Get to Know Your Stables: Brief Insight on Cryptoverse's Top 5 Stablecoins
ENEDEX Insight
Stablecoins have gained immense popularity in recent times due to their unique proposition of providing stability in a volatile market. They are cryptocurrency tokens that are pegged to a stable asset like the US dollar, thereby providing stability to the value of the token. But recently stables like UST garnered a bad reputation due to its meltdown and BUSD is also currently under scruttiny due to its nature being questioned by the SEC.
So its good to know your stables, as the upcoming ENEDEX V1 will have lots of them from various blockchain. In this article, we will be discussing the top 5 stablecoins and what they are :
- Tether (USDT)
Tether is one of the oldest and most popular stablecoins in the market. It was launched in 2014 and is pegged to the US dollar at a 1:1 ratio. USDT is widely accepted across a range of exchanges and is considered to be one of the most liquid stablecoins in the market. Tether is also one of the largest stablecoins in terms of market capitalization and is used as a bridge currency for cryptocurrency transactions.
2. USDC
USDC is a stablecoin that was launched in 2018 by Circle and Coinbase. It is pegged to the US dollar at a 1:1 ratio and is based on the Ethereum blockchain. USDC has been able to establish itself as one of the leading stablecoins in the market due to its compliance with regulatory requirements and its integration with various decentralized finance (DeFi) protocols.
3. Binance USD (BUSD)
Binance USD is a stablecoin that was launched in 2019. Although it recently announced widely that it is issued by PAXOS, but the popularity of the token itself is due to its heavy correlation with Binance. It is pegged to the US dollar at a 1:1 ratio and is based on the Ethereum blockchain. Binance USD has seen rapid growth in popularity due to its association with one of the largest cryptocurrency exchanges and its integration with various DeFi protocols.
4. Dai (DAI)
Dai is a decentralized stablecoin that is pegged to the US dollar at a 1:1 ratio. It is unique in the sense that it is not backed by any central authority, but instead is backed by a combination of Ethereum and other cryptocurrencies. Dai is a popular choice among users in the DeFi space due to its decentralization and its ability to provide stability in a volatile market.
5. Paxos Standard (PAX)
Paxos Standard is a stablecoin that was launched in 2018 by the financial services company Paxos. It is pegged to the US dollar at a 1:1 ratio and is based on the Ethereum blockchain. Paxos Standard has been able to establish itself as a leading stablecoin due to its compliance with regulatory requirements and its integration with various financial institutions.
In conclusion, stablecoins have revolutionized the world of cryptocurrency by providing stability in a volatile market. The top 5 stablecoins in the market are Tether, USDC, Binance USD, Dai, and Paxos Standard. Each of these stablecoins has its unique features and advantages, making them popular among users in the cryptocurrency space.
Multiple stables in multiple blockchains will be featured in ENEDEX V1. Stick around for updates on ENEDEX socials below to be the first to try :
🐦Twitter : https://twitter.com/ENEDEX_HQ
🗣 Telegram : https://t.me/ENEDEX_Official
📖 Medium : https://medium.com/@enedex
Get $ENE today to be a part of sustainable blockchain and energy evolution on :
🥞Pancakeswap : https://pancakeswap.finance/swap?outputCurrency=0x3becb1170183fdbc8f1603dacd1705c093bc33b7
Analyze price actions on :
👾Dextools : https://www.dextools.io/app/bsc/pair-explorer/0xc2660b04dc2fb671ba6860cf9f9292a2b68bf486
📈Coinmarketcap :
