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Altcoins
Has been drawn to the market for traditional cryptocurrencies, has drawn attention to these fiat-pegged digital assets. Dedicated platforms are now aggregating statistical data on stablecoin markets for the benefit of traders.
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The Stablecoin War Is Heating Up
The last couple of months has seen the arrival of the new money stolen tether (USDT). Two new "regulated" cryptocurrencies, also pegged to the U.S. dollar, were announced after receiving approval from the New York State Department of Financial Services in September. The Gemini dollar (GUSD) and standard paxos (PAX) are both backed one-to-one with fiat currency.
USDA (USDC), but coins, pegged to different fiat currencies or other traditional assets, such as precious metals, have also been announced. Exchanges and other trading platforms have already listed many of these stablecoins, granting them a bearish market for the majority of the free-floating cryptocurrencies. A crypto loans service has recently started offering interest payments on stablecoin holdings.
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"Competition among stablecoins" has given rise to dedicated tracking services. A new website, Stablecoinswar.com, provides data on their price, market capitalization, daily trading volume, and share of total volume. It also has a "velocity of money" indicator that reflects the rate at which the coin is exchanged. The platform currently lists eight stablecoins: tether, paxos, trueusd (TUSD), USD coins (USDC), from, gemini dollar (GUSD), susd, and bitusd.
According to Stablecoinswar, all but one of these assets is currently trading at or above the $ 1 dollar mark at the time of this writing. The only exception is bitusd which is currently trading at $ 0.71. Tether remains the stablecoin with the largest market cap, at almost $ 1.88 billion. That's over 72 percent of the total stablecoin capitalization, which sits at around $ 2.6 billion. Trueusd is second with 8.15 percent of the market cap, followed by USD coin. Paxos, with almost 33%, is the second-fastest stablecoin after tether (with over 166%) for velocity of circulation.
Stablecoin Index
Stablecoinswar constantly updates its market data but does not offer much more than the basic indicators. Stablecoin Index is another platform that tracks and compares the leading stablecoins. The open-source tool displays cryptocurrencies that are already traded, ranked by market capitalization and presented with their current prices and trading volumes. It also separately lists other stablecoin projects that are still under development.
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The Stablecoin Index website provides market data for eight "live" stablecoins – USDT, TUSD, PAX, USDC, DAI, BITUSD, NUSD, and GUSD. Posted in Stablecoinswar, although it's more detailed. The one that is different from Stablecoinswar's list, NUSD, actually does not look very "live", with $ 0 capitalization and volume. According to its website, the total supply of NUSD is currently valued at $ 1,516,106 and its price is exactly $ 1.
Stablecoin Index also has a graph on its frontage that shows the price of stablecoins since Feb. 1, 2018. The most volatile of the bunch – the only volatile stablecoin if the standards of the regular cryptocurrency markets are applied – has been bitusd. The crypto reaches its high of $ 1.19 in the beginning of the period and is currently trading at its lowest price this year, $ 0.72.
What do you think about platforms that track stablecoins? Share your thoughts on the subject in the comments section below.
Images courtesy of Shutterstock, Stablecoins War, Stablecoin Index.
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