Stablecoin

The cryptocurrency market is well-known for two things. One is the fairy-tale stories of emerging millionaires and the other is its volatility. Even though many unfamiliar digital currencies are recently seeing a spike, the well known top runners like Bitcoin and Ethereum are coming under rough weather. Not to forget Elon Musk, the biggest price driver of the cryptocurrency sphere. He is being both priced and criticized for his manipulative tweets on the cryptocurrency market. Therefore, to break these price swings and stabilize the investments, crypto companies unravelled stablecoins. Stablecoins are designed to be less volatile than most other cryptocurrencies and they are backed by a dollar reserve. Although it won’t give crypto investors access to the roller coaster rides when it comes to prices, they are pegged to a value that is more stable. IndustryWired has listed the top 5 stablecoins that crypto investors should invest in in June 2021.

Tether

Price: US$1

Tether is one of the top stablecoins that aims to keep the cryptocurrency valuation stable, as opposed to the wide volatility observed in the price of other popular cryptocurrencies like Bitcoin and Dogecoin. Many crypto investors who want to avoid extreme volatility pick Tether as the best digital currency investment. It also creates a convenient bridge between crypto-assets and fiat currencies. Last month, Tether Operations has surpassed US$60 million in market capitalization as crypto investors flooded to Tether following the plummet of other popular cryptocurrencies.

TrueUSD

Price: US$1

TrueUSD, also known as TUSD, is a popular stablecoin that is backed by the US dollar. The digital currency made was constantly seen on headlines when it became the first regulated USD-backed stablecoin. TrustToken, the company behind TUSD, started the digital currency when it realized the fraudulent and manipulative activities happening in the cryptocurrency space. Owing to its collaboration with the US dollar, the digital currency maintains an equal value with an asset it represents. It can be exchanged between parties from any part of the world. Launched in 2018, TrueUSD is the 66th largest cryptocurrency in the world by market capitalization. Recently, TrustToken has planned to bring additional products to Avalanche that build on TrueUSD.

Paxos Standard

Price: US$1

Paxos Standard was created by Paxos, a financial technology company that was on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos was the first digital currency provider to receive a charter from the New York State Department of Financial Services. On the positive side, it also has fiduciary powers under the banking law and is able to offer regulated services in the crypto-asset and virtual commodities space. Paxos Standard is currently the 80th largest cryptocurrency in the world by market capitalization. Recently, the company has raised US$300 million in a Series D funding round. Paxos said the company will use the fund to offer cryptocurrency products to their customers.

Binance USD

Price: US$1

Binance USD, also dubbed as BUSD, is a US dollar-backed stablecoin issued by Binance in partnership with Paxos. This digital currency is also approved and regulated by the New York State Department of Financial Services. Binance US is making a significant stand in the cryptocurrency market by making it into the top sixteenth. With comparatively less fess, Binance USD has become popular so quickly. It can also be transferred anywhere in the globe within minutes, with a low cost and on a secure source like blockchain. Crypto investors can also buy and trade BUSD for other cryptocurrencies.

USD Coin 

Price: US$1

USD Coin is another breakthrough cryptocurrency that has established the stability of the digital currency market. USD Coin works with other digital content and moves at the speed of the internet. It’s easy to use features include exchanging in the same way we share content. USD Coin is cheaper and more secure than existing payment systems. The digital currency is pegged to the value of US$1, making it easy for crypto investors to sell it for virtual fiat currencies. The most commonly adored application of USD Coin is its leniency to interact with decentralized finance (DeFi) programs. The cryptocurrency was created by Centre Consortium, a joint venture between Coinbase and Circle in 2018.