Top 5 Stablecoins to fall back on during the bear season

Top 5 Stablecoins to fall back on during the bear season

Crypto Lists Cryptocurrency
June 11, 2018 by Ramaa Mohan
649
Top 5 Stablecoins

The three characteristics that are always held against the cryptocurrency market are, a) the speculation that surrounds it, b) the lack of regulation and c) its volatility. While the first two are subject to change and are in more than one aspect responsible for the third characteristic, people in the cryptocurrency world are taking the third characteristic head-on with the creation of the stablecoin.

Also, read – https://itsblockchain.com/the-rise-of-the-stablecoin/

What is a stablecoin?

As the name suggests, a stablecoin is a crypto coin whose value is reasonably stable. Stable coins are coins whose values are pegged with either fiat currencies or appreciating assets of the likes of gold and silver.

Stablecoins are a good option for people who want to be involved in the cryptocurrency market but are still unsure because of the high risk posed by the volatility of the market. Most of the stablecoins that are currently available in the market offer all the features and options that are offered by the two largest cryptocurrencies in the world right now; Bitcoin and Ethereum, with the added assurance of stability.

The stablecoins that are available in the market right now have their values either pegged to the US Dollar and other major fiat currencies or gold.

Here is a list of stablecoins you should consider falling back on;

Tether

As Bitcoin is by far the best cryptocoin in the market, Tether is the best stablecoin that an investor can own. Tether has managed to hit the sweet spot between cryptocurrencies and tradition fiat currencies, by providing all the features that the cryptocurrency market has to offer while retaining the security and stability that the traditional currencies have to offer.  

Tether as a token and platform are 100% blockchain based and have an open reserve holding system whose summary is published every day and is subject to frequent and thorough audit.

Tether is a stablecoin whose value is pegged to that of leading fiat currencies like the US Dollar, Euros and the Yen. It is designed in such a way that, irrespective of what happens in the crypto-market its value will continue to hold the steady ration of 1:1.

 

Token Name USDT
Token Value $1 USD
Market Cap$2,513,633,839 USD
Circulating Supply2,507,140,346 USDT
Total Supply2,830,109,502 USDT

 

Dai

Dai is a stablecoin from the team at MakerDAO. The general working of the coin is similar to all of the stable coins in this list, in that its value is pegged with the US Dollar.

The feature that differentiates the Dai Token from the others on this list is the fact that its value is not actually tied to any real-world dollar assets. It is, rather, dependant on the collateralized ETH that the user pledges.

The demand and supply of the token are governed by smart contracts and every time a user buys a Dai one is generated.

 

Token Name DAI
Token Value $0.989302 USD
Market Cap$41,602,537 USD
Circulating Supply42,052,413 DAI
Total Supply42,052,413 DAI

 

True USD

Although it is a relatively new coin, True USD is also a really good option for anyone in the market for stablecoins. The value of the True USD Token, for now, is pegged against that of the US Dollars.

The True USD team says that all True USD tokens are redeemable against the number of US Dollars in circulation at any given point in stores and in ATMs. The True USD token is insured and is 100% collaterally backed by the USD.

 

Token Name TUSD
Token Value $ 1 USD
Market Cap$ 44,026,392 USD
Circulating Supply43,868,903 TUSD
Total Supply43,868,903 TUSD


Haven Protocol

Haven Protocol is the cross between offshore banking and stablecoins. It assures stability through on-chain smart contracts and at the same time is completely untraceable.

The coin is not pegged to any fiat currency and achieves it stability by letting an on-chain smart contract govern the mintage and burning of coins. Haven, in fact, is considered to be the one and only truly decentralised stablecoin that is available in the cryptocurrency market right now.

 

 

 

Token Name XHV
Token Value $ 1.65 USD
Market Cap$4,628,906 USD  
Circulating Supply2,809,842 XHV
Total Supply2,809,842 XHV

BitCNY

BitCNY is a stablecoin that is backed by the Chinese Yuan currency. Its demand is always on the rise because there is a dire need among investors for an investment without such high levels of risks.

It is marketed as the smartest stablecoin, by its developers and is backed by actual Yuan assets. The stablecoin runs and works off the BitShares Blockchain and cannot be mined.

Token Name BITCNY
Token Value $ 0.164810 USD
Market Cap$ 35,994,010 USD  
Circulating Supply218,397,000 BITCNY
Total Supply2229, 709,000BITCNY

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