A stablecoin is a cryptocurrency that is pegged to the specified stable asset, like gold or the U.S. dollar. In other words, Stablecoins are cryptocurrencies designed to overcome the influences of price resilience. To overcome resilience the value of a stablecoin can be fastened to currency, or exchange-traded assets (such as valuable metals or manufacturing elements. There are many stablecoins in the market and they are performing well. Here is the list of top 5 stablecoins by market cap. Let’s take a look at it in more detail.
5. Paxos Standard (PAX)
Paxos Standard (PAX) is a stablecoin that enables users to transfer fiat currency USD for Paxos Standard Tokens to ‘sell at the pace of the internet’. It tries to blend the stability of the dollar with blockchain technology. Paxos, the organization behind PAX, has a license from the New York State Department of Financial Services, which enables it to give coordinated services in the cryptoasset world. It has a market cap of $381,545,143.86 and a circulating supply of 380,445,255 PAX coins, and 24 Hour Volume of $346,895,506 USD, just enough for a spot in our top 5 stablecoins by market cap list.
4. Binance USD (BUSD)
Binance USD (BUSD) is a 1:1 USD-backed stable coin. This coin is issued by Binance in cooperation with Paxos. It is authorized and governed by the New York State Department of Financial Services (NYDFS). The BUSD intends to blend the balance of the dollar with blockchain technology. It is a virtual fiat currency, distributed as an ERC-20 and BEP-2 token. It has a market cap of $746,545,770 and a circulating supply of 744,780,276 BUSD coins, and a 24 Hour Volume of $598,877,591 USD just enough for a spot in our top 5 stablecoins by market cap list. BUSD can additionally be used to yield farm on Binance.
Dai is a stablecoin that is decentralized and supported by security. The Maker Protocol, which enables people wherever in the world to make Dai, intends to aid more comprehensive security, clarity, and security. It has a market cap of $943,410,273 and a circulating supply of 936,778,018 DAI coins, and 24 Hour Volume of $128,904,532 USD just enough for a spot in our top 5 stablecoins by market cap list.
2. USD Coin (USDC)
USD Coin or USDC is a stablecoin that is secured to the U.S. dollar on a 1:1 base. Every piece of this cryptocurrency in distribution is supported by $1 that is kept in stock, in a blend of cash and short-term U.S. Treasury bonds. The Centre consortium states that USDC is distributed by supervised economic institutions. It has a market cap of $2,760,935,068 and a circulating supply of 2,769,643,446 USDC coins, and 24 Hour Volume $584,436,875 USD, just enough for a spot in our top 5 stablecoins by market cap list.
1. Tether (USDT)
Tether (USDT) is a stablecoin that follows the value of the U.S. dollar, distributed by a Hong Kong-based firm Tether. The token’s marker to the USD is completed via keeping a total of dollars in assets that are equivalent to the amount of USDT in flow. It has a market cap of $16,136,316,381 and a circulating supply of 16,141,738,100 USDT coins, and 24 Hour Volume of $52,727,333,541 USD, just enough for a spot in our top 5 stablecoins by market cap list.
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