To celebrate 2020, here is a special horoscope dedicated to non-volatile crypto, aka stablecoins, in relation to their zodiac sign.
As is well known, the position of the sun on the date of birth of a project or ‘when it comes to light’, reflects the characteristics of a given sign of the zodiac. After having associated the sign to the main cryptocurrencies, now it’s the time for the stars to describe the stablecoins pegged to the US dollar.
Tether (USDT) and USD Coin (USDC) are under the Zodiac sign of Libra
The stablecoin scene is dominated by Tether (USDT) that, in view of its first token issued on the Bitcoin blockchain through the Omni Layer on October 6th, 2014, falls under the Libra sign.
And it could only be Libra, the cardinal sign of air, dominated by the balance and harmony of his planet Venus, to characterise the first successful stablecoin of the entire crypto scenario.
The Tether (USDT) project, in fact, managed to approach at least in terms of thought (air sign) the idea of a balance between the price pegged to the fiat currency USD and the use of the Bitcoin blockchain, of which the volatile price seemed to be a drawback.
Like all the cardinal signs, Tether (USDT) kicked off the evolution of the stable cryptocurrencies, despite having to deal with the many obstacles in the regulatory and legislative environment throughout the years, recording an increase in daily volumes in 2019 that surpassed those of the queen of crypto, bitcoin.
But that’s not all, alongside Tether (USDT) also the young USD Coin (USDC) falls under the sign of Libra, considering its date of birth on September 27th, 2018. In just a year and a half, the crypto of Coinbase and Circle has become the second stablecoin by market capitalisation.
USD Coin (USDC) is a 1:1 crypto pegged to the US dollar powered by Ethereum and was conceived by Center, an open-source project involving Coinbase and Circle. During this 2019, USDC has been involved in well over 100 projects and exchanges that introduced it as a means of payment.
The stablecoins under the Virgo sign
Out of the non-volatile cryptocurrencies, there are three projects that fall under the Virgo sign: Paxos Standard (PAX), Gemini Dollar (GUSD) and Binance USD (BUSD). While the estimated date of birth for the first two is September 10th, 2018, Binance’s stablecoin was launched on September 15th, 2019.
But what do they have in common? Virgo is a moving sign of the earth, therefore adaptable to concrete changes and definitely tied to logic, used to find the resolutive strategies.
All three crypto assets can be seen as solutions to the concrete regulatory problems that the oldest of the stablecoins had to face. Paxos Standard (PAX), and later Binance USD (BUSD) were issued with direct approval by the New York Department of Financial Services (NYDFS).
Whereas Gemini Dollar (GUSD) claims to be the first regulated stablecoin in the US, and is an ERC20 stablecoin with fiat holdings of traditional USD held at the State Street Bank and Trust Company.
MakerDao (DAI): Capricorn like Bitcoin (BTC)
MakerDAO (DAI), the decentralised stablecoin par excellence, seems to fall under the sign of Capricorn, considering it was launched at the end of December 2017. Perhaps a coincidence, but Capricorn is also the zodiac sign attributed to Bitcoin (BTC).
And precisely because of the same characteristics of the cardinal earth sign, DAI can be defined as the first revolutionary trustless stablecoin of decentralised finance or DeFi.
Unlike Tether (USDT) whose cardinality has been affirmed at the level of thought, DAI is instead able to achieve the disintermediation that is inherent in bitcoin’s peer-to-peer technology.
DAI’s revolution lies precisely in its operation using an incentive system encoded in Ethereum’s smart contracts, through some tokens (MKR, WETH and PETH) and within oracles, allowing the price of DAI to remain close to $1.
Under the sign of Aries: TrueUSD (TUSD)
A last special feature is dedicated to TrueUSD (TUSD) which is of the sign of Aries. Being born at the end of March 2018, it incorporates the characteristics of the cardinal sign of fire par excellence.
In fact, the ERC20 stablecoin anchored to the American dollar was the first token developed on the TrustToken platform.
TrustToken allows the creation and sale of tokens backed by real-world assets and sold in various markets around the world. For this reason, it can be said that the TUSD token not only acts as a refuge against the volatility of other cryptocurrencies but also aims at innovating by bridging the resources of the real world with the blockchain.