by Sayantani Sanyal
November 22, 2021
Technology has affected almost all of our daily activities, including finance. Every day, more and more people are choosing digital forms of payment. This is one of the main factors contributing to the growth of investments in cryptocurrencies. New investors mostly prefer stack coins as they minimize market volatility. These cryptocurrencies are mostly linked to the value of fiat money. Over the years, stack coins have increasingly brewed a storm up in the crypto space. Recently, more and more assets have been used to back up stack coins. So in this article, we have compiled a list of 10 stack coins that have gained traction and should be watched in 2022.
Market value: $ 73.829 billion
Tether is one of the first stack coins that has gained a lot of popularity due to its value of 1 USD. Due to the dramatic volatile behavior of the cryptocurrencies, several losing investors are losing interest in the market. Stablecoins like tether minimize this volatility. Tether was created to stay at $ 1, with $ 1 in reserves for each released tether. The coin describes itself as a platform designed to facilitate the use of fiat currencies virtually.
Market value: $ 13.051 billion
Binance launched its stablecoin in 2019, making it a relative newcomer to the crypto field. BUSD was offered as an attractive bid to its new users who would enter the crypto world safely and securely. Binance USD has pegged to the US dollar, increasing its stability. BUSD is one of the largest cryptocurrency exchanges, which will continue to rise in 2022.
Market value: $ 1.209 billion
True USD was launched in 2018 and is a 100% dollar-backed stablecoin on the market. It is transparent, reliable, and many consider it perfect to use as a hedge against market volatility. The token has a ratio of 1: 1 to the dollar. Moreover, its creators do not participate in the transfer and have no access to it.
Market value: $ 34.423 billion
USD coins anchor their value to the dollar and operate on various blockchains such as the algorithm, ethereum and Solana, to name a few. It works on CENTER technology, which emerged as a joint effort of Coinbase and Circle. In addition, it is a crypto-supported stablecoin. Its fund reserves remain in the FDIC-insured US banks.
Market value: $ 9.45 million
The Pax dollar, formerly known as the Paxos Standard, was a dollar-backed stablecoin operating on the ethereum blockchain. Experts believe it is one of the best fiat-secured tokens in terms of eliminating cross-border transaction fees. Wall Street regulators largely accept this token and consider it a reliable cryptoactive. It also helps improve the traditional financial industry.
Market value: $ 36 million
The underlying Terra protocol running TerraKRW is a proven network in the stablecoin area. Terra uses its LUNA cryptocurrency token to keep its stack coins balanced using an interesting system. Out of all the different currencies, Terra uses the Korean won. This is partly due to the fact that the Terra company was founded in South Korea, and thereby knew how to address its local audience.
Market value: $ 3.41 million
Digix gold is a stack coin supported by physical gold. Individual tokens are responsible for creating a DGX token to preserve the identity of the gold bullion associated with it. It is managed through a smart contract involved in the creation of the token. Any DGX owner can pay out their tokens in the form of physical gold bars according to the stated value.
Market value: $ 6.481 billion
Dai is an ethereum-based stablecoin. Its price is pegged to the US dollar and is backed by a mix of other cryptocurrencies. Its issuance and development are governed by the maker protocol and the decentralized autonomous organization makerDAO.
Market value: $ 5 million
It is another stablecoin that is backed by gold and runs on the ethereum blockchain. It enables investors to buy and hold the asset using cryptocurrency. Since its inception, several investors and programmers who believe in promoting economic freedom have been involved in the development.
Market value: $ 4.63 million
Reserved is a dual-token stablecoin platform. The coin aims to create a censorship-resistant stablecoin and a decentralized fiat gateway network. The crypto is backed by a basket of assets controlled by smart contracts.
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