What Are The Most Popular Stablecoins?

There are many stablecoins available in the market and some of them are as follows.

Tether (USDT) 

Tether has the most significant market valuation of any stablecoin backed by fiat currency, at roughly $65 billion. In addition to being the first stablecoin on the cryptocurrency market, its large transaction volume makes it the most liquid stablecoin. Though it has yet to be confirmed, there have been allegations that Tether is not backed 1:1.

USD Coin (USDC)

U.S. Dollar Coin, or USD Coin, is a cryptocurrency pegged to the value of the U.S. dollar. It's a stablecoin backed by a stable currency. This implies that at any one moment, one USDC may be purchased for $1 or redeemed for $1. There are now 55.8 billion U.S. Dollar coins in circulation across the world.

Binance USD

Binance USD is a fiat-backed stablecoin initiative launched by the cryptocurrency trading platform Binance in partnership with Paxos. It is now the third-largest stablecoin by market size, at $17.5 billion. BUSD is recognized by the New York State Department of Financial Services and has a fixed exchange rate of 1 BUSD to 1 USD (NYDFS).

Dai (DAI)

Dai was introduced by MakerDAO in 2017 and is based on the Ethereum network. Dai is a cryptocurrency-backed stablecoin whose value is pegged to the U.S. dollar and whose backing is in the form of ether, the cryptocurrency on the Ethereum network. DAI employs smart contracts and incentives to maintain its peg, setting it apart from other stablecoins.

TrueUSD (TUSD)

TUSD, issued by TrustToken, is a stablecoin backed by U.S. dollars and built on the Ethereum network. At the moment, one TUSD token is equivalent to one U.S. dollar. On TrustToken's website, users may create TUSD tokens and exchange them for other currencies.

TerraUSD (UST)

As an example of a notable algorithmic stablecoin, TerraUSD (UST) is often cited. The developers at Terraform Labs employed sophisticated algorithms to ensure that the TerraUSD stablecoin always maintained a value close to $1. This was achieved by pegging its value to the price of LUNA, a very volatile cryptocurrency, and relying on "network arbitrageurs" to purchase when the price was low and sell when it was high.

The program, however, was unable to keep TerraUSD's price stable. After staying close to its 1:1 ratio for almost a year, Terra collapsed because the value of the stablecoin dropped drastically.

The crash sent shockwaves across the cryptocurrency community, affecting even the most widely used digital currencies. Do Kwon, creator of Terraform Labs, hopes to resurrect the once-prominent stablecoin, but whether or not this is really possible is up to speculation. Visit Briansclub and make an account right now if you are interested in cryptocurrencies or stablecoins.