Stable coins have a bright future as it combines the best of cryptocurrency; store of value, self-banking and low cost usage.
Here we have listed the top 10 stable coins.
1. Tether (USDT):
Tether Limited, the company behind Tether tokens, keeps most common fiat currencies, including US dollars, Euros, and Yen, in a reserve bank account. Using Bitcoin’s blockchain infrastructure, Tether promises to back up its digital tokens, called Tethers, with fiat currency.
Tether provides a simple interface for businesses and individuals to access a blockchain-based cryptocurrency that is always valued at a 1-to-1 ratio to the U.S. dollar.
Tether (USDT) exists on the Bitcoin Blockchain via the Omni Layer Protocol. This protocol has enabled essentially for the USD to exist on blockchain in the Tether form. It also exists on Tron, EOS, and Ethereum blockchains.
2. USD Coin (USDC):
USD Coin (USDC) is a cryptocurrency pegged to the United States Dollar. This means that 1 USDC equals 1.00 USD. For every USDC unit in circulation, one Dollar is reserved in a special bank account, ensuring that your funds are guaranteed and always redeemable for Dollars. Unlike Bitcoin or other cryptocurrencies, the USDC is a 1: 1 representation of the U.S. dollar on the Ethereum blockchain.
3. Paxos Standard (PAX):
Paxos Standard Token (PAX), is one of the best-known cryptocurrencies in the entire market, being characterized as a stable coin created based on the Ethereum network. However, the biggest feature of this cryptocurrency is that it is the first digital currency to be regulated by the New York State Department of Financial Services.
4. Binance USD (BUSD):
Binance USD growing steadily since its launch in September last year. The stable dollar-backed currency is directly pegged to the US Dollar on a 1:1 basis and offers users the ability to digitize their money.
Binance has been working hard lately to make sure he is up to date with regulators around the world. By appeasing the NYDFS, it has achieved a major victory.
5. TrueUSD (TUSD):
TrueUSD is new crypto that has gained a lot of support and popularity in recent years. Since TrueUSD is a stable currency backed by US dollars, its users have a full guarantee of their assets, as it is constantly audited by third parties and, in addition to this, they are legally protected, since users have the right to exchange tokens for fiat money in said currency.
6. Multi-Collateral DAI (DAI):
This is a crypto token and operates on the Ethereum platform. DAI has activated on the MakerDAO system. Also, it brings a lot of new and exciting features like support for new CDP collateral types and DAI Savings Rate that rewards DAI holders with variable interest. Also, it offers the new auction-based liquidation mechanism that increases the complexity and demands of governance.
7. Statis Euro (EURS):
STASIS EURO is a digital currency backed by the Euro. EURS is an ERC-20 token, which is based on the Ethereum blockchain and is backed 1:1 in the Euro, the second most used currency in the world.
The main objective of the new token is to protect investors in periods of high volatility, offering a token that is safe and has a stable value, which will allow it to attract more users, who in turn, will be able to benefit from the various advantages that this type of cryptocurrency has.
8. Single Collateral DAI (SAI):
SAI is the single-collateral version of the popular decentralized stable coin DAI. With the launch of Multi-Collateral DAI on 18th November 2019, the name and ticker symbol of Single Collateral Dai is changing to Sai (SAI). DAI now refers to DAI minted in the new Multi-Collateral Dai system. The term Collateralized Debt Position (CDP) is also being replaced with the term “Vault” under MCDai.
9. CryptoFranc (XCHF):
XCHF describes itself as a fully collateralized Swiss Franc (CHF) stable coin that is developed by Swiss Crypto Tokens AG. It is a subsidiary of BTC Suisse AG. This stable coin is an ERC-20 that is representing a Swiss Franc denominated bond.
10. QCash (QC):
QCash is a stable coin which aims to mirror the value of the Chinese Yuan (CNY). The concept was to make stable crypto which can be used like digital CNY. The rate of 1 Qcash is 1 CNY. Investors can use 1 CNY to purchase 1 QC and then use QC to trade crypto assets.