br \/>    }<br \/>  <\/style>\n<\/section>\n<section><\/section>\n<section>\n<h2>Stablecoins in the DACH Region: Status Quo in Germany, Austria and Switzerland<\/h2>\n<p>The German-speaking area is approaching stablecoins with caution, but also with growing interest. The regulatory frameworks differ slightly, but are generally more open. <\/p>\n<h3>Switzerland<\/h3>\n<ul>\n<li>FINMA published a factsheet on stablecoins as early as 2019.<\/li>\n<li>Depending on their design, stablecoins are treated as means of payment or collective investment schemes.<\/li>\n<li>Switzerland is considered one of the pioneers in Europe when it comes to blockchain regulation &#8211; in particular through the legal reform of the DLT Act 2021.<\/li>\n<\/ul>\n<h3>Germany<\/h3>\n<ul>\n<li>BaFin classifies stablecoins as \u201cunits of account\u201d, comparable to financial instruments.<\/li>\n<li>Issuers are subject to strict requirements &#8211; including licensing and proof of equity.<\/li>\n<li>Pilot projects such as the \u201cLUGAS Stablecoin\u201d from Volksbank Mittelhessen show that established financial institutions are also active<\/li>\n<\/ul>\n<h3>Austria<\/h3>\n<\/section>\n<section>\n<ul>\n<li>The FMA treats stablecoins within the framework of existing financial market regulation.<\/li>\n<li>The Vienna location is particularly active through start-ups such as Bitpanda, which is experimenting with EUR stablecoin projects.<\/li>\n<li>Initiatives for a digital state currency (E-Euro) are also supported at EU level.<\/li>\n<li>Reputation-based stablecoins through decentralized ratings and proof-of-reserves.<\/li>\n<\/ul>\n<\/section>\n<h2 class=\"\" data-start=\"267\" data-end=\"328\">Conclusion: Stablecoins \u2013 Foundation of the Digital Financial Future<\/h2>\n<p class=\"\" data-start=\"330\" data-end=\"783\">Stablecoins are far more than just a technical stopgap or a digital representation of fiat money &#8211; they are the <strong data-start=\"453\" data-end=\"549\">connecting element between the decentralized crypto world and the traditional financial system<\/strong>. Through their ability to combine <strong data-start=\"573\" data-end=\"672\">value stability with the efficiency, programmability and transparency of blockchain technology<\/strong>, they have established themselves as an indispensable infrastructure component in the digital economy. <\/p>\n<h3 class=\"\" data-start=\"785\" data-end=\"817\">Stability Meets Innovation<\/h3>\n<p class=\"\" data-start=\"819\" data-end=\"1217\">Whether as a <strong data-start=\"826\" data-end=\"842\">medium of exchange<\/strong>, <strong data-start=\"844\" data-end=\"860\">store of value<\/strong>, <strong data-start=\"862\" data-end=\"904\">transaction medium in DeFi protocols<\/strong> or <strong data-start=\"910\" data-end=\"969\">basis for yield strategies such as staking and lending<\/strong> &#8211; stablecoins are already an elementary component of numerous fields of application. Their stability allows millions of people worldwide to participate in the digital economy regardless of the volatility of classic cryptocurrencies. <\/p>\n<h3 class=\"\" data-start=\"1219\" data-end=\"1262\">Risks are Real \u2013 but Controllable<\/h3>\n<p class=\"\" data-start=\"1264\" data-end=\"1672\">At the same time, the risks should not be underestimated. The collapse of TerraUSD has impressively demonstrated how fragile the balance of a stablecoin can be if it lacks <strong data-start=\"1449\" data-end=\"1501\">real coverage, transparency and risk management<\/strong>. The market is aware of this &#8211; and is reacting: through better governance, technical audits, independent audit reports and growing regulatory interest.  <\/p>\n<h3 class=\"\" data-start=\"1674\" data-end=\"1717\">(Thoughtful) Regulation as the Key to Trust<\/h3>\n<p class=\"\" data-start=\"1719\" data-end=\"2053\">The global regulatory landscape is developing rapidly. While some countries such as Switzerland and the EU have created clear frameworks, other nations are still at the beginning. The crucial thing will be to <strong data-start=\"1933\" data-end=\"1975\">find a balanced middle ground<\/strong> that does not slow down innovation, but prevents abuse and instability.  <\/p>\n<p data-start=\"1719\" data-end=\"2053\"><strong>Follow CoinPro.ch for current <a href=\"https:\/\/www.coinpro.ch\/en\/news-en\/\">news<\/a>, <a href=\"https:\/\/www.coinpro.ch\/en\/insights-en\/\">insights<\/a> and <a href=\"https:\/\/www.coinpro.ch\/en\/knowledge\/\">knowledge<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stablecoins have become a central component of the crypto economy. They combine the advantages of blockchain technology with the stability of traditional currencies. In this comprehensive editorial for CoinPro.ch, you will learn everything you need to know about stablecoins: their history, functionality, risks, opportunities, and the most important projects on the market. What are Stablecoins?&#8230;<\/p>\n","protected":false},"author":6,"featured_media":38732,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17321,17331,17318],"tags":[],"class_list":["post-39749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights-en","category-knowledge","category-recommendations"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The ABCs of Stablecoins &ndash; Everything You Need to Know - CoinPro.ch<\/title>\n<meta name=\"description\" content=\"\ud83d\udcda\ufe0f\ud83d\udca1 Stablecoins have become a central component of the crypto economy. 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