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Preview data: all rankings, scores, votes, refresh labels, methodology, testing and editorial-process statements in Top 49 are illustrative demo content, not live measurements or documented reviews.
Rank 151Down 1
#15 in Stablecoins
of 16 ranked entries
Neutrino USD (USDN)
Waves / Neutrino Protocol · Launched 2020
Neutrino USD was structured as an algorithmic stablecoin collateralized by the Waves blockchain’s native token, and it lost its dollar peg during a 2022 liquidity crisis, remaining depegged for an extended period afterward — a direct, documented example of algorithmic-model fragility. Recorded specifics: launched 2020, peg USD 1:1 (depegged 2022, not fully restored), collateral model Crypto-collateralized (algorithmic). Panel highlighted fully on-chain collateral mechanics remain transparently auditable, its depeg episode is well documented, offering genuine structural lessons for the category and remains operational despite the 2022 stress event. The reservation on record is lost its dollar peg in 2022 and has not fully recovered — a live, ongoing example of algorithmic-stablecoin fragility.
AlgorithmicRegulatory scrutiny
Score breakdown
How Neutrino USD (USDN) earned 73.2
Each criterion is scored independently, then combined using the weights published on Stablecoins.
- Collateral transparencyweight 30%
- 70.6
- Peg track recordweight 25%
- 75.6
- Regulatory standingweight 25%
- 74.2
- Integration breadthweight 20%
- 72.8
“Lost its peg in 2022 and never fully recovered — included specifically because that history is instructive about algorithmic-model fragility.”
— Top 49, on Stablecoins
On the record
Recorded detail
| Launched | 2020 |
|---|---|
| Peg | USD 1:1 (depegged 2022, not fully restored) |
| Collateral model | Crypto-collateralized (algorithmic) |
| Issuer | Waves / Neutrino Protocol |
Panel verdict
Strengths and reservations
What it gets right
- Fully on-chain collateral mechanics remain transparently auditable
- Its depeg episode is well documented, offering genuine structural lessons for the category
- Remains operational despite the 2022 stress event
Where it gives ground
- Lost its dollar peg in 2022 and has not fully recovered — a live, ongoing example of algorithmic-stablecoin fragility
1 appearance
Where this entry ranks
From the same list
Ranked alongside it
Rank 01Editor’s pickDai (DAI)
MakerDAO / Sky · Launched 2017
Dai is structured as an over-collateralized stablecoin backed primarily by crypto assets locked in smart contracts rather than a bank account, meaning holders can verify collateral levels directly on-chain rather than relying on an issuer’s word.
95.0/100 Top 49 score4Up 4
Rank 02Editor’s pickFirst Digital USD (FDUSD)
First Digital Labs · Launched 2023
FDUSD is structured as a fiat-backed stablecoin held in trust accounts, and it gained significant exchange integration quickly following Binance’s 2023 promotional support after regulatory pressure on a previous stablecoin partner.
94.9/100 Top 49 score1Down 1
Rank 03Editor’s pickTrueUSD (TUSD)
TrueCoin · Launched 2018
TrueUSD was structured as one of the earliest fiat-backed stablecoins to use third-party escrow accounts rather than issuer-controlled ones, an early attempt at reducing single-party control over reserves.
92.9/100 Top 49 score4Up 4
Rank 04PayPal USD (PYUSD)
PayPal / Paxos · Launched 2023
PayPal USD is structured and issued by Paxos, a regulated trust company, under PayPal’s brand — giving it a structurally direct connection to an established, regulated consumer payments company that most stablecoins lack.
90.8/100 Top 49 score1Up 1
Rank 05Pax Dollar (USDP)
Paxos · Launched 2018
Pax Dollar is structured with reserves held in cash and cash equivalents under Paxos’s regulated New York trust charter, one of the more conservative regulatory structures among fiat-backed stablecoins on this list.
90.2/100 Top 49 score2Down 2
Rank 06Gemini Dollar (GUSD)
Gemini Trust · Launched 2018
Gemini Dollar is issued directly by Gemini Trust Company under New York Department of Financial Services oversight, structurally tying its regulatory standing to the same regulator that oversees several traditional New York-chartered banks.
87.0/100 Top 49 score3Up 3
Rank 07Frax (FRAX)
Frax Finance · Launched 2020
Frax pioneered a fractional-algorithmic model, structurally backed partly by collateral and partly by algorithmic mechanisms, before the protocol later moved toward full collateralization — a structural evolution driven directly by observing weaker algorithmic models fail elsewhere.
85.1/100 Top 49 scoreNewNew entry
Rank 08Editor’s pickUSDD
TRON DAO Reserve · Launched 2022
USDD is structured as an over-collateralized stablecoin backed by a reserve of crypto assets managed by the TRON DAO Reserve, launched shortly after a widely publicized algorithmic-stablecoin collapse elsewhere in the industry that same year.
85.0/100 Top 49 score2Down 2
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Top 49 rankings are editorial. Scores are produced from the published criteria on each list and are refreshed on the cadence stated there. Figures shown across this section are curated demonstration data.