Tier 1 Stablecoins

Tier 1 stablecoins are stablecoins that are clearly fully collateralised with a simple mechanism or a reliable authority. They are (click hyperlinks for our research reports for some stablecoins):

DAI, USDS, PYUSD, USDP, GHO, eUSD, crvUSD, LUSD/BOLD, USDA, cUSDO

We do not elaborate the details of the above stablecoins here. However, we wish to highlight that for some stablecoins, such as crvUSD or GHO, as there are no direct mechanism for redemption, their price might not be at $1 all the time, even though they are fully collateralised.

In addition, eUSD is a composit stablecoins and it contains 25% USDT.