> For the complete documentation index, see [llms.txt](https://lybra-finance.gitbook.io/lybra-finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://lybra-finance.gitbook.io/lybra-finance/background.md).

# Background

Currently, stablecoins in the cryptocurrency field can be classified into three categories: **Fiat-Collateralized stablecoins**, **Cryptocurrency-Collateralized stablecoins**, and **Algorithmic stablecoins**. The differences between them lie in the types of assets behind them, collateral ratios, stablecoin issuance mechanisms, and stablecoin price maintenance mechanisms.