General knowledge on stablecoins: What are udst. fdusd. usdc. and tusd? What is the definition and function of stablecoin?

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For the sake of simplicity, we will look at two stablecoins pegged to the U.S. dollar, Tether (USDT) and Dai (DAI), to show the differences in their respective peg management.
Tether (USDT) pegs itself to $1 by holding $1 in reserves for every 1 Tether token minted. Although Tether is the largest and most widely used stablecoin, with an average daily trading volume of approximately $30 billion in January 2020, Tether’s reserves are kept in financial institutions and users have to trust Tether as an entity. has the amount of reserves it claims. Therefore, Tether is a centralized, fiat-collateralized stablecoin.
Dai (DAI), on the other hand, is generated by staking cryptocurrencies such as ETH. The value of Dai is pegged to $1 through protocols and smart contracts voted on by a decentralized autonomous organization. At any given time, the collateral used to generate DAI can be easily verified by users. DAI is a decentralized, cryptocurrency-backed stablecoin.
Based on the market capitalization of the top 5 stablecoins, we can see that Tether dominates the stablecoin market with about 80% share. Although DAI’s market share is only about 3%, its trading volume is growing much faster. Since early January 2020, DAI’s trading volume has increased by more than 4,000%, while in comparison, Tether has only increased by 126%.
DAI is the most widely used native stablecoin in the DeFi ecosystem. DAI is the preferred U.S. dollar stablecoin in DeFi trading, DeFi lending and other fields. To learn more about DAI, we will introduce Maker, the platform that issues it.


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