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

# Background

Stable-value assets are an essential building block for Ethereum applications and have grown to represent tens of billions of dollars in value.

However, the vast majority of this value is in the form of fiat-collateralized stablecoins like Tether and USDC. Decentralized stablecoins like DAI and sUSD make up only a small portion of the total stablecoin supply, meaning the vast majority of stablecoins are centralized.