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How stablecoins change over time
A stablecoin can launch, expand to new chains, migrate, rebrand, stop minting, enter a wind-down, fail, or continue trading after its original purpose has ended.
Stablecoin histories are rarely a simple move from active to failed. Some products remain available with limits. Some stop minting while redemptions continue. Others move to a new token, brand, contract, or protocol design. A token may also keep trading after the original stablecoin has failed.
| Launch | The first public release or availability of a stablecoin or major new version. |
|---|---|
| Migration | A move to a new token, contract, blockchain, issuer structure, or protocol design. |
| Rebrand | A name or brand change that may or may not include a technical migration. |
| Wind-down | A planned process to end issuance, redemption, conversion, exchange support, or general availability. |
| Discontinued | Issuance or support has ended, without necessarily involving a market collapse. |
| Failure | The stablecoin no longer functions as intended and does not recover. |
| Post-collapse trading | The token still trades after failure, but the original peg or redemption function has not returned. |
| Successor or parallel asset | A related token that replaces, extends, or coexists with an earlier stablecoin. |
| UST | The May 2022 collapse supports the failed status. Later USTC trading is recorded separately from the original stablecoin function. |
|---|---|
| BUSD | New issuance stopped and the product entered a wind-down. That is a discontinuation, not a collapse. |
| DAI and USDS | The relationship between the earlier asset, newer product, and Sky ecosystem requires a clear timeline rather than one combined label. |
| LUSD and BOLD | Liquity V1 and V2 involve related but distinct stablecoins and protocol designs. |
UST / TerraUSD
Collapse, failed status, and post-collapse trading.
BUSD
Issuer wind-down and discontinued status.
DAI
Protocol transition and relationship to newer Sky products.