Best cdp stablecoins in 2026
CDP Stablecoins evaluated across liquidation mechanics you actually bear, what actually backs the coin, cost of the loan and who controls it, and observed peg behaviour under stress.
#1 of 7 · published ranking
Liquity V2 (BOLD)80ChainChoice Score
Why it leads
Best in the pool on collateral integrity (8/10; next 7/10)
Cost
Not priced · No comparable price is published
7 compared Ranking-blind · 392 modules checked 2026-09-18Scored under methodology v2026.09.15 (2026-09-16)
7cdp stablecoins · sorted by chainchoice score
ranked before any payout data is seen#ProviderScoreEvidenceKey strengths
2−4
no receipt file
Cost of the loan and who controls itLiquidation mechanics you actually bear
3−3
no receipt file
Liquidation mechanics you actually bearCost of the loan and who controls it
4−6
no receipt file
Liquidation mechanics you actually bearCost of the loan and who controls it
5−9
no receipt file
Observed peg behaviour under stressLiquidation mechanics you actually bear
6−7
no receipt file
Observed peg behaviour under stressLiquidation mechanics you actually bear
7−10
no receipt file
Liquidation mechanics you actually bearWhat actually backs the coin
Ranking-blind — order computed before any payout data is joined
Below the table
How this ranking works
Everything the table draws on continues here: how firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and the full guide to choosing.
Direct answer
What is the best cdp stablecoins in 2026?
Liquity V2 (BOLD) ranks #1 overall for cdp stablecoins on ChainChoice. Liquity v2: user-set interest rates, ETH and LST collateral. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; full reasoning and the audit receipt are below.
Why this score4 published criteria · leads 1 of 4
Published criterionWtScore, and the best hereGap/10Pts
Liquidation mechanics you actually bear8.4−189.0
What actually backs the coin6·86.4
Cost of the loan and who controls it4.8−195.8
Observed peg behaviour under stress4.8−342.6
Σ methodology points23.7/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Considered and not ranked
8 products we looked at and left out
A shortlist is only honest if it says who it turned away. Each of these was assessed against the same published criteria as the ranked table and excluded for a stated reason — not overlooked.
We assessed 12 products here and rank 4 — 33% of what we looked at. That share is of the products we assessed, not of the category: how many exist is not something we can count, so we do not claim a number for it.
Abracadabra Magic Internet Money (MIM)· No longer operatingSynthetix sUSD· No longer operatingElixir deUSD· No longer operatingAngle USDA and EURA (formerly agEUR)Prisma Finance mkUSD (and ULTRA)· No longer operatingUsual USD0Venus VAI· Ranked elsewhereAlchemix alUSD
Why it ranks first
Why Liquity V2 (BOLD) leads this category right now
Liquity v2: user-set interest rates, ETH and LST collateral. Strongest on cost of the loan and who controls it (9/10): The borrower sets the rate, so no governance body can raise it against an open position — structurally the second-strongest control in this set after Liquity v1's immutable fee. The catch is disclosed in the same docs: the upfront fee equals seven days of average interest, and rate changes inside seven days trigger a… Weakest on observed peg behaviour under stress (4/10): Trading at $0.99585 with only $36,663,866 circulating (DefiLlama, 2026-09-15); over one year its daily price ranged from $0.99486 (2025-12-12) to $1.00634 (2026-03-09). Protocol TVL is $96,451,314 against an all-time high of $180,025,138 on 2025-10-07, 46% lower. The peg holds, but on a very short operating history and a market too small to absorb a large exit. Published price: Liquity docs: interest is 'determined by the rate you set yourself.' There is no protocol-set rate.
Best for
Cost of the loan and who controls it — 9/10
Main tradeoff
The user-set rate is not the free lunch it appears. BOLD redemptions are routed to the lowest-interest-rate Troves first, so choosing a cheap rate directly buys you redemption exposure — your collateral gets swapped for debt repayment at exactly the moment BOLD trades below peg. Setting a competitive rate means continuously monitoring where everyone else set theirs, which is an active management burden Liquity v1 did not impose.
Verify before signup
Liquity docs: interest is 'determined by the rate you set yourself.' There is no protocol-set rate. An upfront borrowing fee is charged equal to seven days' worth of the average interest rate, and adjusting your rate within seven days incurs an additional premature adjustment fee.
Recommendation summary
What should decide this category
What collateral are you posting, and how close to the liquidation ratio will you sit?
Will you mainly hold CDP stablecoins, transfer them, or use them inside onchain apps?
Would you rather face an auction, a stability pool, or a redemption queue on a bad day?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
Liquity V2 (BOLD)
Liquity v2: user-set interest rates, ETH and LST collateral
Liquity v2: user-set interest rates, ETH and LST collateral. Strongest on cost of the loan and who controls it (9/10): The borrower sets the rate, so no governance body can raise it against an open position — structurally the second-strongest control in this set after Liquity v1's immutable fee. The catch is disclosed in the same docs: the upfront fee equals seven days of average interest, and rate changes inside seven days trigger a… Weakest on observed peg behaviour under stress (4/10): Trading at $0.99585 with only $36,663,866 circulating (DefiLlama, 2026-09-15); over one year its daily price ranged from $0.99486 (2025-12-12) to $1.00634 (2026-03-09). Protocol TVL is $96,451,314 against an all-time high of $180,025,138 on 2025-10-07, 46% lower. The peg holds, but on a very short operating history and a market too small to absorb a large exit. Published price: Liquity docs: interest is 'determined by the rate you set yourself.' There is no protocol-set rate.
