> For the complete documentation index, see [llms.txt](https://wp.isc.money/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://wp.isc.money/introduction/why-isc-matters/state-of-stablecoins.md).

# State of Stablecoins

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❗ In this whitepaper, when discussing stablecoins, we are referring to fiat-collateralized, USD-Pegged stablecoins. As of December 2023, the top two stablecoins, USDT & USDC, fall into this category and account for ~88% of all stablecoin marketcap. Consequently, all references to stablecoins in this whitepaper focus on the issues and potential improvements related to fiat-collateralized, USD-Pegged stablecoins. 

Alternative forms of stablecoins, such as algo-stablecoins, crypto-collateralized stablecoins, and precious-metal backed stablecoins have their own unique issues and are not covered comprehensively.
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