The cryptocurrency market is known popularly for the coins that float. Even before cryptocurrency has a concept or scheme surfaced, the name of Bitcoin and subsequently Ethereum was predominant. But with more knowledge and increased interests of the investors, cryptocurrencies flourished as a market. The non-volatile nature of fiat currencies has thrived in the investment market which still makes the conventional modes of investments the most successful of the lot.
The potential of the cryptocurrency market was observed in the last five years. However, the volatile nature of popular cryptocurrencies is a major concern. This is the reason why a type of crypto called stable coins is looked out for. The stable coins, unlike the popular Bitcoin and Ethereum, are much more stable as their values are in USD or EUR. It is stable in its price.
In 2019 the highest investment in the cryptocurrency was observed. Its immunity towards the erratic market is what makes it absolutely desirable. There are few services additionally as well that provide benefits like interest on investing. They are for example crypto.com which offers 8% per annum on all stable coins. There are many more such that extrapolate optimum benefits out of them.
With such progress being made, a peek into the most successful stable coins at the moment becomes a necessity-
- Tether (USDT)
The first-ever stablecoin was launched in 2015. It is backed by the fiat currencies in a 1:1 ratio. The stablecoin has a humongous market cap and enjoys being one of the most popular.
- USD Coin (USDC)
The stablecoin is backed by USD at a 1:1 ratio. It is the brainchild of CENTRE which is managed by Coinbase and Circle. USDC is based on Ethereum and is distributed as an Ethereum token. It is available in all leading exchanges like Binance and Bitfinex among others.
- TrueUSD (TUSD)
TUSD is also backed by the dollar. It is fully fiat collateralized, has complete legal protection and transparency assured by third-party attestations. The best part about this is that it was managed by real people. The company plans to tokenize other real-world assets as well. Currently, the stable coin holds a humble position in terms of market cap.
Carbon has a stable price and is non-collateralized. It is not based upon the standard blockchain so far. It is instead hosted as a Hashgraph. Carbon achieves its price stability through algorithmic bidding. These are some of the best stable coins to look forward to getting the bucks crunching.