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Top 4 Non-USD Cryptocurrency Stablecoins to Fight Crypto Volatility
Tokenization is 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 representatives.
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 readers 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
At first glance, one can ask why it isn’t DAI considered another USD-based stablecoin, as it maintains its value to 1 USD at all times, and they would not be wrong. DAI maintains its token value near the 1 USD mark, but it is much more than just the pegged value. The DAI token is an outcome of a complex application in Decentralized Finance (DeFi) called MakerDAO. MakerDAO is a decentralized lending platform that gives out collateralized loans through 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 with 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 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 DA, because it allows multiple types of crypto assets to create DAI.
- Founded: 2017
- Ticker Symbol: DAI
- Website: http://www.makerdao.com/
- Issued By: MakerDAO
- Traded on: Coinbase, Kraken, HitBTC, OKCoin
Stasis Euro
As the name says, the Status Euro (EURS) is a tokenized Stablecoin backed up by the European Union Euro. Statis, the organization behind 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 co-founded a Bitcoin Fund 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.
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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 seamlessly transfer off-chain assets in the blockchain, 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
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