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The top 3 stablecoins in 2022

 


Stablecoins are an extremely interesting development in the crypto market in recent years. While cryptocurrencies initially wanted to offer a pure alternative to FIAT currencies through the blockchain and wanted to free themselves from their rates, stablecoins later developed, which mapped the rates of FIAT currencies. What are the top 3 stablecoins in 2022?


What are stablecoins and what are their uses?

Stablecoins are digital currencies that are based on the blockchain but are tied to the real value of a FIAT currency or other asset outside of the crypto world. This can be currencies such as US dollars, euros or the British pound. However, these can also be precious metals such as gold or other assets.


Bitcoin course

So if a stablecoin is pegged to the value of the US dollar, then the value of that stablecoin is equal to the value of one US dollar at any given time. This means that stablecoins are "stable" in the sense that they adjust their value to the FIAT currency. However, they are of course subject to fluctuations in the value of this FIAT currency, for example due to inflation or deflation.


By being linked to the respective FIAT currency, a stablecoin should not be subject to any volatility, as is the case with "normal" cryptocurrencies such as Bitcoin or Ethereum. These fluctuate in value very strongly against the dollar, euro and co. This stability makes trading on crypto exchanges extremely easy. This is how investors can convert their FIAT currencies into stablecoins. As a result, they benefit from the decentralization of the blockchain, but also retain value. Furthermore, this facilitates trading with "real" cryptocurrencies.


In terms of market capitalization, stablecoins are now among the most valuable cryptocurrencies on the market. Among the top 11 cryptocurrencies in 2022 are the top 3 stablecoins. Which are they?


Stablecoin #1: What is Tether (USDT)?

The first and at the same time the most well-known stablecoin on the crypto market. The coin was founded in 2014. Most crypto exchanges trust tether as their primary trading asset with major cryptocurrencies like Bitcoin, Ethereum, and Cardano. Tether is one of the most used stablecoins in 2022 and has a market capitalization of over $80 billion (as of 3/8/2022). This makes Tether the third largest cryptocurrency after Bitcoin and Ethereum according to market cap.



Stablecoin number 2: What is the USD Coin (USDC)?

The USD coin has also existed for 4 years now . It is also one of the most accepted stablecoins in 2022 and is used by most crypto exchanges worldwide. It is also well below the cryptocurrencies with the highest market cap. The market cap is over $52.5 billion as of 3/8/2022, which ranks USDC 5th on Coinmarketcap.

Stablecoin #3: What is Binance USD (BUSD)?

Binance USD is the proprietary stablecoin of the world's largest crypto exchange, Binance. With the Binance Coin (BNB), Binance has already created the fourth largest cryptocurrency by market capitalization. Its own stablecoin Binance USD is one of the 3 largest stablecoins in 2022 and among the top 11 of all cryptocurrencies by market capitalization. The BUSD is now accepted by almost all major crypto exchanges. At Binance, it offers the advantage of not incurring any fees. The market capitalization is almost $18 billion (as of 3/8/2022).


Binance

Which stablecoins are still interesting in 2022?

The list of stablecoins is now almost endless. However, we would like to mention one particularly interesting stablecoin.


The TerraUSD (UST) is the stablecoin of the Terra ecosystem. Terra (LUNA) is one of the most up and coming cryptocurrencies of the last few weeks and months. You can read more about Terra and its possible rise to become one of the most important cryptocurrencies in this article . Most recently, Terra raised more than $1 billion with a foundation for the progressive integration of the UST into the Terra ecosystem. 


Earth Moon

The TerraUSD (UST) already has a market cap of around 13.8 billion (as of 03/08/2022) and could soon rise to become one of the top 3 stablecoins in 2022 with the increasing importance of Terra (LUNA) in the crypto market.

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