Maker Dao’s Dai Tokens
Tether is not the only stablecoin that has managed to be consistent. Maker Dao is a protocol that is built on the Ethereum network, similar to how the Omni Layer protocol is built on the Bitcoin network. Maker Dao locks up cryptocurrency tokens by referring to the present US dollar exchange rate. The most popular stablecoin made with Maker Dao is Dai. The way the token creation works is that a user will deposit a cryptocurrency token as a guarantee, and then the protocol will create a Dai token. Dai tokens are relatively new, and as such not yet as popular as Tether. The Dai tokens were first recorded on Coinmarketcap in December last year. Dai tokens have remained consistent in their value, however. The price of Dai tokens has only fluctuated by 3 cents, between $0.99 and $1.02. Dai tokens are becoming increasingly popular, and are being traded on popular cryptocurrency exchanges like Ethfinex, Radar Relay, and Bancor. The tokens have become a handy tool for borrowing, given the stable value of them.
The Trust Token Asset Tokenization Platform and Trueusd tokens
Trueusd is another stablecoin, and has been created by The Trust Token Asset Tokenization Platform. The Trust Token Platform is based on the Ethereum network, and the creators of the trueusd token have stated that the tokens are backed up by real US dollars stores in escrow accounts. Similar to Tether and Dai, trueusd is pegged to the value of the US dollar, on a one to one ratio. Currently, the market valuation of trueusd is $60 million, which is quite significant. Like Tether and Dai, trueusd has become a favorite tool on the international cryptocurrency exchanges. Among the exchanges listing the coin are Zebpay, Bittrex, and Binance. Trueusd is even newer than the Dai token and was only listed on Coinmarketcap in March this year. As with the other stablecoins, the value of the trueusd token has remained stable. It has only fluctuated by 2 cents, between $0.99 and $1.01.
Whilst Tether, Dai, and trueusd are the three most stablecoins, they are far from the only ones in circulation. One of these is kowala, which is a stablecoin co-created by Ledger — the company behind some of the most popular hardware wallets. Naturally, kowala tokens will be added to the list of cryptocurrency tokens supported by the Ledger wallets.
The Usdvault tokens are stablecoins created by a team that has something slightly different in mind. Rather than using US dollars as collateral for their tokens, they have opted for gold bullions kept in Swiss vaults. The value of the Usdvault tokens will still be pegged to the US dollars.
Circle Invest stablecoin
Finally, there have been rumors that Circle Invest will be launching their own stablecoin that will also be tied to the US dollar.
Know of any other stablecoins on the rise? Let us know in the comments!