The cryptocurrency market is characterised by an important element which is exploited by professional traders and which, at the same time, slows down mass adoption: volatility. This is a problem that many have tried to solve through the use of stablecoins.
This type of digital resource makes a cryptocurrency immune to market price changes and makes it more widely used, drastically reducing the risks associated with trading and increasing its use cases exponentially.
Many define 2019 as the year of stablecoins. There are various types: anchored to fiat currencies, other cryptocurrencies or physical goods such as gold.
Cryptocurrencies: the top 10 stablecoins
1) Tether (USDT)
Value : 1,00 $
Tether (USDT) is undoubtedly the number one stablecoin in the world, the most widespread and the most used. It is currently in the sixth position on CoinMarketCap and is linked to the value of the US dollar.
Despite the controversial past issues that have placed it at the centre of attention in a number of not particularly clear and transparent situations, Tether continues its unchallenged dominance and records significant volumes, which are almost always higher than those of bitcoin (BTC) itself.
2) TrueUSD (TUSD)
Value : 1,00 $
TrueUSD (TUSD) is a stablecoin linked to the value of the US dollar. Its main feature, which puts it at the top of the charts on the best stablecoins, comes precisely from the fact that transparency is paramount.
All the certificates confirming its liquidity are available to the public even if, in cases of extreme market fluctuations, TUSD has also been questioned. It is an erc20 token and can be stored in any wallet that supports that standard.
3) White Standard (WSD)
Value : 1,01 $
Transparency is the main feature in this case too. WSD has always made available to the public all the necessary documentation to show the value reserve backing the cryptocurrency.
It is a stablecoin linked to GBP, EUR and USD and its volatility rate has never exceeded 5-10%, an interesting and useful figure, especially when the market fluctuates with very strong movements.
Despite the fact that market capitalisation is not very high and that WSD can only be traded on the Stellaport exchange, this crypto offers several advantages including its own wallet and payment services for merchants.
4) Standard Paxos (PAX)
Value : 1,00 $
PAX has the same ratio as Tether and is linked to the US dollar. The success of this cryptocurrency stems from the fact that it is approved and supported by the New York Department of Financial Services.
At the same time, PAX has also received a lot of criticism: many people have said that this erc20 token is not a sufficiently decentralised system, and most of the wallets are still in the beta phase.
5) Gemini Dollar (GUSD)
Value : 0,999341 $
Gemini Dollar (GUSD) is a relatively young stablecoin with great potential. Like many others, it is an erc20 token developed on the Ethereum blockchain. It was born from a project and its aim was to provide an efficient way to switch from cryptocurrencies to fiat.
Gemini is also a regulated exchange, a significant added value that makes GUSD unique.
6) USD Coin (USDC)
Value : 1,00 $
USD Coin was introduced by Coinbase and Circle, and it is a stable currency pegged to the US dollar. The main feature is precisely the reputation of its two supporters which is certainly an excellent starting point.
The USDC tokens can be traded in USD at any time. The USDC smart contract, which is an erc20 token, guarantees the issuance of the crypto within the market. The obligation to provide full transparency about its activities is an inherent feature of this stablecoin, although its centralisation still limits its scalability and adoption by traders.
Value : 1,02 $
bitUSD belongs to BitShares, a company known for introducing several stablecoins. The rate of volatility has never risen much, demonstrating that the crypto is anchored to the US dollar even if, especially in the last period, the price of bitUSD has grown a lot, reaching even $12.
bitUSD is one of the longest-lasting stablecoins in the cryptocurrency space.
8) MakerDAO (DAI)
Value : 0,995627 $
Most stablecoins have problems with decentralisation. MarketDAO (DAI) eludes this model.
DAI is a stablecoin created on the Ethereum network and has a new approach to decentralised governance. The system uses smart contracts, maintaining strong stability in the price of the crypto.
However, being a much more complex model than the others, DAI has suffered from some problems caused by market fluctuations and security.
9) Maya-preferred 223
Value : $21,152.14
Maya-Preferred 223 (MAPR) is a recently launched stablecoin and has been issued on the Ethereum Classic platform. The team says that MAPR will become a new standard for digital payments and is backed by 11 gold and silver mines located in Mexico.
Since this cryptocurrency has just been listed on CoinMarketCap, the market capitalisation is not yet known, but it is interesting to note how it will develop within the ecosystem.
The price is high and the stablecoin is listed as one of the most expensive crypto on the market since it is worth more than $21k.
As the currency has just been quoted on CMC, the market capitalisation is still unknown. The creator of MAPR has just announced a forward split that will further strengthen its stability and reduce its price.
10) Digix Gold
Value : 45,75 $
The value of Digix Global is not anchored to any fiat currency, but to the cost of 1 gram of gold. The token follows the erc20 standard and was developed on the Ethereum blockchain. The team that leads the project is guided by the idea of wanting to ensure transparency, immutability and decrease volatility.
However, fluctuations in the price of gold have also moved the value of this stablecoin, which has not yet shown strong stability in the cryptocurrency sector.