The cryptocurrency market has been through quite a lot in recent times and 2018 has especially been a dramatic year for cryptocurrencies. From its mighty crash after its 2017 surge to regulatory crackdowns, the market is almost always fighting one battle or the other.
In light of these recent events, investors are beginning to seek ways of reigning in gains by switching to coins perceived to be stable. Hence, it would seem that the successful integration of Bitcoin and the constant dramatic turns of events in the crypto scene appear to have heralded the rise of stablecoins.
Top 10 Stablecoins
Stablecoins are majorly cryptocurrencies with their intrinsic values linked to another asset which could be fiat currencies or gold. They are observed to be stable and reliable.
To that effect, the market has seen an influx of stablecoins with quite a number of them trending. Hence, here are ten stablecoins making waves in the market.
1. Tether (USDT)
As with the meteoric rise of Bitcoin to fame, tether has managed to gain traction. Integrated in 2015, the cryptocurrency came as a fiat-collateralizing form of stablecoin. It pegs to the US dollar in a 1:1 ratio. Though the coin shows involvement in a lot of controversies, it is one of the top stablecoins in the market. Bitfinex was the first to offer this currency in the year 2015. Bitfinex and Tether share a number of key officials. For example, J. L. van der Velde is the CEO of both companies.
2. MakerDAO (DAI)
Created by MakerDAO, DAI came early in 2017 with its backing mainly in Ethereum though there was an initial proposal for its link to the US dollar. Thereafter, it counts under a crypto-collateralizing stablecoin. DAI uses a complex system of Collateralized Debt Position (CDP) smart contracts which is backed by ETH to keep its price stable.
3. TrueUSD (TUSD)
TrueUSD is US stable coin. It bears a striking resemblance to the USDT. However, it is dissimilar in a number of ways. The TUSD is a fiat-collateralized cryptocurrency which backed legally and runs as transparently as possible. The stablecoin transactions are verified and attested by third-party. It is centralized in a way & remarkably one of the most stable cryptocurrencies in the market today.
The Carbon stablecoin is a price-stable cryptocurrency that is one-to-one backed with USD. Basically, CarbonUSD provides the benefits of cryptocurrencies, without volatility. It is non-collateralising however, instead, it is built upon Hashgraph and its stability is controlled by smart contracts.
The Kowala whitepaper defines a method for building a set of asset-tracking algorithmic cryptocurrencies. Each of these is designed to maintain a close one-to-one peg to currencies like USD, EUR or JPY.
Cryptopeg is decentralized blockchain-based money, which is used as a unit of account and a medium of exchange.
Boreal is a new approach that utilizes ether reserves, debt from crypto-banking loans and retailer backing as well as endorsement to achieve price stability.
Also, one of the theory based automated pegging system and is highly dependent speculations and a major expansion for price stability.
Also based on the theory based system with its value proposed to be pegged with the USD.
This is also one of the stablecoins that run their values on an automated pegging system and is one of the major stablecoins gearing towards balancing the crypto market.