How to read a stablecoin's public peg notes
A peg is a target. The Paju primer asks what a public note says is behind the token, and what the note never mentions.
A stablecoin is a token that aims to track a unit of account, often one US dollar. The word peg names that target. It does not, by itself, describe the machinery. Readers in Jeokseong-myeon meet three patterns often enough that the binder gives each one a section.
The first pattern points to cash or cash-like reserves held by an issuer, with an attestation or a report named in the issuer's documents. The second pattern posts other crypto assets as collateral inside a program and mints the stablecoin against that collateral. The third pattern tries to hold a target by changing supply with rules written in a program. The labels matter less than the sentences. Week 5 asks the reader to copy the sentence that says what backs the token, and to mark a blank when the document is silent.
Pegs move. A price of one dollar on a screen can sit next to a document that describes reserves, delays, or freeze powers. The circle treats a slip as something to read about, not as a forecast to cheer or fear. Facilitators do not predict the next print of any peg.
Bring patience for dull pages. The useful line is often a definition of reserves, a list of blacklisted addresses, or a statement of who can change a parameter. Those lines are the study. Headlines are left at the door with the coats.
Groups that have a single afternoon rather than six Tuesdays can ask for a club briefing focused on peg notes. The binder itself is available with a reading room pass.