Nine best stablecoins of 2021

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 Nine best stablecoins of 2021
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Highlights 

  • A stablecoin (stable-value cryptocurrency) is a kind of cryptocurrency which is relatively less volatile than other virtual currencies.
  • It is pegged to a safe asset such as a fiat currency.
  • There are several kinds of stablecoins, mainly categorised by the asset that backs them.

A stablecoin (stable-value cryptocurrency) is a kind of cryptocurrency which is relatively less volatile than other virtual currencies and pegged to a safe asset such as a fiat currency. Many stablecoins are backed by an algorithm.

Digital coins shot into prominence in 2017 after popular cryptocurrency Bitcoin rose to nearly US$20,000 and then slipped by over 50%. It was the time when investors searched for a less volatile crypto-based store of value.  In other words, stablecoins help more people to benefit from blockchain without the risk of market fluctuations.

There are several kinds of stablecoins, mainly categorised by the assets that back them. The major types include commodity-backed stablecoins, fiat-backed stablecoins, crypto-backed stablecoins and siegniorage-style stablecoins.

Source: © Sergey8736  | Megapixl.com

Here we list the nine best stablecoins of 2021 based on their market capitalisation (m-cap). The prices used are from the crytptoasset price-tracking website, CoinMarketCap.

Tether (USDT)

One of the most widely-known stablecoin, Tether ‘tethers’ or pegs itself to the value of the US dollar. A Tether token is US$1 all time.

The current (12:10 PM AEST) Tether price is US$1 with a 24-hour trading volume of US$77,149,322,075. In the last 24 hours, the coin is down 0.01%. The current m-cap is of US$65,522,005,421.

USD Coin (USDC)

US Coin is known for its high speed and reliability. It is pegged on a 1:1 basis to the US dollar. The coin is known to have a better transparent funding and auditing process.

The current USD Coin price is US$1 with a 24-hour trading volume of US$2,824,113,426 USD. In the last 24 hours, the USD Coin is up 0%. The current m-cap is of US$27,025,721,535.

Binance USD (BUSD)

Pegged 1:1 to the US dollar, Binance USD is a stablecoin issued by crypto exchange, Binance. The New York State Department of Financial Services (NYDFS) regulates Binance.

The current Binance USD price is US$1 with a 24-hour trading volume of US$5,943,833,821. In the last 24 hours, Binance USD is up 0% in the last 24 hours. The current m-cap is of US$12,176,353,759.

Dai (DAI)

DAI is an Ethereum-based stablecoin. Its price is pegged to the US dollar and is collateralised by a mix of other cryptocurrencies.

The current Dai price is US$1 with a 24-hour trading volume of US$406,556,506. Dai is down 0.09% in the last 24 hours. The current m-cap is US$6,060,310,760.

TerraUSD (UST)

TerraUSD (UST) belongs to the Terra blockchain. It is value-pegged to the US Dollar. The stablecoin is known for its high level of scalability, interest rate accuracy, and interchain usage.

The current TerraUSD price is US$0.998229 with a 24-hour trading volume of US$65,465,247. In the last 24 hours, TerraUSD is down 0.29%. The current m-cap is of US$2,331,765,819.

TrueUSD (TUSD)

Considered to be one of the most liquid stablecoins, TrueUSD doesn’t use any special algorithm. It is pegged to the US dollar at 1:1. It is also known to offer lower transaction fees compared to wire transfers of fiat currency.

The current TrueUSD price is US$1 with a 24-hour trading volume of US$59,795,097. In the past 24 hours, the coin is down 0.01%. The current m-cap is of US$1,388,363,447.

Source: © Volodymyrshtun | Megapixl.com

Pax Dollar (USDP)

Founded in 2018, Pax Dollar is a flat-collateralised stablecoin. It has the advantage of transacting with blockchain assets through minimised price risk.

The current Pax Dollar price is US$1D with a 24-hour trading volume of US$78,262,813. In the last 24 hours, Pax Dollar is up 0.02%. The current m-cap is of US$945,776,166.

Reserve Rights (RSR)

Reserve Rights is a dual-token stablecoin platform.  The coin aims to construct a censorship-resistant stablecoin and decentralised fiat gateway network.

The current Reserve Rights price is US$0.049531 with a 24-hour trading volume of US$145,947,936. In the last 24 hours, Reserve Rights is down 8.24%. The current m-cap is US$651,827,096.

Neutrino USD (USDN)

Neutrino USD is pegged to the US dollar.

The current Neutrino price is US$0.995783 with a 24-hour trading volume of US$10,314,722. In the last 24 hours, Neutrino is up 0.20%. The current m-cap is US$472,143,685.

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