Market Watch: Top stablecoins to invest in this week
Traders have to look beyond the top market players when the numbers are down and the top stablecoins to invest in this week is just what traders need to have some fresh perspective.
The crypto market has exploded with crypto coins and in came the stable coins that are backed by some tangible asset. Be it money or metal. The thing about stablecoins that makes them different from most cryptocurrency is that volatility has little impact on them since they are not dependent on the buying or selling practices carried out on the market regarding the cryptocurrency, but their price depends on the availability of the asset they are backed by and the price of the asset.
The stable coins that you need to be aware of this year are listed on CoinMarketCap (CMC). Their relative indicators at the time of writing this article are as follows:
The Fiat-collateralized Stablecoins Tether (USDT)
Tether is going out right now at one dollar ($1.01) and has a market cap of three billion ($3,961,488,109) dollars. The fact that not all coins are backed by the United States dollar has kept it fluctuating.
This US dollar-backed stable coin sells for one dollar ($1.00) and has a market cap is two hundred and twenty million dollars ($220,729,969).
This coin has served as a Tethers failsafe but this failsafe might need some backing up as well when it comes to stability in the market.
White Standard (WSD)
The market cap for this one lies at the four hundred forty-three thousand dollars ($443,185) while it sells for one dollar ($1.01).
This coin is backed by Euro (EUR), Pound sterling (GBP), and the US dollar. The market has been treating WSD nicely with WSD price not fluctuating more than five (5%) to ten (10%) percent.
The coin supply is minuscule, and it is traded at Stellarport only.
Paxos Standard (PAX)
Paxos is running on the Ethereum platform to keep it aloof the fluctuation territory and is an ERC20 token. It is also backed by USD with a market cap of one hundred and sixty-five million USD ($165,399,613). Trading at a perfect score of one dollar ($1.00) exactly.
Gemini Dollar (GUSD)
the market cap for this token accepted as the ERC20 member on the Ethereum blockchain is eight million dollars ($8,698,446) and trades at lower than one dollar ($0.997968).
USD Coin (USDC)
The market cap for this one is three hundred and eighty-three million USD ($383,751,052). It is currently trading at one dollar ($1.00).
This stablecoin also enjoys the privilege of being an ERC20 token. Unlike Tether, it enjoys full transparency in transactions.
Crypto-collateralized Stablecoins bitUSD
This stablecoin trades at three dollars ($3.96) and has fourteen million dollars ($14,979,640) and is backed by the USD. It is one of the many stablecoins by BitShares. It never goes above the ten (10) percent mark when concerning its volatility. It is quite reliable. Exchanges working with bitShare only trade in bitUSD and as of now, only two exist.
The DAI stablecoin is on the Ethereum blockchain. What makes this coin that is trading at one ($1,02) dollar and eighty-six million dollars ($86,673,042) is that it supports decentralization and works along those lines despite being a stablecoin.
Metal-backed Stablecoins Maya-preferred 223
This stablec ...