Gyroscope GYD (GYD) is a crypto-backed US dollar stablecoin. It has about $26.6M in circulation, ranking #97 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What is GYD?
Gyroscope GYD (GYD) is a crypto-backed US dollar stablecoin. It has about $26.6M in circulation, ranking #97 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
In the issuer's words: Gyroscope is a decentralized stablecoin featuring a novel all-weather stablecoin design combined with more efficient stablecoin liquidity pools.
GYD supply history
GYD supply was flat over the past 30 days. It is at or near its all-time high.
Is GYD holding its peg?
There is no live market price for GYD. It is not actively traded on any exchange or DEX we can see, which is common for bank-issued and permissioned stablecoins that are only minted and redeemed directly with the issuer.
Where GYD lives: supply by blockchain
Supply is concentrated: Ethereum holds 100% of all GYD. Moving it to another chain means bridging, or a mint and redeem through the issuer.
How GYD is backed
GYD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Minting and redemption: Mint and redeem GYD through Gyroscope's Dynamic Stability Mechanism, which autonomously adjusts prices based on reserve ratios and market outflows.
Reserve reports and audits: docs.gyro.finance
GYD risks
A sharp crash in the crypto collateral can outrun liquidations and leave the system under-backed.
Bugs, governance attacks or bad price feeds can drain collateral or trigger wrongful liquidations.
With $26.6M in circulation, exiting a large position may move the price. Redemption may be limited to approved customers.
Copies of a stablecoin moved by third-party bridges depend on those bridges. Prefer the issuer's native contract on each chain.
Rules such as the US GENIUS Act and the EU's MiCA can restrict which stablecoins exchanges list in a given country.
GYD vs USDT and USDC
Similar crypto-backed stablecoins
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GYD FAQ
What is GYD?
Gyroscope GYD (GYD) is a crypto-backed US dollar stablecoin. It has about $26.6M in circulation, ranking #97 among the stablecoins CoinScoop tracks, and runs on 2 blockchains.
What backs GYD?
GYD is a crypto-backed stablecoin. GYD is minted against crypto collateral locked in smart contracts, usually worth more than the stablecoins issued, with liquidations or hedges protecting the peg.
Which blockchains is GYD on?
GYD is live on 2 blockchains. The largest by supply are Ethereum ($26.5M), Polygon ($11K).
How much GYD is in circulation?
About $26.6M of GYD was in circulation at the last update, 0.0% over 30 days. That makes it the #97 stablecoin by supply among those we track.
Is GYD safe?
No stablecoin is risk-free. As a crypto-backed design, GYD's main risks are falls in collateral value that outpace liquidations, smart-contract and oracle failures, and, for hedged designs, negative funding rates or exchange counterparty risk. Its supply is small, so liquidity can be thin. It currently shows "no market price" on our peg monitor. This page is information, not investment advice.