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A stablecoin is a form of cryptocurrency whose value is fixed by pegging them to another asset’s price, usually a FIAT currency held in bank accounts. Stablecoins can be pegged to various kinds of support; for example, USD Coin (USDC), Paxos (PAX), and TrueUSD (TUSD) are tokens backed by a 1:1 ratio by money held in the bank accounts.
By pegging to real-world assets such as the US dollar, these coins avoid price volatility synonymous with the cryptocurrency trading markets. Not all cryptocurrencies are pegged to FIAT currencies; some are pegged to other cryptocurrencies, referred to as crypto-collateralized stablecoins. The peg of stablecoins is maintained through over-collateralization and stability mechanisms.
Stablecoins allow crypto traders to hold fiat value within the cryptocurrency realm without transferring value back and forth between their bank accounts and different exchanges. If you’re an avid crypto trader looking to fix gains or hedge against the high volatility of cryptocurrency markets, you consider stablecoins.
Like cryptocurrencies, stablecoins are stored in wallets to safeguard them against any potential threat. Below are the best wallets for stablecoins.
The Best Stablecoin Wallets in 2020
MyEtherWallet (MEW) is an open-source, easy-to-use wallet. It’s one of the most popular Ethereum blockchain wallets with a wide range of supported coins. Being a non-custodial wallet, MyEtherWallet doesn’t store your private keys. Instead, you only get access to them. The wallet offers the most secure and most intuitive wallet for storing and managing your ETH and ERC20 tokens.
MEW underwent a revamp and currently boasts of a host of new features, all contained in an elegant and easy-to-use interface. The wallet is integrated into Bity, Kyber Network, Changelly, and Simplex to allow users to swap fiat to cryptos such as ETH and BTC, and ERC20 stablecoins. Additionally, the wallet offers support for all significant hardware wallets, including Ledger, Trezor, and many more.
MEW allows you to send and receive stablecoins such as USDT. The wallet also constitutes a multi-balance feature, which is extremely useful if you’re seeking to separate savings from day-to-day expenses. The wallet is available on both Web and Mobile (iOS and Android)
Trust Wallet is another secure wallet for storing your Stablecoins. The wallet integrates Bank-Grade security standards, thus fully safeguards your Stablecoins from any potential threat. The wallet supports over 160 digital assets, including stablecoins, allowing users to stake their coins and earn interest. The wallet also features a built-in Web3 browser that gives users access to decentralized applications (Dapps) built on the Ethereum platform.
It’s relatively easy to download, set up, and get started with the wallet thanks to the clean and straightforward user interface. Regarding transaction fees, Trust Wallet is completely free to download and use. There are no initial payments or subscription services. The only cost incurred is gas fees paid to either miners or proof-of-stake chains for processing transactions.
Trust Wallet offers users easy-to-use applications to spend their Stablecoins anywhere and on anything they want. The wallet is private and secure as users’ personal information remains on the mobile device. Data remains private.
Some of the supported stablecoins on the wallet include Dai (DAI), Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Paxos (PAX), Gemini (GUSD), TRUE USD(TUSD), Stasis(EURS) and GBP Stable Coin(BGBP). Trust Wallet is available from either Google Play or the App Store.
STASIS wallet is another great crypto wallet for storing stablecoins. The wallet features multi-currency support for both stablecoins such as Dai and cryptocurrencies such as Bitcoin and Ether. In addition to sending and receiving digital assets, Stasis allows for ease of exchange between them within the wallet. This makes it quick and easy to convert volatile crypto investments in bitcoin and ether into more stable alternatives, i.e., Stablecoins.
STASIS wallet offers delegated transfer for Ethereum-based transactions. This feature allows users to pay transaction fees in ether or EURS rather than buy and hold GAS for transaction fees.
You’ll appreciate the user-friendly interface that makes a transaction with digital currencies simple and seamless. The wallet is available on both iOS and Android platforms.
Exodus Wallet is an excellent desktop-based crypto wallet that supports over 50 cryptocurrencies, including all stablecoins apart from USDT. The wallet allows you to store, send, and receive your digital assets at meager fees.
Exodus is an ideal desktop wallet for storing your stablecoins, especially if you’re a heavy desktop user. Users’ private keys are stored in their devices, giving them full control over their assets. The wallet also integrates with hardware wallets such as Trezor and Ledger. The wallet also constitutes a historical chart for monitoring your portfolio. The wallet also has a mobile app (iOS and Android), giving users more convenience in sending, receiving, and exchanging cryptocurrencies.
Ledger Nano S
The Ledger Nano S is the best hardware wallet for storing stablecoins thanks to its extreme security and accessibility ease. The wallet appears like a USB device that can be connected to a computer. It features an OLED display that helps check and confirm all digital transactions. The dimensions of this wallet are 98mm x18mm x 9mm, and it weighs only 16.2 g.
Ledger Nano S the best level of crypto protection where users’ key remains protected in a certified secure chip. Managing your portfolio is entirely secure thanks to its all-in-one app to secure, own, buy, and manage 27 coins and more than 1500 tokens from your smartphone or computer. The device also offers backup to prevent users from losing all their funds should they get stolen or password forgotten.
The Ledger Nano S is compatible with desktop computers (Windows, macOS 10.10+, Linux) and phone (Android 7+). You will need an OTG kit to connect your Nano s to your desktop or smartphone.
Stablecoins also referred to as crypto-collateralized stablecoins, are crucial in the crypto space to enable crypto traders to hedge against the high volatility of cryptocurrency markets. Crypto wallets let you safely store, send and receive stablecoins. When looking to choose an ideal Stablecoin wallet, you would want to consider its security, user experience, and additional features. The wallets discussed in this article are best for storing your stablecoins attributed to their high-end security features, ease of use, and extra features.