Stable coins

The most obvious flaw of cryptocurrency is how fast the price can change (volatility), “Stable coins” were invented to solve this problem and make it much easier to make payments, accrue savings and loan to others. 

Tether USDT, which always keeps the same price of $1 per unit, is already the cryptocurrency with the highest volume, the most used. 

Other stable coins, such as USDC, GUSD, TUSD, UST, PAX, BUSD, DAI, HUSD, are already within the top 100 and moving up fast.

Even within one stable coin there may be different networks where it can be used, TETHER USDT can be used with the “OMNI” network, ERC20 Ethereum network ,TRC20 inside the TRON network, or most recently also inside the EOS and SOLANA networks. 

https://beincrypto.com/learn/how-to-buy-and-store-the-different-types-of-tether/

When the price of all other coins is going down, people can trade their cryptocurrency for stable coins, this way they can avoid losing value, since the price of stable coins will not change.

It is much faster to convert into a stable cryptocurrency than trying to convert into USD or another fiat currency, instead of taking several hours or days it’s usually done in seconds. 

Stable coins have the advantages of Fiat currencies + the advantages of crypto best of both worlds.

Some stable coins have a disadvantage that has been the cause of bitcoin price crashes, it is their connection to the banks. Some coins such as TETHER USDT use a $USD reserve to achieve the stability in their price of $1, as opposed to others such as DAI which don’t depend on bank reserves since they are backed up by crypto.