3 New Stable Coins Entering The Crypto Space
A stablecoin âinvasionâ has recently happened in the markets, according to reports, there have been at least 57 stable coins that have been released or that are currently in development around the world.
In Invest In Blockchainâs guide to stable coins it says:
âA stablecoin is a cryptocurrency that is pegged to the value of an underlying asset. They are called stablecoins because the value of these cryptocurrencies is kept stable in relation to the underlying asset.â
The most popular stablecoin in the space right is undoubtedly Tether which currently sits at the 8th spot according to CoinMarketCap.
However, Tether is surrounded by controversy as there have been claims that the coin isnât truly backed by US dollars. They have also been accused of being behind the Bitcoin price manipulation.
Here are three new stablecoins which could take over from Tether and become the most popular stablecoin around the globe.
This stablecoin has spread its name all over the world. The Bank of Mongolia has granted an electronic cash license to the biggest telecom company in the country, Mobicom. The license is for the first virtual currency which is equal to the countries national fiat currency, the Tugrik.
Originally, Candy was only available to Mobicom users, however, from the start of this month, every citizen in Mongolia with a phone will able to use the currency for their everyday needs.
A Swiss asset manager and commodities trader, Tiberius Group AG have just started its sale of their new stablecoin from 1st October.
Tiberius Coin (TCX) isnât just backed by one asset such as the US dollar but a combination of 7, including platinum, tin, nickel, cobalt, aluminium, copper and gold.
âInstead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals and electric vehicle metals. This will give the coin diversification, making it more stable and attractive for investors.â
Last month, the crypto finance firm Circle Internet Financial Ltd launched another coin which is backed by US dollars, called the USD Coin (USDC).
Circle will issue USDC tokens to partner institutions initially and then release them for public use. Jeremy Allaire, the CEO of Circle explained the coin will be different than Tether in a recent interview:
âMarket infrastructure like stablecoins will become the base layer that supports every financial application. It has to be legitimate, trustworthy, built on open standards. We are solving a lot of these fundamental problems that exist. Thatâs a huge difference from something like Tether, and we think the market will very quickly gravitate to that.â
What are your thoughts? Will you be looking to these stable coins when they enter the crypto space? Let us know down below in the comments!
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