What is the leading stablecoin?
With the recent events in the cryptocurrency industry, investors are now seeking better ways of acquiring more gains by switching to more stable coins.
And, the recent ups and downs faced by cryptocurrencies especially in 2017/18, have positively impacted the rise of stablecoins.
Generally, stablecoins are cryptocurrencies with intrinsic values that are linked with fiat currencies such as the US dollar or other assets like gold.
They are more acceptable than cryptocurrencies such as Bitcoin because they appear to be more stable and reliable. They offer a price peg for various goods and services while still maintaining the properties of a store of value and a medium of transfer.
Currently, there has been an influx of stablecoins in the market with a few of them presently trending. Here are the top 10 leading Stablecoins in 2019.
Tether token, which is among the most successful Stablecoins in the world, was initially issued by the Tether Limited Company and it’s backed up by the US dollars. 1 Tether is equivalent to $1.
The USDT coin was therefore designed to settle payments in any asset or fiat currency that’s convertible to the U.S dollar.
The Tether token is available for trading in various cryptocurrency exchanges such as GoCoin, Shapeshift, and Bitfinex among other crypto exchange platforms.
TrueUSD is another successful US-based token. It was developed by a US-based Fintech company known as the TrustToken.
The TrueUSD was initially designed to enable more efficient daily to daily financial transactions and the institutional adoption of cryptocurrencies.
The TrueUSD is a fiat-collateralized cryptocurrency that is legally backed making all its transactions as much transparent as possible. Additionally, all the financial transactions of this token are verified and attested by 3rd parties.
Given its underlying technology and its centralized nature, the TrueUSD will indeed flourish more in 2019.
BaseCoin is a cryptocurrency designed to maintain its price stability by reducing high volatility experienced by many cryptocurrencies such as Bitcoin and Ethereum. Its value is linked to the US dollar.
The BaseCoin token operates in a decentralized nature which makes it quite hard to verify how the market is adopting its tokens. Its data is majorly provided by 3rd parties.
The MakerDao was initially launched in 2017 by the MakerDAO Company. Concerning the backing assets, DAI is unique as compared to other Stablecoins.
It uses a complex system of CDP- Collateral Debt Position, unlike other coins such Tether that is directly backed by the US dollar. The DAI token is supported with smart contracts that are designed to keep it stable.
Though the fact that the US dollar does not back the DAI coin still looks strange to many, significant investors such as a16z crypto fund by Andreessen Horowitz has shown considerable interest as it owns about 6% of DAI.
The USD coin is a US-based startup launched by the Center consortium and Circle platform.
The USD coin is a promising coin that has shown much progress and is expected to grow rapidly in 2019. This coin is based on the ERC20 token protocol. 1 USDC is equivalent to 1 US dollar.
PAX was initially approved on 10th September 2018 by the New York Financial Services Department.
PAX gets its monthly reports audited and published by Withum which is the leading American Audit firm.
Currently, PAX has gained favourable attention especially given the fact that it’s regulated and approved by the world’s first government.
The NEO cryptocurrency Blockchain is the team behind the Alchemist. The NEO platform is decentralized and allows its users to issue the SDUSD tokens mainly based on user existing portfolios in the platform.
According to the NEO platform, the Alchemist token is designed to offer a solution to the rampant issues of volatility in the cryptocurrency ecosystem. The coin is expected to make significant progress in the year 2019.
Gemini USD (GUSD)
Gemini Dollar is among the most accepted and latest Stablecoins in the market.
It was an ERC-20 token, released on 10th September 2018. The coin was created and released by cryptocurrency exchange, Gemini, that’s owned by the Winklevoss twins and operates on the Ethereum Blockchain platform.
The Gemini dollar is another unique Stablecoin that’s independently audited by the BPM Accounting and Consulting regularly.
The carbon Stablecoin is built on Hashgraph, and it uses smart contracts to maintain its stability. It works on the Ethereum Blockchain system.
It’s was created to reduce the emission of toxic gases in the atmosphere in order to preserve the environment.
The carbon platform brings together environmental-related entities such as carbon emitters, clean energy generation companies, and other parties.
Given the recent global concern for environmental preservation in the world, the carbon Blockchain project will definitely succeed.
The EpayUSD is a 3rd party payment company launched by Epay. It’s linked to the US dollar where 1 EUSD is equivalent to 1 US dollar.
The Epay’s Global Remittance Network uses the EUSD as an accounting symbol designed to accelerate capital circulation and transactions.
The advancement of stablecoins in the cryptocurrency industry is expected to rise given the fact that they are more viable and useful as a currency as compared to other cryptocurrencies.
However, we shouldn’t forget about the issue of volatility which is the major issue affecting the advancement of the cryptocurrencies.