Beanstalk

Beanstalk is an Ethereum-based, permissionless, algorithmic fiat stablecoin protocol that issues BEAN pegged 1:1 to the US dollar.

It relies on a credit-based price stability model, distinguishing it from fiat- and crypto-collateralized stablecoins.

Participants who issue credit or provide liquidity earn economic incentives designed to encourage actions that help maintain BEAN’s price stability, leveraging decentralized participation rather than traditional collateral.