Stablecoins – Amongst the top 40 cryptocurrencies on coinmarketcap, Stablecoins currently carries an impressive value approaching 20 billion dollars with Tether taking the lead at over 15 billion dollars.
cryptocurrency that behaves like national fiat currencies such that they do not fluctuate like other cryptocurrencies but fluctuates as national currencies fluctuate.
Stablecoins has been seeing a rapid growth over the years it since it became a concept and now a vehicle or instrument for the facilitation of trades and hedging of values against market volatility.
Stablecoins become popular due to their market volatility protective features and their ability to be used as a safe method of payment thus replacing national currencies for many who use it. The earliest stablecoins were pegged to the US dollar being the global reserve currency and currency notable for use in international trade.
Over time, various cryptocurrencies which were pegged to other national currencies have emerged with several currently pegged to the Nigerian national currency – Naira (NGN). Some of which are NIRX, NGNT, ABDC etc.
Positions of Stablecoins on Coinmarketcap
Tether- Tether (USDT) is currently the No. 3 on Coinmarketcap after displacing Ripple (XRP). It’s also the largest stablecoin with an impressive market capitalization of 15.6 billion dollars and a 24 hour trade volume of 28.9 billion dollars.
USDCOin – USDC is the currently the 13 in terms of market capitalization in the entire market and is the second largest stablecoin after Tether. It currently has a market cap of 2.6 Billion Dollars and a 24 hour trade volume of 327 million dollars.
DAI- the stablecoin Dai holds a position of 25 on coinmarketcap and a third position with a market cap of 874 million dollars and a 24 hour trade volume of 71 million dollars.
Binance USD (BUSD) – The BUSD is a stablecoin from Binance, and holds number 34 on CMC with a marketcap of 555 million dollars and a trade volume of 234 million dollars under 24 hours.
TrueUSD (TUSD)- The stablecoin is No. 37 on CMC and holds a market capitalization of 507 million dollars and a trade volume of 44.9 million dollars under 24 hour trade volume.