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What is a stablecoin?
Stablecoins are digital tokens designed to reduce the price swings associated with many other crypto assets by tracking a reference asset. The most common reference is the U.S. dollar. A token designed to track the dollar aims to trade near $1, and can move across blockchain networks.
“Stable” describes the intended value, not a promise that the market price will never move or that every holder can exchange a token for dollars on demand. How the token is supported, who may redeem it, and what happens under stress depend on the issuer, legal terms, jurisdiction and market access. The IMF’s December 2025 overview of stablecoins discusses these mechanics and risks.
How does a dollar peg work?
In a reserve-backed model, an issuer holds assets intended to support token redemption. If eligible holders can exchange tokens for dollars at the stated value, and market participants trust that process, trading and redemption can help keep the token’s market price near $1. The peg therefore depends on more than the existence of reserves: the assets must be available when needed, and redemption and trading channels must function.
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- Target: the value the token is designed to track, such as one U.S. dollar.
- Reserves: assets the issuer says support its tokens, where the design uses reserves.
- Redemption: exchanging tokens with the issuer for the reference currency, subject to the issuer’s terms and eligibility rules.
- Market price: the price at which a token can be bought or sold on a secondary market. It can differ from the target.
Those elements are related but not interchangeable. A reserve statement does not prove that a particular retail holder can redeem directly, immediately or without conditions. Holders who cannot access issuer redemption may need to sell through an exchange or another secondary market, where the price can fall below $1.
USDC as an issuer example
Circle says USDC is backed by cash and cash-equivalent assets and is redeemable 1:1. Its transparency page displayed circulation of $74.1 billion and total reserves of $74.3 billion as of October 5, 2026, and Circle says it provides monthly third-party assurance. These are Circle’s claims and disclosures for USDC—not a universal description of stablecoins, a guarantee against loss, or proof that every holder has direct access to redemption.
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What can make a stablecoin lose its peg?
A dollar peg can weaken when confidence, liquidity, redemption access or market functioning falters. A token can trade below $1 even if the issuer says its reserves are sufficient in value, particularly if holders doubt that they can convert tokens promptly or if the assets cannot be turned into cash quickly enough to meet withdrawals.
Questions about reserves or confidence
If holders doubt the quantity, quality or availability of reserve assets, they may try to sell or redeem before others do. Selling pressure can push the secondary-market price below the target. Reserve reporting can help people assess the arrangement, but reporting frequency and form vary, and no single disclosure establishes every holder’s rights or ability to withdraw.
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Redemption pressure and liquidity constraints
Even assets worth enough on paper may not be liquid enough to meet a surge in redemptions promptly. The IMF’s May 11, 2026 speech, “Tokenized Finance and Money,” describes liquidity—not just solvency—as a constraint: whether reserves can be liquidated fast enough to meet redemptions at par, including under stress.
One possible run dynamic is that a wave of redemption requests forces asset sales; those sales or the market reaction may weaken confidence, prompting further redemptions. This is a risk pathway, not an inevitable outcome for every stablecoin.
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Limited access or disrupted markets
Redemption terms may restrict who can redeem, set conditions, or make access dependent on a particular issuer or intermediary. When direct redemption is unavailable to a holder, secondary-market liquidity matters more. If that market is thin or disrupted, the holder may have to accept a discount, even while the token’s stated target remains $1.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What should you check when comparing stablecoins?
The word “stable” is not enough to compare tokens. Check the issuer’s current disclosures and applicable terms for the specific token and jurisdiction.
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- Reserve composition and liquidity: What assets does the issuer report holding, and how readily can they be converted to cash?
- Reporting and assurance: What is disclosed, who provides any assurance, and how often is it updated?
- Redemption access: Who may redeem directly? Are there minimums, fees, conditions or timing limits?
- Legal claim and protections: What rights does a token holder have against the issuer or reserves, and under which law?
- Oversight and jurisdiction: Which rules and regulators apply to the issuer and the holder’s use of the token?
The Financial Stability Board’s July 2023 final report on global stablecoin arrangements recommends that global stablecoins referenced to a single fiat currency provide a robust legal claim, timely redemption at par and an effective stabilization mechanism, alongside prudential requirements. These are recommendations to authorities, not proof that all existing stablecoins meet those standards. Terms and protections should not be assumed to be identical across issuers or jurisdictions.
How common are dollar-pegged stablecoins?
The IMF said in an August 7, 2026 speech that nearly 99% of stablecoins were denominated in U.S. dollars and estimated total stablecoin market capitalization at around $300 billion at that time. The IMF also said capitalization had nearly tripled between 2021 and 2025 and remained relatively flat over the year preceding the speech. These are dated market estimates, not current live totals; the dollar denomination also does not make every token equivalent in reserves, redemption rights or risk.
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