The cryptocurrency market is critically short of stablecoin Tether (USDT). According to CoinMarketCap, in October, demand for USDT steadily exceeds $ 3 billion, with this digital asset capitalizing at $ 2.8 billion. Tether's regular emissions do not save the situation - crypto traders absorb everything. This prompted the largest participants in the cryptoindustry to take steps to issue their own stablecoins. For the time being, the largest blockchain projects give preference to stablebcoins provided with stable national fiat currency. Stablecoins provided by other cryptocurrencies or controlled emission do not arouse interest in cryptocurrency projects.
Who entered the market
Circle and USD Coin (USDC)
Cryptocurrency company Circle, with the support of Goldman Sachs, released the stablecoin USD Coin (USDC) in late September, backed by the US dollar.
Developer: Centre.io.
Technology: ERC20 token on the Ethereum blockchain.
Listing and support: since launch - Poloniex (owned by Circle), OKCoin, CoinEx, Coinbase and 30 more partners.
Deposit storage: 4 US banks on the recommendation of the investment company Bancorp.
Reserve sufficiency audit: once a month.
Requirement to the buyer: verification of identity.
Purpose: replacement of USDT in cryptocurrency pairs to reduce their volatility.
Gemini and Gemini Dollar (GUSD)
In September, the Winklevoss Twin Cryptocurrency Exchange released Gemini Dollar (GUSD), which was also backed by the United States dollar and approved by the New York Department of Financial Services (NYDFS). This allows you to call the coin "the world's first regulated token."
Developer: Gemini.
Technology: ERC20 token on the Ethereum blockchain.
Listing and support: since launch - Gemini, as well as HitBTC, Bibox, DigiFinex, BCEX and others.
Deposit storage: US bank with FDIC insurance.
Reserve sufficiency audit: in accordance with New York Banking Law.
Requirement to the buyer: verification of identity.
Purpose: a means of payment in offline and online trading.
Paxos and Paxos Standard (PAX)
In September, Paxos cryptocurrency startup released Paxos Standard (PAX), which in many ways is a clone of Gemini Dollar - the token provided by the US dollar 1:1, was approved by U.S. Securities and Exchange Commission (SEC) and the New York Department of Financial Services (NYDFS).
Developer: Paxos.
Technology: ERC20 token on the Ethereum blockchain.
Listing and support: Binance, BCEX, itBit and others.
Deposit storage: US bank with FDIC insurance.
Reserve sufficiency audit: in accordance with New York Banking Law.
Requirement to the buyer: verification of identity.
Purpose: instant conversion to Fiat and back, and to Fiat - without a platform commission.
London Block Exchange and LBXPeg
In late September, the London Cryptocurrency Exchange LBX released LBXPeg stablecoin, secured by 1: 1 British pound sterling (GBP).
Developer: London Block Exchange.
Technology: ERC621 token on the Ethereum blockchain.
Listing and support: since launch - London Block Exchange.
Deposit storage: unnamed regulated UK bank.
Reserves adequacy audit: in accordance with UK banking law.
Requirement to the buyer: verification of identity.
Purpose: performing over-the-counter transactions in the London market, servicing exchanges from the EU that do not have bank accounts, paying out dividends in the cryptocurrency of token projects.
Stasis and EURS
The Maltese platform for financial tokenization Stasis released stablecoin EURS at the end of summer, secured 1:1 to euro. Stasis is in the process of licensing by the government of Malta, which will allow it to gain legal status based on the new Maltese cryptocurrency legislation.
Developer: Stasis
Technology: ERC20 token on the Ethereum blockchain.
Listing and support: HitBit, London DSX and others.
Deposit storage: unnamed regulated bank of Malta.
Reserve sufficiency audit: daily.
Requirement to the buyer: verification of identity.
Purpose: instant conversion to Fiat and back.