Description
Beanstalk is a permissionless fiat stablecoin protocol built on Arbitrum that uses credit-based mechanisms to issue Bean, a stablecoin pegged to the US dollar. The protocol operates without collateral requirements, instead incentivizing independent market participants to maintain the dollar peg through native financial mechanisms including yield opportunities and debt instruments. Beanstalk migrated from Ethereum to Arbitrum following a 2022 governance exploit and subsequent community-led recovery through the Barn Raise fundraiser.