Fei USD (FEI) is an algorithmic US dollar stablecoin. It has about $4.0M in circulation, ranking #165 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
FEI price
$0.9991
On peg Circulating supply
$4.0M
30-day change
+2.1%
Price
$0.9991
Blockchains
1
Tracked since
Apr 2021
What is FEI?
Fei USD (FEI) is an algorithmic US dollar stablecoin. It has about $4.0M in circulation, ranking #165 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
In the issuer's words: Fei is a decentralized, scalable, and DeFi-native stablecoin protocol. Fei Protocol's goal is to scalably issue a $1 pegged decentralized stablecoin, FEI.
FEI supply history
$4.1M$3.3M
Oct 8, 2025Oct 8, 2026
$2.33B$0
Apr 3, 2021Oct 8, 2026
FEI supply grew 2.1% over the past 30 days, to $4.0M. Its peak was $2.40B in April 2021, and supply is 100% below that high.
Is FEI holding its peg?
Last price
$0.9991
Target
1.0000 USD
Status
On pegFEI is trading within 0.5% of its target, which is normal for a healthy stablecoin.
Where FEI lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all FEI. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How FEI is backed
FEI relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Minting and redemption: New FEI is minted via a buy-only bonding curve denominated in ETH. The Fei Protocol deploys its Protocol Controlled Value as liquidity for trading, and FEI is minted or burned to maintain the peg whenever it is traded.
Reserve reports and audits: docs.fei.money
FEI risks
Reflexive collapse
With little hard collateral, falling confidence can feed on itself, the pattern that destroyed TerraUSD in 2022.
Small and thinly traded
With $4.0M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Regulation
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
FEI vs USDT and USDC
Similar algorithmic stablecoins
See all →
FEI in the news
SEC charges Meyer Global, CEO over alleged SpaceX pre-IPO fund fraud
Binance faces U.S. probe over alleged Iran sanctions bypass
DOJ thanks Tether for assistance in $52 million Xinbi crypto action
FEI FAQ
What is FEI?
Fei USD (FEI) is an algorithmic US dollar stablecoin. It has about $4.0M in circulation, ranking #165 among the stablecoins CoinScoop tracks, and runs on 1 blockchain.
Is FEI pegged 1:1 to the US dollar?
FEI targets 1 USD. At the last update it traded at $0.9991, a deviation of -0.09%, which we classify as "on peg".
What backs FEI?
FEI is an algorithmic stablecoin. FEI relies mainly on code and market incentives, rather than full reserves, to hold its peg. This design has historically been the most fragile.
Which blockchains is FEI on?
FEI is live on 1 blockchain. The largest by supply are Ethereum ($4.0M).
How much FEI is in circulation?
About $4.0M of FEI was in circulation at the last update, +2.1% over 30 days. That makes it the #165 stablecoin by supply among those we track.
Is FEI safe?
No stablecoin is risk-free. As a algorithmic design, FEI's main risks are a self-reinforcing loss of confidence (the "death spiral" that broke TerraUSD in 2022), thin or absent collateral, and smart-contract bugs. Its supply is small, so liquidity can be thin. It currently shows "on peg" on our peg monitor. This page is information, not investment advice.