A stablecoin is a crypto token pegged to a stable asset (most often USD). Main models:
- Centralized fiat-backed: USDT, USDC — backed by real dollars in the issuer's bank accounts.
- Crypto-collateralized: DAI — overcollateralized by crypto via MakerDAO.
- Algorithmic: mostly dead after the Terra/Luna collapse in 2022.
On TON the main stable is USD₮ (a jetton issued by Tether in 2024).