Crypto currencies comes in different types and there is a certain type called stable coins which we are going to look into. These are types of coins that are backed either by fiat money, securities or commodities and their price is pegged at a certain price and they claim to offer stability which their price and price is not shaken.
The total number of coins in circulation are backed and it is equivalent to the asset backing them. They are meant to override volatility.
We have a lot of them but let us take a look at a few and see their feature.
- Tether – It is pegged at $1 and it is ranked number 3 on the coin market cap. It has a good market capitalization of $9.2billion and its 24hour volume is $25billion and circulating supply of 9.1 billion coins. In September 2018 it reached a low of $0 and in May 27 2017 it had an all-time high of $1.21. It was launched in July 2014
- Paxos – It is pegged at $1 and is ranked number 35. Its market capitalization is $245million and 24hour volume is $184million. It has an all-time high of $1.10 and an all-time low of $0.87. It has a circulating supply of 244million coins and it has been around since October 2018.
- USD Coin – it is pegged at $1 and it was launched on January 2019 and is currently ranked number 22. It has a coin market capitalization of $736million and a circulating supply of 735million USDC coins. It has all time high of $1.11 and a low time of all time low of $0.92
According to the finding, the most stable and best stable coin is the one which has been around for so long and has a higher market capitalization. In this case Tether is the oldest and its market capitalization is overwhelming which makes it the most stable coin. It once reached $0 per coin but it regained its ground and its back on top again.
