What do You Know About Stablecoins? - Today's Gazette - Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News
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Today's Gazette – Cryptocurrency, Bitcoin, Ripple, Tron, Verge, Cardano News

What do You Know About Stablecoins?


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What do You Know About Stablecoins?

Stablecoin is becoming more and more popular.  In the cryptocurrency world, it isn’t always easy to circulate dollars due to regulations and restrictions. Bitcoin’s exchange rate isn’t stable and always change. This  greatly complicates the use of bitcoin as a permanent cryptocurrency for various purchases and sales.

Stablecoin is a great chance to use cryptocurrency in everyday life without fear of rapid change in the exchange rate.

Stablecoins are cryptocurrencies that are pegged to another stable and reliable physical assets – it may be gold, oil or the U.S. dollar, etc. The amount of commodity used to back the stablecoin has to reflect the circulating supply of the stablecoin.

This kind of digital assets is global; however, it is not tied to a central bank or institution and has extremely low volatility, since the price is directly dependent on the rate of the real asset.

Reliability allows much more practical implementation and use of stable coins in everyday life unlike the other assets: with it, we become closer to reality in which one can easily pay for a coffee, lunch or bar drinks with crypto. Moreover, making bets is also becoming safer with it.

Moreover, making bets is also becoming safer and easier with it. Thanks to 1xBit company, which now supports 4 stablecoins for its gambling platform.

Using stablecoins, players which seek stability in their winnings, can now be sure that their prize value will not change over time.

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There are a number of stable coins in circulation today. Each stable coin has its own unique mechanism, but they all work the same way. Let’s consider the most popular stablecoins nowadays.

  • Tether (USDT)

The very first stablecoin in use is also the most popular nowadays, having the largest capitalization among similar assets. Tether is 100% backed secured by fiat assets in reserve accounts such as the U.S. dollar, Euro, Yen, and other major fiat currencies.

The Tether platform is built on open and transparent blockchain technologies and Proof-of-Reserves concept. The #1 stablecoin current rate is $ 0.995.

At the moment, USDT holds a 9th place among all cryptocurrencies with a capitalization of over $ 3 billion due to the latest coinmarketcap.com data.

  • USD Coin (USDC)

USDC is a product of Coinbase and Circle joint development – this cryptocurrency is the digital equivalent of the U.S. dollar. It can not be bought or sold for USD; however, direct conference ratio of 1 to 1 is available.

Nowadays it’s on the 29th place by capitalization with a market cap of $335 million. This digital coin rate is $ 0.99.

  • TrueUSD (TUSD)

TrueUSD represents regulated, an exchange-independent stable coin backed 1-for-1 with the U.S. Dollars. The developers managed to conclude an agreement with WilmerHale and White & Case and involve trust companies in cooperation.

The asset in on the 35th place by market capitalization, which is $244 million. This stablecoin rate is 1.01%. The coin is available on most major cryptocurrency exchanges.

Also READ  4 Salient Ways Tron (TRX) Will Benefit From Tether (USDT) Migration
  • Paxos Standard Token (PAX)

 This coin appeared back in 2018 and quickly got the support of major representatives of the cryptocurrency industry. The PAX token is secured by the U.S. dollars as 1:1 and approved by the New York Financial Department. PAX’s market capitalization is $ 164 million, and it takes 51st place in terms of market capitalization among all cryptocurrencies.

Now 1xBit customers can place a bet using stablecoins. It helps to avoid the risks and to guarantee that your winning amount will be stable and

prize value will not change over time. Agree, that’s a good and important options. Thanks to this, the users will no longer have to check the cryptocurrency rates every hour, it’s make betting clear for everybody. You can see it for yourself on the 1xBit website!

This is a sponsored content. It’s not written by any of our team members.

Oliver is an online publisher, managing various blogs through the years. He had contributed to multiple blockchain news portals in the US and the UK.Oliver is among the earliest followers of cryptocurrency and blockchain.His interest varies from Political Agendas to recent Technological advancements and now, cryptocurrency acceptance and institutional investing in blockchain.He is now a full-time contributor to TODAY'S GAZETTE.Email: oliver.green@todaysgazette.com

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