Group 1: Overview of Commodity-Backed Stablecoins - Commodity-backed stablecoins are cryptocurrencies anchored to physical commodities like gold and oil, aiming to maintain price stability through their value linkage to specific commodities [1][3] - The stablecoin market is predominantly led by fiat-backed stablecoins, with commodity-backed stablecoins being relatively small in scale, primarily represented by gold-backed stablecoins such as PAXG and XAUt, which have market sizes of $950 million and $830 million respectively, accounting for 0.64% of the total stablecoin market [1][3][6] - As of August 3, the total stablecoin market reached $277 billion, with fiat-backed stablecoins making up $233.83 billion, representing 84.4% of the market [3][6] Group 2: Comparison Between Fiat and Commodity-Backed Stablecoins - Fiat-backed stablecoins are pegged to fiat currencies like the US dollar, while commodity-backed stablecoins are pegged to physical commodities [6][7] - The reserve assets for fiat-backed stablecoins typically include cash and cash equivalents, whereas commodity-backed stablecoins are backed by the corresponding physical commodities [6][7] - Fiat-backed stablecoins are widely used in cryptocurrency trading, cross-border payments, and DeFi applications, while commodity-backed stablecoins serve as payment methods, hedging tools, and inflation-resistant investment options [6][7] Group 3: Case Studies of Commodity-Backed Stablecoins - Petro, a Venezuelan oil-backed stablecoin, was introduced to circumvent US financial sanctions and boost the economy but ultimately failed due to issues such as the authenticity of oil reserves, US sanctions, and lack of trust in the Venezuelan government [2][11] - Kinesis Silver (KAG) is a silver-backed stablecoin with a market cap of $140 million, offering a unique revenue-sharing mechanism where over 50% of Kinesis's income is shared with users monthly [12][13] - Agrotoken, a stablecoin backed by agricultural products like soybeans, corn, and wheat, aims to provide liquidity and financing options for farmers, having tokenized 230,000 tons of grain with a transaction volume of $70 million [15][21]