SILK

SILK breaks from the dollar on purpose. Instead of pegging to a single currency, Shade Protocol's stablecoin tracks a weighted basket of global money and commodities, spanning US dollars, euros, yen, Bitcoin and gold, so that it behaves as a hedge against any one currency losing value. It runs on Secret Network, which gives it a second unusual property: privacy, since balances and transfers are encrypted by default rather than sitting in the open on a public ledger. SILK is over-collateralized and minted through the protocol's smart contracts, making a holder's claim an onchain one redeemed against reserves rather than a promise from a company. There is no fiat account or issuer to call. The catch is that its value drifts with its basket, so a SILK is not worth exactly one dollar and is not meant to be; it is built to hold purchasing power, not a fixed price.