Ethereum

Can Stablecoins be Both Decentralized and Capital Efficient?

That's the promise behind Delta-neutral Stablecoins - But not all designs are created equal.

What’s the most decentralized and capital-efficient stablecoin?
We can think of stablecoins along a spectrum.

- On the far left: fiat-backed stables like USDC or USDT: capital efficient, but not decentralized.
- Toward the middle: Maker's sDAI: decentralized, but not capital-efficient (overcollateralized).

Then there’s what’s emerging on the far right: delta-neutral stablecoins like $USDe and $USR, both decentralized and capital-efficient.

But are they built the same?

Let’s set the stage 👇

DeFi & Crypto Research | Senior Writer - The Coin Bureau