[postcynical]

Fiat backed (hopefully :-): USDT, USDC, PAX Dollar (by paxos the same company behind pyusd)

Crypto backed: DAI, LUSD (backed by ETH), crvUSD, FRAX

EURO based (with full e-money licenses): EURe (monerium.com), EUROe (euroe.com)

[ghiculescu]

Maybe a dumb question but what’s the point of a fiat backed coin? Is it a faster Venmo?

[simple-thoughts]

It’s programmable, meaning you can use it for smart contracts. A common smart contract use case is dex smart contracts that let you swap between other cryptos and usd without any counterparty risk.

[MagicMoonlight]

You can also program money. What do you think paypal is?

[simple-thoughts]

PayPal is a closed ecosystem that doesn’t support smart contracts or any other form of arbitrary code execution. If your point is that traditional finance uses code, sure, but that disguises the real differences between those systems and web3.