Parallel
Stablecoin Profile
Parallel (PAR) is a crypto-collateralised stablecoin: users mint PAR by locking other crypto assets as over-collateral, with $0 currently in circulation across 3 blockchain networks. The EUR peg is maintained through liquidation auctions when collateral value falls below required thresholds. Price feed sourced via defillama.
About Parallel (PAR)
The PAR token is a price-stable token pegged to the Euro. Users generate PAR by depositing collateral assets into MIMO vaults within the MIMO protocol.
Using the MIMO app, users mint PAR by depositing an accepted collateral asset into a vault. When the loan is repaid to retrieve the collateral, the paid back PAR is burned.
Supply History
Peg stability history
As a crypto-collateralised stablecoin, Parallel (PAR) maintains its 1.00 EUR target by holding excess on-chain collateral and routing redemptions through automated liquidation auctions. Spot price is currently $1.1537 (+15.372%); short-term excursions of this magnitude are typically arbitraged away within hours via the protocol's open mint/redeem mechanics.
How crypto-collateralised stablecoins defend their peg
Crypto-collateralised stablecoins like this one over-collateralise positions — borrowers must lock more than $1.00 of crypto for each $1.00 of stablecoin minted. If collateral value falls below the required ratio, the position is automatically liquidated in an open Dutch auction. Arbitrageurs can always mint and redeem against the protocol's contracts, which keeps the secondary-market price tightly bounded around $1.00. The main residual risks are sudden crypto-collateral crashes that outpace the liquidation engine, and oracle failure.
Practical implications for holders
- Collateral volatility is the dominant risk: a fast drawdown in the collateral asset can outpace liquidation auctions and leave the protocol under-collateralised.
- Oracle risk: the protocol relies on price feeds (typically Chainlink or a multi-oracle setup). Oracle manipulation or delay during volatile markets has historically caused peg excursions.
- Governance risk: parameter changes (collateral types, liquidation ratios, debt ceilings) are decided by token-holder votes. Sudden governance attacks remain a tail risk.
- On-chain transparency is a major advantage — collateral is verifiable 24/7 without trusting an attestor.
- 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 (crypto-collateralised) 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
Parallel (PAR) 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 | 0x68037790a0229e9ce6eaa8a99ea92964106c4703 | 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 Parallel to other crypto-collateralised stablecoins
Below are the largest crypto-collateralised stablecoins tracked on Mantapex alongside Parallel (PAR). 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 |
|---|---|---|---|
| Sky Dollar (USDS) | $8.4B | crypto-backed | 6 |
| Ethena USDe (USDe) | $5.9B | crypto-backed | 23 |
| Dai (DAI) | $4.6B | crypto-backed | 48 |
| Falcon USD (USDf) | $1.6B | crypto-backed | 2 |
| USDD (USDD) | $1.1B | crypto-backed | 4 |
Across mechanism classes
If you're researching PAR 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
Parallel (PAR) is tracked across major crypto data providers. The links below open Parallel (PAR)'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 Parallel news
Latest reporting from major crypto news outlets covering Parallel.
- Cointelegraph
AI agents ‘perfectly parallel' the dawn of the corporation — Bitwise CEO
Corporations are feared, and we all work for them, why won't AI agents be similar, asks Bitwise CEO Hunter Horsley.
- Crypto news
Ethereum can speed up by running nearly 65% of its transactions in parallel, Sei says
Ethereum could handle more transactions and run faster by processing most of them simultaneously, a new study reveals.
- Coingape
AVAX Price Eyes Rally As Avalanche Founder Draws Parallel To Bitcoin
The speculations over a potential AVAX price rally soared as Avalanche founder Emin Gun Sirer drew parallels to Bitcoin's capped 21 million supply. Highlighting AVAX's maximum…
- Coinspeaker
Starknet Launches Parallel Execution to Speed Up Transactions on Layer 2 Blockchain
The introduction of parallel execution effectively removes this bottleneck, allowing Starknet to process a greater volume of transactions at once.
- Cointelegraph
Starknet rolls out parallel execution in latest update
Starknet's v0.13.2 upgrade brings faster transactions with parallel execution, redefining Layer 2 scaling on Ethereum.
- The Block
Starknet introduces parallel execution for transactions in latest upgrade
Starknet has introduced a mechanism called parallel execution to execute multiple transactions simultaneously on its Layer 2 chain.
- Cryptopolitan
Starknet unveils a parallel transaction execution feature on testnet
Ethereum layer-2 scaling solution Starknet unveiled simultaneous transaction processing with the v0.13.2 update. The parallel transaction execution feature is currently on the…
- Coinspeaker
Starknet to Deploy v0.13.2 on Mainnet in One Week, Introducing Parallel Transaction Processing
With parallel execution, Starknet can handle multiple transactions simultaneously.
Related stablecoins
Stablecoins comparable to Parallel by collateral mechanism, peg currency, or circulating supply — handy for spotting alternatives if a peg breaks or a regulator forces a delist.
Other crypto-backed stablecoins
Stablecoins pegged to EUR
Risk Warning
Stablecoins carry risks including de-pegging, regulatory changes, and counterparty risk. Always diversify and do your own research.