Coin vs Token: What Is the Difference?

A coin has its own blockchain; a token is built on someone else's chain. This distinction explains most projects.

Coins

A coin is the native asset of its own independent blockchain — e.g., BTC (Bitcoin), ETH (Ethereum), SOL (Solana). Coins typically pay that network's fees and participate in its consensus.

Tokens

A token is issued on an existing chain (e.g., Ethereum's ERC-20 standard) and needs no blockchain of its own. Stablecoins like USDT/USDC and most project tokens are tokens. The test: which chain does it run on? If it is someone else's chain, it is a token.