The Rise, the Fall and the Resurrection of an Ambitious Experiment

The Beanstalk Protocol

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Ethereum Foundation Layer 2 Grant Proposal

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Tether USDt (USDT) is a cryptocurrency and operates on the Ethereum platform. Tether USDt has a current supply of 155,507,401,070.20774724 with 151,359,797,434.88359889 in circulation. The last known price of Tether USDt is 1.00011461 USD and is up 0.01 over the last 24 hours. It is currently trading on 128243 active market(s) with $105,556,523,135.81 traded over the last 24 hours. More information can be found at https://tether.to.

Tether USDt

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USDC (USDC) is a cryptocurrency and operates on the Ethereum platform. USDC has a current supply of 60,669,101,388.5023995. The last known price of USDC is 0.99984205 USD and is up 0.01 over the last 24 hours. It is currently trading on 27973 active market(s) with $12,093,417,600.74 traded over the last 24 hours. More information can be found at https://www.usdc.com/.

USDC

USD Coin

BNB Beacon Chain (BEP2)

BUSD (BUSD) is a cryptocurrency and operates on the BNB Beacon Chain (BEP2) platform. BUSD has a current supply of 57,792,668.00411248. The last known price of BUSD is 0.99966047 USD and is up -0.00 over the last 24 hours. It is currently trading on 7948 active market(s) with $6,397,665.31 traded over the last 24 hours. More information can be found at https://www.binance.com/en/busd.

BUSD

Binance USD

SORA

Sora

Dai (DAI) is a cryptocurrency and operates on the Ethereum platform. Dai has a current supply of 5,365,382,702.664872. The last known price of Dai is 0.99982338 USD and is down -0.01 over the last 24 hours. It is currently trading on 3517 active market(s) with $17,214,626,665.63 traded over the last 24 hours. More information can be found at https://makerdao.com/.

TerraClassicUSD (USTC) is a cryptocurrency launched in 2019. TerraClassicUSD has a current supply of 6,095,851,343.118785 with 5,595,024,406.812942 in circulation. The last known price of TerraClassicUSD is 0.01256838 USD and is down -2.97 over the last 24 hours. It is currently trading on 871 active market(s) with $6,334,953.42 traded over the last 24 hours. More information can be found at https://commonwealth.im/terra-luna-classic-lunc.

TerraClassicUSD

TerraUSD

TrueUSD (TUSD) is a cryptocurrency and operates on the Ethereum platform. TrueUSD has a current supply of 495,516,083. The last known price of TrueUSD is 0.99828132 USD and is up 0.00 over the last 24 hours. It is currently trading on 568 active market(s) with $56,685,045.30 traded over the last 24 hours. More information can be found at https://tusd.io/.

TrueUSD

Pax Dollar (USDP) is a cryptocurrency and operates on the Ethereum platform. Pax Dollar has a current supply of 71,373,898.80477143. The last known price of Pax Dollar is 0.99945492 USD and is up 0.02 over the last 24 hours. It is currently trading on 121 active market(s) with $1,392,809.22 traded over the last 24 hours. More information can be found at https://www.paxos.com/usdp/.

Pax Dollar

SMARDEX USDN (USDN) is a cryptocurrency launched in 2025and operates on the Ethereum platform. SMARDEX USDN has a current supply of 2,973,935.57148614. The last known price of SMARDEX USDN is 1.00692637 USD and is down -0.30 over the last 24 hours. It is currently trading on 2 active market(s) with $0.00 traded over the last 24 hours. More information can be found at https://smardex.io/usdn.

SMARDEX USDN

Neutrino USD

Fei USD (FEI) is a cryptocurrency and operates on the Ethereum platform. Fei USD has a current supply of 3,569,498.30443288 with 3,311,279.23058264 in circulation. The last known price of Fei USD is 0.9953516 USD and is up -0.00 over the last 24 hours. It is currently trading on 73 active market(s) with $25,279.37 traded over the last 24 hours. More information can be found at https://fei.money/.

Fei USD

Gemini Dollar (GUSD) is a cryptocurrency and operates on the Ethereum platform. Gemini Dollar has a current supply of 62,108,784.63. The last known price of Gemini Dollar is 1.00018534 USD and is up 0.02 over the last 24 hours. It is currently trading on 170 active market(s) with $97,326,831.50 traded over the last 24 hours. More information can be found at https://www.gemini.com/dollar.

Gemini Dollar

USDD (USDD) is a cryptocurrency launched in 2022and operates on the Ethereum platform. USDD has a current supply of 364,149,895. The last known price of USDD is 1.00011069 USD and is down -0.03 over the last 24 hours. It is currently trading on 185 active market(s) with $17,938,741.85 traded over the last 24 hours. More information can be found at https://usdd.io/.

USDD

Decentralized USD

Frax (prev. FXS) (FRAX) is a cryptocurrency launched in 2020and operates on the Ethereum platform. Frax (prev. FXS) has a current supply of 99,681,495.59113361 with 90,511,421.54424508 in circulation. The last known price of Frax (prev. FXS) is 3.54807646 USD and is down -3.33 over the last 24 hours. It is currently trading on 306 active market(s) with $55,085,216.31 traded over the last 24 hours. More information can be found at https://frax.com.

