Fei USD
Stablecoin Profile
Fei USD (FEI) is an algorithmic stablecoin — its USD peg is maintained by on-chain protocol mechanics rather than off-chain reserves. $3.7M is currently in circulation across 1 blockchain networks. The mechanism adjusts supply (mint and burn) in response to market price deviations from the target peg.
About Fei USD (FEI)
Fei is a decentralized, scalable, and DeFi-native stablecoin protocol. Fei Protocol's goal is to scalably issue a $1 pegged decentralized stablecoin, FEI.
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.
Recent supply activity
Fei USD (FEI) supply expanded by $0.3 in the last 24 hours, expanded by $12.2K (+0.33%) over the past week, and expanded by $22.9K (+0.62%) over the past 30 days.
Steady issuance: supply has held roughly flat (0.62% over 30 days), consistent with mature stablecoin liquidity dynamics.
Supply History
Network distribution
Fei USD circulates across 1 blockchain network. Ethereum hosts the largest share at 100.00%. Cross-chain distribution has remained broadly stable over the past 30 days.
| Chain | Supply | Share | 24h Δ | 30d Δ |
|---|---|---|---|---|
| Ethereum | $3.7M | 100.00% | +0.00% | +0.62% |
Peg stability history
Fei USD (FEI) relies on protocol-level supply rebalancing rather than direct asset redemption to defend its 1.00 USD peg. The spot price is currently $0.9979 (-0.214% deviation). Algorithmic designs carry materially higher peg-failure risk than reserve-backed stablecoins — the May 2022 Terra/UST collapse remains the canonical reference case.
How algorithmic stablecoins defend their peg
Algorithmic stablecoins attempt to balance supply and demand through protocol-level mint/burn incentives — typically against a paired governance or seigniorage token. When the price drops below $1.00, the protocol burns supply (often by letting holders swap into a discounted asset); when it rises above $1.00, the protocol mints new tokens. This design only holds when the paired asset retains independent demand. If the market loses faith in the paired asset, the feedback loop reverses and produces a hyperinflationary "death spiral" — the failure mode that wiped out roughly $60B in the Terra/UST collapse.
Practical implications for holders
- Peg-failure tail risk is materially higher than reserve-backed designs. Position sizing should reflect this — algorithmic stablecoins are not a "cash equivalent" for risk-management purposes.
- Read the latest collateralisation ratio carefully: many "algorithmic" stablecoins have since migrated to partial or full collateralisation. The label can lag the actual mechanism.
- Reflexive feedback loops mean small redemption pressure can cascade. Exit liquidity should be assessed during normal conditions, not after stress begins.
- Mantapex tracks peg deviation in real time from DeFiLlama price feeds, but for high-value holdings cross-check directly on at least one independent venue (CoinGecko, the issuer's own dashboard, or an on-chain DEX).
Peg-stability commentary is based on the mechanism class (algorithmic) and is provided for educational purposes only — it is not financial advice. Past peg stability is not a guarantee of future performance, and even the highest-quality stablecoins have historically traded outside their target band during banking, regulatory, or liquidity stress.
Contract addresses
Fei USD (FEI) is deployed as a token contract on 1 blockchain network below. Always verify the contract address you're interacting with on the relevant block explorer before sending funds — phishing tokens reusing well-known stablecoin tickers are common, especially on newer chains.
| Chain | Contract address | Verify |
|---|---|---|
| Ethereum | 0x956f47f50a910163d8bf957cf5846d573e7f87ca | Explorer |
Contract addresses are sourced from DeFiLlama's stablecoin profile. Some chains (Tron, Solana, Aptos, Sui) use non-EVM address formats. The "Explorer" link opens the official block explorer for the given chain; we do not link out to third-party explorers that may show altered data.
Compare Fei USD to other algorithmic stablecoins
Below are the largest algorithmic stablecoins tracked on Mantapex alongside Fei USD (FEI). Comparing supply and chain footprint within the same mechanism class is more meaningful than cross-class comparison, because the underlying peg-defence assumptions are different.
| Stablecoin | Supply | Mechanism | Chains |
|---|---|---|---|
| Frax (FRAX) | $212M | algorithmic | 22 |
| Bean (BEAN) | $33.4M | algorithmic | 1 |
| Neutrino USD (USDN) | $31.1M | algorithmic | 4 |
| SpiceUSD (USDS) | $18M | algorithmic | 4 |
| Mento Dollar (USDm) | $16M | algorithmic | 5 |
Across mechanism classes
If you're researching FEI as part of a broader stablecoin allocation, it's worth comparing it across mechanism classes — each design has different counterparty, custody, and tail-risk profiles.
Peg Stability
Chain Distribution
Resources & data sources
Fei USD (FEI) is tracked across major crypto data providers. The links below open Fei USD (FEI)'s pages on CoinGecko, CoinMarketCap and DeFiLlama, so you can cross-check supply, market cap, exchange listings and historical price data directly at the source.
Price feed sourced from defillama. Supply, peg and chain-distribution data are aggregated from DeFiLlama's stablecoins dataset, which combines on-chain balances across supported networks. Numbers on this page typically refresh every 10 minutes.
Recent Fei USD news
Latest reporting from major crypto news outlets covering Fei USD.
- UToday
Top Decentralized Stablecoin Fei (FEI) Might Be Shut Down Soon
Fei (FEI), one of largest decentralized stablecoins, might cease its operations: Fei Labs founder releases compensation proposal
- CryptoSlate
Stablecoins: How safe and stable are they?
The first thing most people do when entering crypto using a DEX is to exchange their fiat currency for stablecoins, which can later be exchanged for other tokens. The post…
Related stablecoins
Stablecoins comparable to Fei USD by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other algorithmic stablecoins
Stablecoins pegged to USD
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.