DeFi · Category ranking
Best Dual Token Stablecoins in 2026
7 Dual Token Stablecoins ranked by DappsAtlas score and total value locked. Open any row for the full review.
- Listed
- 7
- Reviewed
- 7
- Page
- 1/1
Dual token stablecoins are DeFi protocols that split one pool of collateral into two tokens. One is meant to stay near a fixed price, usually one dollar. The other is a leveraged or governance-linked token that takes on the price movement of the backing asset. The six protocols on this page cover Ethereum, Solana, Rootstock and Arbitrum, and include fx Protocol, Hylo Protocol, MoneyOnChain, RIF On Chain, Frax Finance and SperaxDAO.
Users deposit collateral such as ETH, WBTC, staked SOL or Bitcoin-linked assets and mint the stable token, the leveraged token, or both. The leveraged token holders accept more risk in return for amplified exposure, which helps protect the stable token's peg. Protocols typically earn from minting and redemption fees, and some from yield on the collateral, with part of that passed to token holders or the treasury. Details differ, so check each protocol's own documentation.
When comparing options, start with the collateral and chain: fx Protocol on Ethereum, Hylo Protocol on Solana, MoneyOnChain and RIF On Chain on Rootstock. Then look at total value locked (about $116.4M for fx Protocol and $36.0M for Hylo Protocol at the time of writing), how the protocol handles a falling price (liquidation, rebalancing or a buffer), fees, audits and how long it has been running. If you also use crypto for online gambling, you must be 18+ (21+ where required) and should confirm it is legal where you live. None of this is financial advice.
Dual Token Stablecoins at a glance
- Tracked
- 7
- Reviewed
- 7
- Total TVL
- $170M
- Avg. score
- 6.4/10
Largest by TVL
- 1
fx Protocol$93.2M
- 2
Hylo Protocol$34.2M
- 3
MoneyOnChain$19.8M
- 4
RIF ON CHAIN$18.5M
- 5
Djed Stablecoin$4.52M
Highest rated
- 1
- 2
- 3
- 4
- 5
Frax Finance6.0
| Chains | |||||
|---|---|---|---|---|---|
| 1 | fx ProtocolReviewed | Ethereum | $93.2M | −16.1% | 7.0 |
| 2 | Hylo ProtocolReviewed | Solana | $34.2M | −7.6% | 7.0 |
| 3 | MoneyOnChainReviewed | Rsk | $19.8M | −6.3% | 7.0 |
| 4 | RIF ON CHAINReviewed | Rsk, Arbitrum | $18.5M | −10.3% | 6.7 |
| 5 | Frax FinanceReviewed | — | — | — | 6.0 |
| 6 | Djed StablecoinReviewed | Cardano | $4.52M | −5.7% | 5.8 |
| 7 | SperaxdaoReviewed | Arbitrum | — | — | 5.5 |
Ranked by DappsAtlas score, then total value locked. Click a column to re-sort this page. TVL data via DefiLlama.
Where they run
Dual Token Stablecoins by chain
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Frequently asked questions
What is a dual token stablecoin?
A dual token stablecoin protocol issues two linked tokens from one pool of collateral. One token aims to hold a steady value, such as a dollar. The other, often called a leveraged or volatile token, absorbs the price swings of the collateral. Examples on this page include hyUSD with xSOL on Hylo Protocol and DOC with BPRO on MoneyOnChain.
How does the stable token keep its value?
The stable token is backed by collateral, and the leveraged token holders take on the price risk of that collateral in exchange for amplified exposure. If the collateral falls, the leveraged token loses value first, which cushions the stable token. Some designs, like f(x) Protocol, rebalance positions rather than liquidating them. Rules differ by protocol, so read each one's documentation.
Are these stablecoins risk-free?
No. The stable token can lose its peg if collateral drops sharply, if the leveraged token's buffer is used up, or if there is a smart contract bug or oracle failure. Dual token designs are generally more experimental than the largest fiat-backed stablecoins. Treat them as higher-risk DeFi products.
What do leveraged tokens like xSOL or BPRO do?
Holders of the leveraged token (such as xSOL, BPRO or the RIF PRO token) get amplified exposure to the collateral, so gains and losses are both larger than simply holding the asset. Some protocols pay fees or yield to these holders, but the details vary. It is not a savings product, and you can lose a large part of your deposit.
How do fx Protocol, Hylo, MoneyOnChain and Frax differ?
Collateral type and chain are the main differences. MoneyOnChain and RIF On Chain are on Rootstock and revolve around Bitcoin and RIF. Hylo Protocol uses staked SOL on Solana. f(x) Protocol is on Ethereum and uses ETH and WBTC. Frax Finance and SperaxDAO have mixed or partly algorithmic designs.
Is using these protocols the same as gambling?
Not necessarily. Minting a stablecoin or leveraged token is a DeFi activity, not a casino bet, but the leveraged tokens carry real price risk. If you are using any of these alongside online gambling, remember that you must be 18+ (21+ in some places) and should check that gambling and crypto services are legal where you live.
What is the largest dual token stablecoin by TVL?
fx Protocol is the largest dual token stablecoin by total value locked, with $93.2M. It is followed by Hylo Protocol ($34.2M) and MoneyOnChain ($19.8M). TVL figures come from DefiLlama and change daily.
Which dual token stablecoin has the highest DappsAtlas score?
fx Protocol has the highest score at 7.0/10, ahead of Hylo Protocol (7.0) and MoneyOnChain (7.0). Scores weigh security, ease of use, fees and features, and are based only on facts we could verify.
How many dual token stablecoins does DappsAtlas track?
DappsAtlas tracks 7 dual token stablecoins. Of these, 7 have a full review and 5 report value locked, $170M in total.
What chains do most dual token stablecoins run on?
Which dual token stablecoins grew the most this week?
Among dual token stablecoins with at least $1M locked, fx Protocol the biggest drop (−16.1%). Combined TVL moved −12.6% over the same seven days.
What is the average score for dual token stablecoins?
The 7 rated dual token stablecoins average 6.4 out of 10. Of these, 0 score 8 or higher and 0 score below 5.