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.
L2
#1 of 7 · published ranking
Liquity V2 (BOLD)
80ChainChoice Score
4199
Why it leads
Best in the pool on collateral integrity (8/10; next 7/10)
Cost
Not priced· No comparable price is published
No provider can pay for a position in this table. The code that computes this order cannot read which links earn us a commission, and every build proves it. Every score below rebuilds from the published criteria.Ranking 2026.08 · 4 criteria · 7 products · same inputs, same order
Personal comparison
CDP Stablecoins ranked comparison
No comparable price is published; ranking still uses verified product evidence.
Ranked on 4 published criteria weighted 35/25/20/20, which set goal alignment — 30 of the 86 points. The rest: regional access 20, evidence depth 18, ease of use 10, institutional trust 8. Profile match is shown in breakdowns but carries no weight.
Audit
Infrastructure
Methodology
2026.09.15
published 2026-09-16
Providers tracked
980+
across 119 categories
Last verified
2026-09-15
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
Weighted on liquidation mechanics you actually bear (35), what actually backs the coin (25), cost of the loan and who controls it (20), and observed peg behaviour under stress (20). The heaviest is liquidation mechanics you actually bear: Minimum collateral ratio, liquidation penalty, and — decisively — whether the mechanism is a continuous rebalance (LLAMMA soft liquidation), a stability-pool absorption, or a full-positio…
What matters most before choosing in this category
Weighted on liquidation mechanics you actually bear (35), what actually backs the coin (25), cost of the loan and who controls it (20), and observed peg behaviour under stress (20). The heaviest is liquidation mechanics you actually bear: Minimum collateral ratio, liquidation penalty, and — decisively — whether the mechanism is a continuous rebalance (LLAMMA soft liquidation), a stability-pool absorption, or a full-positio…
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?
Current editor lead
Expert review and scoring weights
L2
Liquity V2 (BOLD)Data checked Sep 2026
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 forCost of the loan and who controls it — 9/10
Main tradeoffThe 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 signupLiquity 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.
Methodology
How this category is reviewed
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.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
Frequently asked
Questions people ask before choosing cdp stablecoins
When should I use CDP stablecoins instead of other crypto assets?
When you want dollars WITHOUT selling the collateral you already hold. A CDP stablecoin is minted against assets you lock up, so it is a loan you took from a protocol rather than a dollar someone is holding for you — useful for staying exposed to an asset while spending against it, and unnecessary if you simply want a dollar balance. The trade you accept in return is liquidation risk: the position is scored here on the mechanics you actually bear when the collateral falls, because that is the day the product either behaves as documented or does not.
Are all CDP stablecoins basically the same?
No, and the differences show up precisely when it matters. They differ on what actually backs the coin, on the liquidation mechanics you bear if your collateral falls, on who controls the borrowing rate and can change it, and on how the peg has behaved under real stress rather than in a whitepaper. Two coins can hold the same peg on a calm day and behave completely differently in an hour of falling collateral prices, which is the scenario this page is built around.
What matters most when choosing a CDP stablecoin?
The liquidation mechanics you personally bear, and what onchain state shows actually backs the coin. One protocol here presents as a CDP while crypto-collateralised vaults are under 4% of its debt, and another publishes no protocol parameters at all.
Not financial advice · For informational purposes only · Always do your own research
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