Alternatives to Tether [USDT] – Two More Stablecoins Worth Buying: https://t.co/8u3O9eG5yO
There are many cryptocurrencies that are pegged to the U.S. dollar or other fiat currencies. These digital assets make it easy for investors and traders to move their money into or out of the cryptocurrency market. It also enables them to park their funds in a stable coin while waiting for the right opportunity to enter or exit the cryptocurrency markets.
Tether is the most well-known stable coin, but it has been facing a lot of controversies regarding the lack of transparency and its questionable financial practices.
To help you choose an alternative to Tether, here is a list of two more stable coins that are worth buying:
USDC – USD Coin
Founded by Circle, USDC is an Ethereum-based stable coin backed by US dollars. The company maintains full reserves of U.S. dollars and publishes regular attestations from auditors to prove it. The idea behind establishing USDC was to offer a transparent alternative to Tether that would be fully backed by real money.
USDC is an open-source project launched by Centre, which aims at building an open global financial system that is powered by open crypto protocols. The organization seeks to make this happen through fostering innovation through open source software development and standards creation. It also provides support for entrepreneurs who want to integrate
Stablecoins have been all the rage of late, with a slew of different coins emerging all in their quest to be the best. However, one coin has been dominating the market; Tether [USDT], the largest stable coin by market cap. With its dominance starting to dwindle, many are looking for alternatives to Tether [USDT].
The reason for people looking for other coins is that USDT has been losing favor among some in the crypto community. This is because Tether [USDT] has been surrounded in controversy, with many believing it was used incorrectly by Bitfinex. In addition, many are also questioning whether or not Tether [USDT] is actually backed by real USD reserves. If this were to not be true and USDT were to be another form of ico scam, then the coin could plummet in price and cause havoc on cryptocurrency markets if traders tried to get out before it fell any further.
However, this is just speculation and many believe that Tether is backed by USD. Even if it isn’t backed by fiat, there will always be demand for stablecoins; this is why so many alternatives are trying to emerge. But what are some good alternatives?
While the majority of cryptocurrency traders and investors are focused on Bitcoin and its rising prices, it is important not to ignore other cryptocurrencies. Especially those which have a real use case. A prime example of this would be the stablecoins. These digital currencies are designed to maintain a stable value, regardless of fluctuations in the value of other digital assets.
Tether [USDT] is currently the most popular stablecoin in the market, with a market cap of over $2 billion. However, there are several competitors entering the space. Two such coins which show tremendous potential are TrueUSD [TUSD] and Paxos [PAX]. The latter has already been listed on Binance, one of the world’s largest crypto exchanges. We will take a look at each coin individually and understand what makes them unique.
TrueUSD is a U.S dollar backed ERC20 token which enables users to exchange and trade fiat currencies without any counterparty risk. It is issued by TrustToken platform and can be redeemed easily for USD at any time of the day through their legal agreements with multiple banks and financial institutions across the globe. TUSD is one of the few ERC20 tokens which have managed to gain mainstream adoption and also have considerable
One of the world’s first cryptocurrencies, Tether has been around for quite some time now. In fact, it was launched in 2014 by Craig Sellars and Reeve Collins. However, as with any other cryptocurrency around, USDT has had its fair share of ups and downs.
Although the developers of this said coin claim that each token is backed by a U.S. dollar (1:1), many crypto enthusiasts beg to differ. Moreover, the lack of transparency on the part of the developers has caused many people to doubt its authenticity even further.
However, it must be noted that despite all these controversies, Tether still remains one of the most popular coins in the cryptosphere — largely due to its price stability feature.
And since there are many projects like USDT out there that claim to offer stablecoin services, we decided to do a comprehensive research and come up with a list of six more stablecoins that you can buy today:
Tether – The original stablecoin.
A new stablecoin is coming to the crypto market. It’s backed by a portfolio of collateralized assets and issued by blockchain startup Paxos.
The new financial product will benefit from the same high-security standards and regulatory compliance that allowed Paxos to launch Paxos Standard (PAX), a US dollar-backed stablecoin that has since become one of the top five in terms of trading volume.
The asset is going to be called PAX Gold (PAXG) and will allow customers to buy, hold, redeem and sell 1:1 physical gold on blockchain technology. The company said each coin represents one fine troy ounce of a London Good Delivery gold bar, stored in Brink’s vaults in London.
It’s worth noting that Paxos Standard was the first digital asset approved by the New York State Department of Financial Services (NYDFS). The regulator also approved its new PAX Gold on Thursday, allowing it to operate as a limited liability trust company in New York.
Paxos CEO Charles Cascarilla said in a statement: “Gold has historically served as a stable store of value, but it is difficult for investors to access and transact in physical gold easily. Our goal is to make an institutional-