Frax (prev. FXS)

Frax

Liquity USD (LUSD) is a cryptocurrency launched in 2021and operates on the Ethereum platform. Liquity USD has a current supply of 41,550,096.68143508. The last known price of Liquity USD is 0.9991296 USD and is down -0.10 over the last 24 hours. It is currently trading on 141 active market(s) with $99,706.05 traded over the last 24 hours. More information can be found at https://www.liquity.org/.

Liquity USD

HUSD (HUSD) is a cryptocurrency launched in 2019and operates on the Ethereum platform. HUSD has a current supply of 222,593,861.49423522. The last known price of HUSD is 0.03743755 USD and is up 0.00 over the last 24 hours. More information can be found at http://www.stcoins.com/.

HUSD

Stables Labs (USDX) (USDX) is a cryptocurrency launched in 2024and operates on the Ethereum platform. Stables Labs (USDX) has a current supply of 180,925,105 with 0 in circulation. The last known price of Stables Labs (USDX) is 0.99674052 USD and is down -0.32 over the last 24 hours. It is currently trading on 17 active market(s) with $456.78 traded over the last 24 hours. More information can be found at http://stableslabs.com/.

Stables Labs (USDX)

USDX [Kava]

sUSD (SUSD) is a cryptocurrency and operates on the Ethereum platform. sUSD has a current supply of 36,814,421.41646794. The last known price of sUSD is 0.9644832 USD and is down -0.31 over the last 24 hours. It is currently trading on 228 active market(s) with $1,245,800.40 traded over the last 24 hours. More information can be found at https://www.synthetix.io/.

sUSD

Celo Dollar (CUSD) is a cryptocurrency launched in 2020and operates on the Celo platform. Celo Dollar has a current supply of 57,241,566.21607361 with 35,554,165.61936053 in circulation. The last known price of Celo Dollar is 0.99964173 USD and is up 0.01 over the last 24 hours. It is currently trading on 127 active market(s) with $589,092.08 traded over the last 24 hours. More information can be found at https://celo.org/.

Celo Dollar

Origin Dollar (OUSD) is a cryptocurrency and operates on the Ethereum platform. Origin Dollar has a current supply of 7,562,068.64848551. The last known price of Origin Dollar is 0.99811462 USD and is up 0.06 over the last 24 hours. It is currently trading on 52 active market(s) with $154,334.01 traded over the last 24 hours. More information can be found at https://www.ousd.com.

Origin Dollar

VAIOT (VAI) is a cryptocurrency launched in 2021and operates on the Ethereum platform. VAIOT has a current supply of 400,000,000 with 377,273,437 in circulation. The last known price of VAIOT is 0.03033037 USD and is down -2.05 over the last 24 hours. It is currently trading on 37 active market(s) with $381,243.73 traded over the last 24 hours. More information can be found at https://www.vaiot.ai/.

VAIOT

mStable USD (MUSD) is a cryptocurrency and operates on the Ethereum platform. mStable USD has a current supply of 41,085,970.46059056 with 0 in circulation. The last known price of mStable USD is 0.99880694 USD and is up 0.00 over the last 24 hours. More information can be found at https://mstable.org/.

mStable USD

Magic Internet Money (MIM) is a cryptocurrency . Users are able to generate MIM through the process of mining. Magic Internet Money has a current supply of 698,964,077 with 0 in circulation. The last known price of Magic Internet Money is 1.00058192 USD and is down -0.12 over the last 24 hours. It is currently trading on 596 active market(s) with $178,759.38 traded over the last 24 hours. More information can be found at https://abracadabra.money/.

Magic Internet Money

MAI (MIMATIC) is a cryptocurrency and operates on the Polygon platform. MAI has a current supply of 307,484,777 with 0 in circulation. The last known price of MAI is 0.60389924 USD and is down -39.40 over the last 24 hours. It is currently trading on 590 active market(s) with $11,646.40 traded over the last 24 hours. More information can be found at http://mai.finance/.

Bean (BEAN) is a cryptocurrency launched in 2021and operates on the Ethereum platform. Bean has a current supply of 42,371,346.082021 with 0 in circulation. The last known price of Bean is 1.02498946 USD and is up 0.00 over the last 24 hours. More information can be found at https://www.bean.money.

Bean

The Beanstalk protocol is a permissionless fiat stablecoin protocol issuing the $BEAN token, a stablecoin that is pegged to the USD and backed by credit instead of collateral.

$BEAN holds its peg based on the algorithmic control of its supply. This happens by either minting new $BEAN or issuing a native, debt token (the so-called 'Pods') in exchange for $BEAN. The debt tokens are issued via Beanstalk's own credit facility (known as the Field). Thereby, the debt tokens are issued when $BEAN tokens are lent to the protocol by creditors.

For a more extensive explanation of $BEAN, the Beanstalk protocol, its background story, and its relevant risks have a look at our in-depth 

The protocol algorithmically balances the supply for $BEAN by either borrowing & burning $BEAN via debt-tokens from creditors in the case of $BEAN trading below its peg or repaying debt with newly minted $BEAN tokens to lower the supply in the case of $BEAN trading above its peg. 

The debt tokens are issued with a fixed interest rate calculated by the protocol (known as the Temperature) and don’t have a maturity date. The interest rate fluctuates based on the current price of $BEAN, the debt level of the protocol, and the change in demand for the debt token. The quantity of debt tokens being issued is a function of the $BEAN price and the interest rate. Both, the amount of debt tokens and their interest rate is continuously adjusted every hour by the protocol.

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