Beanstalk is an Ethereum-based permissionless and algorithmic fiat stablecoin protocol. It is used for issuing BEAN stablecoin pegged at 1:1 ratio to the US Dollar. Beanstalk differs from fiat and crypto-collateralized stablecoin protocols as it works based on a credit-based price stability model. The users of the Beanstalk protocol are constantly rewarded with economic incentives for issuing credit or providing liquidity to the protocol, thus maintaining BEAN’s price stability.