New Stablecoins War and Index Platforms Are Tracking Major Market Fiat-Pegged Crypto Assets
New and Upcoming Platforms Are Tracking Major Market Based Stablecoins
Over the past few months of 2018, we have seen the inclusion of a large number of coins, more importantly, we see the arrival of challengers to the otherwise greater level of dominance to the otherwise leading stablecoin in the market. This, of course, would be the coin Tether (USDT).
There are two newly cryptocurrencies that have since been ‘regulated', and also serve as being pegged to the USD. These were both announced after final approval was given by the New York State Department of Financial Services which was finally given on September. These were, the newly regulated Gemini Dollar (GUSD) and Paxos Standard (PAX), which are both backed on a one to one ratio with fiat currency.
One of other tokens that inhabit this same category as the USD Coin (USDC), but coins that are pegged to different kinds of virtual / traditional assets. These can include precious metals, which had also been announced.
Cryptocurrency exchanges among a number of other trading platforms have already underwent the action of listing a number of these stablecoins, this has allowed them to gain a greater level of recognition within a market that is otherwise on a downwards trend for the lions share of cryptocurrencies which are otherwise free-floating.
Along with these new stablecoins, there has been the recent announcement that a service company has been established in order to offer interest-based loans for those looking to invest in stablecoin holdings.
There's a growing level of competition emerging among stablecoins, and this has led to the emergence of tracking services in order to help users. One of these websites includes Stablecoinswar.com, which provides data about their respective buy and sell values, including market cap, trading volume on a typical day basis, as well as the overall share of total volume that is for sale.
It also has a system referred to as a ‘velocity of money' indication which can reflect the overall rate at which each coin is being exchanged on the .marketplace. To simplify this mechanic, this operates to show the overall speed in which the tokens are being circulated across the marketplace.
This platform on its own currently consists of roughly eight stablecoins, these include Tether, Paxos, TrueUSD, (TUSD), USDCoin, DAI, GUSD (Gemini), SUSD and BitUSD.
According to the company itself, this range is inclusive of all but one of these stable digital assets when it comes to being traded at a cent or two above the dollar market. The only one that is not included within this mechanic would be the BitUSD, which is currently working its way around the marketplace, and is trading at $.72 cents.
By comparison, Tether is the single stablecoin that offers the single largest market capitalization of all of them: boasting a total token value of $1.88 billion. This amount roughly equates to 72 percent of the total market cap of stablecoins, Meaning that Tether is more than half of the total $2.6 billion cap.
One of the top-ranked coins that trends low by comparison by a large margin is TrueUSD, with a total of 8.15 percent of the total market capitalisation for stablecoins, this is subsequently followed by the USDCoin. Paxos, is the Stablecoin with the fastest rate of speed and is ranked second just behind Tether with 33 percent of the total cap.
StableCoin – Looking at the Index
The stable coin based website / company Stablecoinswar continually works to update its overall market data, but really doesn't offer too much after that other than more simplistic indicators. Stablecoin Index operates as a platform which allows for the tracking and comaparison site for the leading stablecoins.
The Stablecoin Index operates as an open source system which allows for the display of various cryptocurrencies that are currently being traded on the market, and are ranked by market capitalization and presents users with the current and ongoing prices and trading volumes. It also allows for the separate listings of other stablecoin-based projects which are currently under development in different stages.
This index currently provides ongoing market analytics and information for eight currently ‘live' stablecoins which are USDT, Tether, Paxos, USDC, DAI, BITUSD, Gemini and NUSD.
This stat-based information are currently quoted on the site are pretty similar to those same stats that are give through its counterpart, Stablecoinswar, but while they are similar, they provide a little more in the way of detail.
The one coin that is different from the ongoing lineup available from Stablecoinswar's list, and that would be NUSD, and appears to be the least ‘lively' of the stablecoins that are on the site. With a grand total of 0 dollars in the way of its volume or even market cap, it doesn't look so good. This is in contrast to its dedicated website, which shows that the total supply of NUSD, which is currently valued at a total of $1,516,106 with an underlying price of exactly $1.
The Stablecoin Index also provides an interactive graph on its frontage which provides the movement of value for the respective stablecoins which have been in circulation since February 1st, 2018. Of all of these stablecoins, there are one or two that are quite volatile, this specific one is BITUSD, which has proved volatile compared to the standards of the regular cryptocurrency markets.
This crypto reached the high watermark of $1.19 in the beginning of this time, and is currently trading at a low value in comparison to where it was previously.