In the early days, cryptocurrency enthusiasts once mocked a stable cryptocurrency that was linked to a specific legal currency (such as the U.S. dollar). Although the situation has changed today, the digital currency Tether (USDT) trades more cryptocurrencies than the fiat currencies issued by most major countries (such as the U.S. dollar and Japanese yen). In addition, in the past year or so, more and more "stable currencies" have entered the cryptocurrency economy. Some people believe that stable currencies are a necessary part of the future of this technology.
The concept of "stable currency" first appeared in the "Second Bitcoin White Paper" (Second Bitcoin White Paper) written by JR Willett in 2012. "Stable currency"-whether you love them or hate them, in the past two years They have become very popular, and the digital currency Tether (USDT) released through the Omni layer protocol has become a puzzling phenomenon. As early as 2012, in JR Willet's Mastercoin white paper, the masters began to discuss asset-linked cryptocurrencies. The concept really started to become popular around 2014. People have tried many times to create a stable currency, but they all failed in linking to the legal currency. The value of the cryptocurrency nubits (USNBT) is set to remain at 1 U.S. dollar. Nubits has remained at around US$1 since its issuance until June 9, 2016, and it did not fall below US$1 until September 6, 2016. For the next period of time, its exchange rate has remained stable until after March 21, it has been unable to maintain a 1:1 ratio with the US dollar.
The king of all U.S. dollar-linked cryptocurrencies-Tether In November 2014, Reeve Collins announced a blockchain-based project "Tether", which uses the Bitcoin Core (BTC Core) network and is issued using the Omni layer protocol. The Omni network can grant and revoke tokens created by metadata embedded in the Bitcoin blockchain. The son of the project is USDT. Allegedly, every USDT token issued is guaranteed by one U.S. dollar, and the founder claimed that all funds are stored in Tether's bank. This claim is extremely controversial, and USDT has always been the focus of attention.
Nonetheless, since its price first appeared on the Coinmarketcap website in February 2015, Tether has remained stable. For traders looking for a safe haven in a bear market, using Tether has become a popular way. Tether eliminates the need for traders to convert cryptocurrency back and forth into legal currency, so it is more convenient. At present, USDT is used by many popular trading platforms. These exchanges include Binance, Poloniex, Bitfinex, Okex, Huobi, Hitbtc, Bittrex, ZB.com, Bitforex, Fcoin and more. As the prices of many cryptocurrencies have been fluctuating up and down, Tether was able to enter the top ten digital currencies, and USDT's market value is now ranked ninth.
Maker Dao and Dai tokens
So far, another interesting stable currency with a fairly consistent price is the digital currency Dai, which is the token that enabled Maker Dao to create. Maker Dao is a protocol built on the Ethereum network. Essentially, it uses the USD exchange rate when automatically locking tokens. Essentially, users store blockchain-based assets as collateral to create a stable Dai token. Since the Dai token first appeared in the Coinmarketcap (CMC) historical index on December 27, 2017, the price of each token has been stable between US$0.99 and US$1.02. Dai tokens are not as popular as Tether (USDT), and the platform is relatively new. However, Maker Dao and Dai tokens are regularly traded on decentralized exchanges (DEX) and other token trading platforms such as Bancor, Radar Relay and Ethfinex. These exchanges and ordinary traders are using Dai for lending and leverage operations, because the price of this currency has always been maintained at the level of 1 U.S. dollar.
Trust Token asset tokenization platform and Tusd
There is also a stable currency called Trueusd-a currency issued by the Trust Token Asset Tokenization Platform. The creator of Trueusd (TUSD) claims that each token is backed by mortgage-backed U.S. dollar assets, and these gates are scattered across various custodial accounts on the Ethereum-based Trust Token platform. Like Tether (USDT), the exchange rate of Trueusd tokens to the U.S. dollar is 1:1, and the current market valuation of the currency is 60 million U.S. dollars. The exchange has begun to use Trueusd stable currency to exchange trading pairs, just like the current use of Tether. Just recently, the Indian exchange Zebpay announced the use of Trueusd, and the cryptocurrency trading platforms Bittrex and Binance also listed the token. Trueusd first appeared in CMC's historical data on March 6, 2018, and the token price also remained between US$0.99 and US$1.01.
More stable currencies are emerging
The three stable currencies mentioned above may be the most popular so far, and each of them has been widely used. The controversial Tether (USDT) is currently the defending champion of stable assets. However, there are many other stable currencies that are entering or planning to join the cryptocurrency economy in the near future.
Some new stable currencies are planned to join the ranks of Tether, Trueusd and Dai. Kusd of Kowala, Eusd of Havven and Vaultusd.
A stable currency called Kowala (KUSD) recently partnered with hardware wallet company Ledger. Ledger's equipment will be able to send, receive and store KUSD. Another stable currency under development is called NUSD, which is an asset based on the EOS blockchain and developed by the Havven development team. It is followed by a smart contract platform, which is said to plan to use gold bars stored in Swiss vaults as collateral to support its token called Usdvault (USDVAULT). The creators of Usdvault claimed that this stable currency will be based on a 1:1 dollar price, and the value of the asset 1:1 to the dollar is entirely supported by precious metals located in Switzerland. In addition, not long ago, the cryptocurrency unicorn company Circle Invest also explained that they are also developing a stable currency pegged to the U.S. dollar.
Although these stable currencies seem to be controversial, people need to believe that the assets claimed by the project party are indeed backed by some kind of mortgage assets, but so far, these currencies are still very popular. Of course, the main concern is always whether these stable currencies are really pegged to the real U.S. dollar, and if they are not pegged to the U.S. dollar, and based on price ratios, can they maintain a 1:1 exchange rate value with the U.S. dollar for a long time.
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