Best for: Cost of the loan and who controls it — 9/10
Liquidation mechanics you actually bear · 35%
8/10
What actually backs the coin · 25%
8/10
Cost of the loan and who controls it · 20%
9/10
Observed peg behaviour under stress · 20%
4/10
Quick pick
Liquity V1 (LUSD)
Immutable ETH-only CDP, 110% minimum ratio, zero recurring interest
Immutable ETH-only CDP, 110% minimum ratio, zero recurring interest. Strongest on cost of the loan and who controls it (10/10): Zero recurring interest — the contract has no stability-fee accrual at all — and a one-time getBorrowingRate() of 0.506% read on-chain on 2026-09-15, the 0.5% floor plus a small base rate, with the docs capping the fee at 5%. The parameters are immutable with no governance module, so unlike Sky (9.25–10.50% on its ETH vaults, executive-spell adjustable) or GHO (committee-set, raised to 4.25% by a multisig transaction on 2026-09-15), the cost quoted at opening cannot be raised against an open position. Weakest on observed peg behaviour under stress (3/10): Trading at $1.00512 on $26,361,499 circulating (DefiLlama, 2026-09-15) — a premium, not a discount, which counts against it as much. Over one year 118 of 366 daily prints sat above $1.005, with a sustained 1–2.7% premium from 2026-02-25 to 2026-03-31 (peak $1.02735 on 2026-03-27). Liquity v1 TVL is $175,934,622 against an all-time high of $4,523,319,569 on 2021-05-11. Published price: Read on-chain 2026-09-15 (Ethereum block 25983562) from TroveManager 0xA39739EF8b0231DbFA0DcdA07d7e29faAbCf4bb2: getBorrowingRate() = 0.005063 (0.506% one-time — the 0.50% floor plus a base rate of 0.0063% that rises with redemptions and decays back toward the floor; getBorrowingRateWithDecay() = 0.005004), getRedemptionRate() = 0.005063.
Best for: Cost of the loan and who controls it — 10/10
Liquidation mechanics you actually bear · 35%
7/10
What actually backs the coin · 25%
7/10
Cost of the loan and who controls it · 20%
10/10
Observed peg behaviour under stress · 20%
3/10
Quick pick
Curve crvUSD
Curve's CDP using LLAMMA continuous soft liquidation instead of auctions
Curve's CDP using LLAMMA continuous soft liquidation instead of auctions. Strongest on liquidation mechanics you actually bear (9/10): LLAMMA converts collateral to crvUSD continuously across bands rather than closing the position. Curve's own docs: hard liquidation only occurs when 'the health of the loan is below 0%', and soft liquidation 'does not refer to a "hard-liquidation" where your loan is immeadiatly closed'. The Factory admin can set the loan and liquidation discounts per market, and on-chain on 2026-09-15 they already differ (WETH 0.1429/0.0921, weETH 0.07/0.04, cbBTC and LBTC 0.065/0.035, the other five 0.09/0.06). Weakest on observed peg behaviour under stress (4/10): DefiLlama's hourly price for crvUSD fell to $0.98117 on 2026-02-05, with 13 hourly prints below $0.99 on 5-7 February and daily prints below $0.995 on 2026-02-13, 2026-02-25 and 2026-03-03. On 2026-09-15 it traded at $0.99871 on $228,552,580 circulating, and protocol TVL was $146,002,537 against an all-time high of $347,592,713 on 2024-03-09, 58% lower.
Best for: Liquidation mechanics you actually bear — 9/10
Liquidation mechanics you actually bear · 35%
9/10
What actually backs the coin · 25%
4/10
Cost of the loan and who controls it · 20%
7/10
Observed peg behaviour under stress · 20%
4/10
Quick pick
Aave GHO
Aave-native stablecoin borrowed against any Aave v3 collateral
Aave-native stablecoin borrowed against any Aave v3 collateral. Strongest on liquidation mechanics you actually bear (6/10): Liquidation follows each collateral reserve's parameters, read on-chain on 2026-09-15 (WETH liquidation threshold 83% with a 5% bonus, wstETH 81% with 6%, WBTC 78% with 5%), and Aave's help centre states 'Up to 50% of total debt can be liquidated when the health factor is above 0.95 AND both the collateral and debt values are at least $2,000 each.' Third-party liquidators act position by position, governance can change every parameter, and there is no soft-liquidation or stability-pool cushion. Weakest on what actually backs the coin (4/10): Of GHO's 699,000,000 supply on 2026-09-15, user borrows across Aave's Core, Lido and Horizon markets are 209.7M (30.0%), and 41.0M of that sits in Horizon, whose reserves are RWA tokens and stablecoins. 291.4M sits idle in the GhoReserve, the mainnet GSMs have drawn 18.6M, and 150M is bridged to the Plasma, GSM Arbitrum and GSM Monad facilities, whose composition on those chains was not read. Published price: Read on-chain 2026-09-15 (Ethereum block 25984978, 19:33:35Z) from Aave v3 Pool 0x87870Bca3F3fD6335C3F4ce8392D69350B4fA4E2, getReserveData(GHO): currentVariableBorrowRate = 4.25%.
Best for: Liquidation mechanics you actually bear — 6/10
Liquidation mechanics you actually bear · 35%
6/10
What actually backs the coin · 25%
4/10
Cost of the loan and who controls it · 20%
6/10
Observed peg behaviour under stress · 20%
5/10
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Questions people ask before choosing cdp stablecoins
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How this ranking is built
Reviewed on liquidation mechanics you actually bear, what actually backs the coin, cost of the loan and who controls it, and observed peg behaviour under stress.
Data checked Sep 2026 · Independent rankings · We show our work
Not financial advice · For informational purposes only · Always do your own research