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Following the last post explaining what are the stablecoins, their use and functionality here is a list of the best stablecoins to use today.
Took its name as it “Tethers” the value of USD. One of the well-known in the crypto world. Tether is one of the first stablecoins. It’s backed by the United States dollar and is used by over 94% of all stablecoin trading volume. Many traders utilize the asset with Ethereum, as it’s basically a decentralized dollar. Tether helps users keep track of their investments, as they can convert it to other assets without going through Bitcoin first. Created by BitFinex
TrueUSD is another stablecoin looking to dethrone Tether. It’s simply a solid asset for stablecoin investors. It’s 100% backed by the United States dollar and is one of the most liquid stablecoins on the market. It can be used as an alternative to traditional fiat or Bitcoin to purchase various cryptocurrencies. The company behind TrueUSD is TrustToken.
If crypto is to take over the world as many expect, a stablecoin like this will help bring a sense of normalcy for newcomers. Of course, that normalcy means TUSD must require know-your-customer and anti-money-laundering policies. Some in the crypto space might be against this as it reveals your identity, but stablecoins aren’t exactly traditional cryptocurrencies.
Paxos Standard Token, otherwise known as PAX, was built as an aside to Tether. The asset is also backed by the US dollar, and the fiat is held in government-controlled treasuries. PAX is built on the Ethereum blockchain and has even been approved by the New York State Department of Financial Services. That approval is huge for the growing crypto space.
It’s one of the most used stablecoins on the market and may replace Tether as the most popular one day. After all, PAX posits itself as more trustworthy than USDT.
USD Coin us a stablecoin backed by Coinbase, the world’s biggest Bitcoin broker and largest exchange holder of Bitcoin.
Further to USDC crypto exchange and trading platform Binance also created Binance USD. It’s an Ethereum-powered asset also tied to the UD dollar as 1:1. Interestingly enough, BUSD was also partly-developed by the Paxos Trust Company, the team behind PAX.
For those interested to start with their own Crypto exchange/wallet please find below links to: Binance and Coinbase. For more info contact me to assist.
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