How DeFi Stablecoins Outpace Fiat’s Drag: Insights from the OPEN Index

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"3/ @512M_AG backtested $OPEN as if launched in 2021: +745% vs ETH’s +487% Almost double annualized returns (37% vs 17%). Sharpe, Sortino, Calmar, Treynor...all stronger. 📈"

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Large fiat-backed stablecoins depegged 600+ times in 2023 - Moody's (moodys.com)
[PDF] Stablecoins: A Deep Dive into Valuation and Depegging - S&P Global (spglobal.com)
Stablecoins are no longer niche; they're reshaping global finance. (comsuregroup.com)
Are Stablecoins Going To Be Replaced By Fiat Digital Currencies? (investing.com)
[PDF] Fiat-Collateralized Stablecoins Driving the Development of DeFi and ... (papers.ssrn.com)

How DeFi Stablecoins Outpace Fiat’s Drag: Insights from the OPEN Index

More coverage

Explore the topic

More on Fiat

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.

Total stats

How to Earn

More on Fiat

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.

How DeFi Stablecoins Outpace Fiat’s Drag: Insights from the OPEN Index

More coverage

Explore the topic

More on Fiat

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.

Comments

Total stats

How to Earn

More on Fiat

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.

Peer launches direct fiat-to-Zcash onramp without KYC or intermediaries

Hong Kong proposed a new insurance capital framework allowing limited crypto exposure, imposing a 100% capital charge on unbacked crypto assets, while regulated stablecoins receive differentiated risk treatment based on fiat backing, balancing digital asset growth with strict financial safeguards.

Stablecoins don’t replace banks—they route around them. Nearly all “onchain” payments still rely on fiat rails, FX liquidity, and banking buffers, meaning real speed and reliability belong to teams that control underlying fiat infrastructure.

Coinbase has reopened registrations in India after two years, restoring crypto-to-crypto trading and setting a 2026 target for fiat on-ramps as it deepens regulatory engagement and expands its investment in CoinDCX.

Snow forecast: Arthur Hayes blames crypto plunge on 'contraction in dollar liquidity', says Bitcoin is the free-market weathervane of global fiat liquidity and trades on the expectation of future fiat supply. Sometimes reality matches expectations, and other times it does not.

Citi Ventures has invested in stablecoin infrastructure startup BVNK, signaling Wall Street’s deepening embrace of digital assets. BVNK’s platform enables global stablecoin payments and fiat conversion, with its valuation now exceeding the $750M mark from its last funding round.