Elixir
Stablecoin · Synthetic Yield-Bearing · ELX
NetworkStablecoinSynthetic Yield-BearingWound-Down2 coinsAudited
Elixir issued deUSD and sdeUSD, a synthetic dollar fully shut down in Q1 2026 following the Stream Finance loss.
Wound-down synthetic dollar (deUSD).
Circulating supply
$92.2M
Latest data · 15 min delay
Competitors
Ranked top→bottom — who competes with Elixir and how they differ.
| # | Competitor | Positioning | Similarities | Differentiator |
|---|---|---|---|---|
| 1 | Circle (USDC) | Largest regulated fiat-backed dollar. | Both issue a USD-pegged stablecoin redeemable against reserves. | USDC is the deepest, most widely integrated regulated fiat-backed dollar with monthly Deloitte attestations and a public-company issuer. |
| 2 | Ethena | Digital dollars for the internet economy. | Both in Stablecoin (Synthetic Yield-Bearing). | USDe is a synthetic dollar backed by crypto collateral and short futures (delta-hedged), not bank deposits. It is a structured carry product rather than a fiat-backed coin. |
| 3 | Jupiter | Home of Onchain Finance | Both in Stablecoin (Synthetic Yield-Bearing). | Jupiter is a vertically integrated trading ecosystem (aggregator, perps, lend, stablecoin, launchpad), not a single credit product. |
| 4 | Falcon Finance | Universal-collateral synthetic dollar. | Both in Stablecoin (Synthetic Yield-Bearing). | Universal collateral model — accepts BTC, ETH, SOL, BNB, altcoins and yield-bearing tokens as collateral for synthetic USDf. |
| 5 | Frax Finance | Hybrid stablecoin pivoting to RWA backing. | Both in Stablecoin (Synthetic Yield-Bearing). | First-mover hybrid algo-collateral stablecoin, now pivoted to RWA-backed frxUSD with BUIDL — an institutional bridge to DeFi. |
| 6 | Cap | Non-custodial outsourced-yield dollar. | Both in Stablecoin (Synthetic Yield-Bearing). | Non-custodial yield outsourcing — institutional agents (Franklin Templeton, others) generate yield backed by EigenLayer-secured restaking. |
| 7 | Resolv Labs | Two-tranche delta-neutral dollar. | Both in Stablecoin (Synthetic Yield-Bearing). | Two-tranche risk architecture — USR (stable yield) and RLP (leveraged risk) provide transparent risk separation. |