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Stablecoin adoption has exploded over the last year, seeing a collective market cap rise from around $10 billion to over $100 billion. Centralized stablecoins are generally fiat collateralized off-chain. Decentralized, non-custodial stablecoins can be further divided into crypto-collateralized and algorithmic stablecoins. Onomy Protocol builds on this concept while taking inspiration from traditional banking models. Denoms is a decentralized reserve bank managed via a DAO of participants.
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