Stablecoins कैसे काम करते हैं
Fiat-backed, crypto-collateralized, algorithmic — 3 main types और उनके reserves।
Stablecoins crypto + traditional finance का bridge हैं। $1 की value bnaye रखते हैं। तीन categories में होते हैं — different mechanics।
Type 1: Fiat-Backed (Centralized)। Examples: USDT (Tether), USDC (Circle)। हर stablecoin जारी करने वाली company actual dollars (या equivalents) reserve में रखती है। Audited regularly।
Mechanic: User $1 deposit करता है → 1 USDT mint होता है। Redeem करते समय 1 USDT burn होता है, $1 user को मिलता है।
Reserves typically: cash + short-term US Treasury bills + commercial paper।
Pros: Simple, mainstream, well-understood। Cons: Centralized — issuer can freeze accounts, fail, or face regulation।
Type 2: Crypto-Collateralized। Example: DAI (MakerDAO)। Crypto (ETH, etc.) collateral में locked, DAI mint होता है।
Mechanic: 1.5x over-collateralization। $150 ETH lock → up to $100 DAI mint। ETH price drops 33% → liquidation।
Pros: Decentralized, no single issuer trust। Cons: Complex mechanics, occasional depegs during crypto crashes।
Type 3: Algorithmic। Mechanic: No real collateral — algorithm + game theory peg maintain करते हैं। Example: UST (Terra)। User UST mint करने के लिए LUNA burn करता था (and vice versa)।
Pros: Capital efficient (no over-collateralization)। Cons: Inherently fragile — UST collapsed May 2022, $40B destroyed। Most algorithmic experiments failed।
Market reality (2026): - Fiat-backed: 90%+ market share (USDT, USDC) - Crypto-collateralized: 8% (mostly DAI) - Algorithmic: <2% (after Terra debacle)
Stablecoin Types
$1 maintain करने के 3 तरीके। 3 different risk profiles।
Market Share (~$200B)
Fiat-Backed
USDT, USDC
Real USD reserves
Issuer trust + bank exposure
Crypto-Collateralized
DAI
ETH + other crypto
Crypto crash → depeg
Algorithmic
UST (collapsed)
No real collateral
Death spiral possible
⚠ UST collapse (May 2022) में $40B खो गए। Algorithmic stablecoins avoid करें।
How peg maintained:
Arbitrage: If USDT trades at $0.99: arbitrageurs buy USDT at $0.99 on one exchange, redeem from Tether at $1.00 = $0.01 profit per token। Demand pushes price back to $1।
Reserves verification: Tether quarterly attestation। Circle (USDC) monthly audits। Crypto-collateralized: on-chain verification।
Indian context: - USDT most popular (TRC-20 cheap fees) - USDC growing among institutions - DAI rarely used by Indian retail - Algorithmic stablecoins: avoid
Stablecoin Yield Ladder
Zero risk से DeFi farming तक — सभी yield options compare करें।
💡 CoinDCX Earn से शुरू करें। DeFi tab तभी move करें जब smart contract risks समझ आ जाएं।
Tax for stablecoins in India: - USDT/USDC = VDA = Section 115BBH - Sale at no profit = still 1% TDS - Convert INR ↔ USDT = no tax event (just exchange of forms) - USDT yield on DeFi = income at 30% + cess
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