What is a stablecoin?
A stablecoin is a cryptographic asset that aims to tackle the problem of volatility by pegging itself to an external, relatively stable, asset — like the US Dollar. In so doing these projects can offer a cryptographic asset, with some of the benefits of a cryptocurrency (speed, transparency, borderless reach etc.) while eliminating the dangers of a volatile value.
Why are stablecoins important?
Stablecoins are an important step forward for cryptocurrencies as they fulfil the function of being a reliable store of value and medium of exchange. They may take away some of the exciting possible gains for traders but they also provide the functionality of being able to “cash out” of other more volatile coins into a stable coin and wait out the bear markets and flash sell offs, should they come. It’s all about smoothing out the volatility, and if there are options that can do this well and transparently, it opens the door for much wider public interest and investment — not to mention more exciting possibilities for day to day transacting on the blockchain.
The information below has been taken from Apogeecrypto.com.
Top 10 current stablecoins by trading volume:
10. NuBits (USNBT)
NuBits is a stablecoin issued by a DAO under the same name. Shareholders achieve stability in NuBits by placing buy and sell orders at $1.00 using revenue from NuBit sales kept in external digital currencies such as Bitcoin.
Current Market Cap: 1,850,000 USD
Current Volume: $42,000 USD/24 hours
Current Price: $0.16 USD
9. STASIS EURS (EURS)
EURS token is a virtual financial asset that is designed to digitally mirror the EURO on the condition that its value is tied to the value of its collateral.
Current Market Cap: $14,300,000 USD
Current Volume: $60,000 USD/24 hours
Current Price: $1.16 USD (1 Euro)
8. DigixDAO (DGD)
Digix tokenizes gold on Ethereum. We leverage the Distributed Ledger for its immutability, transparency and auditability by applying it to precious physical assets. Digix has created a range of technologies including The Proof of Asset Protocol (POA) and Digix Gold Tokens (DGX) on Ethereum.
Current Market Cap: $113,500,000 USD
Current Volume: $280,000 USD/24 hours
Current Price: $56.78USD
7. Steem Dollars (SBD)
Associated with the Steemit platform. Steem Dollars represent a new way for publishers to monetize their online content and community, based on battle-tested blockchain technology
Current Market Cap: $15,600,000 USD
Current Volume: $290,000 USD/24 hours
Current Price: $1.01USD
6. Havven (HAV)Havven
is a decentralised payment network where users transact directly in a price-stable cryptocurrency. Those who use the stablecoin pay fees to those who collateralise the network, compensating them for the risks of providing collateral and stability. Collateral providers control the money supply, and fees are distributed in proportion with each individual’s stabilisation performance. Thus, Havven rewards suppliers of stability and charges those who demand it.
Current Market Cap: $7,800,000 USD
Current Volume: $406,000 USD/24 hours
Current Price: $0.12 USD
5. DAI (DAI)
DAI is a cryptocurrency that is price stabilized against the value of the U.S. Dollar. Dai is created by the Dai Stablecoin System, a decentralized platform that runs on the Ethereum blockchain. With Dai, anyone, anywhere has the freedom to choose a money they can place their confidence in. A money that maintains its purchasing power. MKR holders govern Dai. Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the U.S. Dollar.
Current Market Cap: $48,500,000 USD
Current Volume: $890,000 USD/24 hours
Current Price: $1USD
4. Bitshares (BTS)
The BitShares 2.0 network consist of several assets, tokens or currencies. All assets are equal from a technological point of view and come with more or less the same features, namely, they can be traded against each other and can be transferred within seconds. The differences between them are of economical nature.
Current Market Cap: $300,000,000 USD
Current Volume: $5,800,000 USD/24 hours
Current Price: $0.11USD
3. BitCNY (BITCNY)
The BitShares blockchain has its own native currency called (lowercase) bitshares. Like bitcoins, bitshares have a maximum supply with inflation that decreases over time. Bitshares have a volatile price, but the BitShares system allows stable BitUSD, BitCNY and BitGold (and several more BitAssets) to be created using bitshares as the collateral that backs them and gives them value.
Current Market Cap: $21,000,000 USD
Current Volume: $8,000,000 USD/24 hours
Current Price: $0.15 USD
2. TrueUSD (TUSD)
The TrustToken Platform is the bridge between blockchains and the $256 trillion worth of real-world assets. As one of the most widely used legal contracts for asset management, escrow accounts enable regular attestations and complete legal protection for token holders.
Current Market Cap: $72,5000,000 USD
Current Volume: $13,7000,000 USD/24 hours
Current Price: $1 USD
1. Tether (USDT)
Tether is money built for the Internet. Tether is pegged to other currencies including Dollars, Euros and Yen and enables you to store, send and receive digital tokens for a lower cost. Tether is secure and transparent and aims to protect the consumer from volatility by being tethered to real-world currencies.
Current Market Cap: $2,800,000,000 USD
Current Volume: $2,700,500,000 USD/24 hours
Current Price: $1 USD
Written By: Glen Veitch - CRYPTO 101 Blogger