# Stablecoin

A crypto-asset designed to hold a stable value against a currency or other assets; legal definitions vary by jurisdiction.

Canonical: https://achivx.org/glossary/stablecoin/
Updated: 2026-11-01

A stablecoin is a crypto-asset that aims to keep a stable value relative to a specified asset, a basket of assets or a fiat currency. Legal definitions differ. The FSB uses that broad sense. The US GENIUS Act's 'payment stablecoin' also requires an issuer obliged to redeem for a fixed monetary value. The UK regime covers coins referencing a fiat currency. MiCA's legal categories are 'e-money tokens' and 'asset-referenced tokens'; its recitals mention 'so-called algorithmic stablecoins'.

## What the sources say

| Source | Quote | Link |
|---|---|---|
| FSB definition of stablecoin (2023 high-level recommendations, glossary) | "A crypto-asset that aims to maintain a stable value relative to a specified asset, or a pool or basket of assets." | [fsb.org](https://www.fsb.org/uploads/P170723-3.pdf) |
| GENIUS Act, sec. 2(22): definition of payment stablecoin | "(i) that is, or is designed to be, used as a means of payment or settlement; and (ii) the issuer of which-- (I) is obligated to convert, redeem, or repurchase for a fixed amount of monetary value" | [govinfo.gov](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) |
| UK SI 2026/102: qualifying stablecoin references a fiat currency | "that cryptoasset seeks or purports to maintain a stable value in relation to a particular fiat currency (“the referenced fiat currency”)" | [legislation.gov.uk](https://www.legislation.gov.uk/uksi/2026/102/made) |
| MiCA Art 3(1)(7): e-money token | "‘electronic money token’ or ‘e-money token’ means a type of crypto-asset that purports to maintain a stable value by referencing the value of one official currency" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| MiCA Art 3(1)(6): asset-referenced token | "‘asset-referenced token’ means a type of crypto-asset that is not an electronic money token and that purports to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |
| MiCA recital: so-called algorithmic stablecoins | "The same applies to so-called algorithmic ‘stablecoins’ that aim to maintain a stable value in relation to an official currency, or in relation to one or several assets" | [publications.europa.eu](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1) |

## Where the sources differ

The sources define the term differently. The FSB definition is broad (any reference asset). The GENIUS Act requires an issuer obliged to redeem. The UK regime covers coins that reference a fiat currency. MiCA has no "stablecoin" category; it uses e-money tokens and asset-referenced tokens.

## Related terms

- [Fiat-backed stablecoin](/glossary/fiat-backed-stablecoin/)
- [Crypto-collateralised stablecoin](/glossary/crypto-collateralised-stablecoin/)
- [Synthetic dollar (delta-neutral)](/glossary/synthetic-dollar/)
- [Issuer](/glossary/issuer/)
- [Peg / depeg](/glossary/peg-depeg/)
- [Redemption](/glossary/redemption/)

## See also

- Explainer: [What is a stablecoin, and how does it hold one dollar?](https://achivx.com/academy/how-it-works/what-is-a-stablecoin.html)
- Review: [revain.org/coins/usdt/](https://revain.org/coins/usdt/)
- Review: [revain.org/coins/usdc/](https://revain.org/coins/usdc/)
- Review: [revain.org/coins/dai/](https://revain.org/coins/dai/)
- Review: [revain.org/coins/usde/](https://revain.org/coins/usde/)

Checked against the sources on 2026-11-01.

## revain.org
- https://revain.org/coins/usdt/
- https://revain.org/coins/usdc/
- https://revain.org/coins/dai/
- https://revain.org/coins/usde/

## Sources
- https://www.fsb.org/uploads/P170723-3.pdf
- https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm
- https://www.legislation.gov.uk/uksi/2026/102/made
- https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1