Pinto

Pinto carries forward one of DeFi's most controversial ideas: a stablecoin with no collateral at all. Deployed on Base, it is a direct descendant of Beanstalk, using the same credit-based machinery in which users deposit assets into a Silo for yield or lend to the protocol's Field in exchange for future issuance, while the supply expands or contracts algorithmically to steer the token back toward a dollar. Nothing backs a Pinto except that credit system and market confidence; there is no reserve and no issuer to redeem against, so a holder's only exit is the open market. Its ancestor Beanstalk is a cautionary tale, having lost roughly $180 million to a governance exploit in 2022, and purely algorithmic designs have a poor survival record generally. Pinto is governed by a contract multisig rather than a company, and it remains a small, experimental low-volatility token rather than a mainstream dollar.