Many
stablecoins have been launched post the decline of Tether. Exchange stablecoins
pegged to the dollar are relatively more popular than the others. Unlike
non-exchange tied stablecoins, exchange- tied stablecoins enjoy certain
benefits by being directly and immediately being put to use when launched.
Some
of the major stablecoins that have been introduced recently include:
Gemini
Crypto
Exchange Gemini introduced their stablecoin Gemini Dollar and it was approved
by New York Department of Financial Services (NYDFS) last month. Gemini,
similar to Tether, claims that it will be pegged to the US Dollar. It asserts
that an independent registered public accounting firm will verify the 1:1 peg
on a monthly basis.
Paxos
Paxos
Standard is a similar stablecoin that was issued by financial blockchain solution Paxos. It was also
approved by NYDFS. Paxos was listed a couple weeks ago on top
cryptocurrency exchange Binance.
TrueUSD
TrueUSD
was introduced in October by one of the top three cryptocurrency exchanges
OKEx.
HUSD
Huobi,
a top ranked exchange by volume, launched its own stablecoin called HUSD. HBUS,
the U.S. affiliate of the Singapore-based Huobi exchange, have seen both
deposits and withdrawals of USDT “increased by over 10x over the last two days”.
It
is to be seen which of these stablecoins go mainstream and leave the
competitors behind. Success to the public will be the:
1)
number of exchanges these coins get listed on,
2)
the number of transactions and size of transactions committed,
3)
ongoing verified amount of reserve.
Still
more companies are thinking of jumping on the stablecoin bandwagon. IBM most
recently announced its exploration into stablecoins through a collaboration
with Stellar by building a stablecoin on the Stellar blockchain.
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