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Wrapped Crypto Tokens, Explained

Published 10/26/2019, 03:53 AM
Updated 10/26/2019, 04:01 AM
Wrapped Crypto Tokens, Explained

Wrapped Crypto Tokens, Explained

Because Ethereum is the biggest DeFi ecosystem, wrapped tokens are often those hosted on other blockchains but are also stablecoins that are pegged to the dollar.

Many of the first wrapped assets were, in fact, fiat-backed stablecoins, such as tokens with prices pegged to the dollar — Tether, Coinbase’s USDC or TrueUSD. There are also euro, yen, yuan and countless other fiat stablecoins that are mostly based on the Ethereum blockchain.

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