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Top 4 Non-USD Cryptocurrency Stablecoins to Fight Crypto Volatility

USD – The King of Stability

Tokenization is the process of substituting a tangible or non-tangible asset with a digital equivalent. Inside the tokenization sphere, Stablecoins is a concept that has been making constant headlines. Starting with USDT (Tether), stablecoins have increasingly become the greatest craze in the crypto industry. Stablecoins allow us to transfer and transform the volatility of cryptocurrency into a stable asset.

In a previous post, we discussed the most important form of Stablecoin there is – the US dollar. Owing to its relative stability, global acceptance, and high usage, the USD dollar has become the most used Fiat currency representative in the Digital world. Projects starting with Tether, BinanceUSD, Paxos, etc. have capitalized on the market demand by coming-out with Dollar representative on their own.

But the dollar isn’t the only form of Stablecoins there is. Stablecoins come in all shapes and sizes. They vary in their intrinsic value, asset backing, features, etc. To educate our reader about the world of Stablecoins and its reach, we have now come up with a list of the most used Stablecoins alternatives that are not pegged to the US dollar.

Top Stable Coins Not Pegged to USD

DAI

dai makerdao stablecoinAt first glance, one can ask why isn’t DAI considered as another USD-based stable coin, as it maintains its value to 1 USD at all times, and they would not be wrong. DAI does maintain its token value near the 1 USD mark, but the token is much more than just the pegged value. The DAI token is an outcome of a complex application in the Decentralized Finance (DeFi) called MakerDAO. MakerDAO is a decentralized lending platform that gives out collateralized loans in the form of DAI.

As the MakerDAO Governors say, “DAI is a decentralized (stablecoin) …. (it) allows anyone anywhere in the world to generate DAI, aims to facilitate greater security, transparency, and trust”. DAI is an ERC20 token on the Ethereum blockchain that has a steady value of one US dollar. It is also the key to the MakerDAO lending system. When a loan is taken out on MakerDAO, DAI is created. It’s the currency that users borrow and later pay-back. Once DAI is created, it functions simply as a stable Ethereum token. The new DAI that is created is directly made to represent the US dollar, but it can be customized to represent any theory asset.

The current version of DAI is technically an updated version of the stablecoin, called multi-collateral DAI because it allows multiple types of crypto assets to be used to create DAI.

  • Founded: 2017
  • Ticker Symbol: DAI
  • Website: http://www.makerdao.com/
  • Issued By: MakerDAO
  • Traded on: Coinbase, Kraken, HitBTC, OKCoin

Stasis Euro

statis stablecoins

The Status Euro (EURS), as the name says, is a tokenized Stablecoin backed up by the European Union Euro. Statis, the organization behind the Stablecoin, is run by a team of cryptocurrency pioneers, quantitative experts, serial entrepreneurs, and financial professionals. The entire business model for the business is to “provide a synergetic background to stablecoin platform,” meaning that they want to set EURS apart from the usual gang.

Statis has a long list of experience crypto professionals starting from Anatoliy Knyazev, CTO at Stasis. He was a co-founder of a Bitcoin Fund that was set up in 2012, becoming the world’s first-ever legal entity securitizing digital assets. They also posted the best YoY performing fund, according to Bloomberg.

Stasis has designed EURS specifically to satisfy the growing demand for cryptocurrencies from European institutional and retail investors. By investing in EURS, investors have access to a trustworthy product that can help maintain stability and convert virtual assets into sovereign money during periods of excessive volatility. This, combined with the additional ability to transfer off-chain assets in the blockchain seamlessly, proves to be a great pair in pulling prospective investors from the Euro region. On paper, the team provides a full-service tokenization platform, including smart contract creation, third-party audits, custodial services, and deep expertise in the current regulatory environment.

  • Founded: June 2018
  • Ticker Symbol: EURS
  • Website: https://stasis.net
  • Issued By: Bitfinex, Inc.
  • Traded on: BitFinex, OKCoin, HitBTC, Bancor, etc

QCash

qcash qc stablecoin

China’s answer to the growing demand for cryptocurrencies is QCash. Qcash is a stablecoin that aims to mirror the CNY (Chinese Yuan) value for the cryptocurrency traders and investors in China. They could use the stability of the coin when transferring to and from the volatile crypto market. The idea was to create a stable cryptocurrency that can be used like digital CNY. The price of 1 Qcash is 1 CNY. Users can use 1 CNY to buy 1 QC and then use QC to trade crypto assets.

With the continuous development of blockchain technology, the QCash team has explored and optimized stable currency solutions. They also aim to make the stable coin fully decentralized, free-flowing, exchange rate stability, and regulatory compliant.

Terra

terra protocol stablecoin

The Terra Protocol is a network of price-stable cryptocurrencies pegged to the world’s major currencies. They boast an entire portfolio of stablecoins pegged to major currencies from around the world. Of the list, Terra KRT is the Stablecoin with the highest demand. The Terra KRT is pegged to the Korean Won and caters to the Korean cryptocurrency market, arguable one of the world’s oldest crypto markets.

The Terra protocol was programmed to ensure price-stability through an algorithm that expands and contracts the overall money supply. This algorithm was based on the expertise developed by a team of specialists from the Terra Protocol that have analyzed the data over the last decade.

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One of the crucial benefits of having Korean Won in the portfolio for Terra was that they were the first entry into a market that was yet to be capitalized. South Korea had always shown a demand for Bitcoin and other cryptocurrencies before the mainstream audience came in. The traders and investors were much more seasoned and realized the flaws of the market sooner than most. By introducing KRT, Terra effectively bought investors’ loyalty, who was expecting a safeguard to the volatility for a while.

  • Founded: 2019
  • Ticker Symbol: KRT
  • Website: https://terra.money/
  • Issued By: Terra Network
  • Traded on: Coinone, GDAC, GoPax
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