Fiat-backed stablecoin

Also known as: fiat-referenced stablecoin, fiat-collateralised stablecoin

A fiat-backed stablecoin references a national currency and is backed by reserve assets held for it. Brazil's central bank defines the 'fiat-referenced virtual asset' as backed by reserve assets to keep its value tied to a reference fiat currency. Tether states each token is 100% backed by Reserves of cash, cash equivalents and other assets, possibly including loan receivables; Circle lists bank deposits, Treasury repo and short-dated Treasuries for USDC. The BIS treats 'fiat-backed' as a distinct category.

What the sources say

SourceQuoteLink
BCB Resolution 520, Art 2: definition of fiat-referenced virtual asset (stablecoin)"ativo virtual referenciado em moeda fiduciária ( stablecoin ): o ativo virtual lastreado em ativos de reserva criado com o propósito de manter seu valor vinculado ao valor de uma moeda fiduciária de referência"bcb.gov.br
Tether terms: backing of Tether tokens"Each Tether Token in circulation is 100% backed by an amount of assets (“ Reserves ”) equal to the stated value of the Tether Token."tether.to
Tether terms: composition of Reserves"The Reserves are comprised of cash, cash equivalents and other assets and may include loan receivables and other assets from Affiliates."tether.to
Circle transparency page: USDC reserve categories"Reserves Other Bank Deposits 1 Deposits at Systemically Important Institutions 2 Overnight Reverse Treasury Repo 3 <3-Month Treasuries 3"circle.com
BIS Annual Economic Report 2025, ch. III, graph note: stablecoin categories"It includes 34 fiat-backed, 29 crypto-backed, 11 commodity-backed and nine algorithmic stablecoins."bis.org

Related terms

See also

Checked against the sources on 2026-11-01.

revain.org

Sources

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