Stablecoin index is a tool created to keep track of the different stable coins we have in our crypto space. Stablecoin was built by myles snider.
The first page of Stablecoin index shows two sections of stable coins, the first section is the USD PEGGED STABLE COINS (coins to the US Dollar), the second section is the CHINESE YUAN PEGGED(coins to the Chinese currency).
The first section also shows:
price and percentage changes
The market capitalization of each of the stable coins
24 volume for each of the pegged coins
According to the screenshot above, the USD section has four stable coins, Tether (USDT) has the highest market capitalization of $2.51 Billion followed by True USD, DAI and BITUSD pf Bitshares.
why stable coins are needed?
Cryptocurrency market is very volatile and as we know, a cryptocurrency asset worth $1000 can crash to $10 within an hour and can also spike by 1000% within a short period of time.
Stable coins are needed for cases of prices crashes. With stable coins, you can set stop loss on your crypto assets to prevent loses.
In this post, I made a video showing how to use USDT (one of the stable coins) to set stop loss on binance. With stop loss, you can set a price so your coins sell off automatically to a stable coin when prices start going down
Read more about stable coins
Reference:
- https://stablecoinindex.com/
- https://stablecoinindex.com/projects/
- https://stablecoinindex.com/stablecoin-resources/
STEEM ON
Wow big thanks to stable coin
They save us from Market crashes
From the above descriptive analysis of stable COin. It actually shows that, it's bound to remove the worries of losing your coins during and after transactions.
You are right, @samstickzz. Cryptos are perfect way of sell and buying valuable items on and offline. But, it doesn't guarantee safety..
Crypto can loose it values, only if it's been hacked. And it's gonna to affect the market values of other coins.
Sure
I would like to see a cohesive competitive strategy for bitUSD taking market share from Tether.
The decentralization of bitUSD compared to tether is a competitive advantage, but Tether enjoys much deeper market penetration - despite being centralized.
How do we get users to change from Tether to bitUSD?
What tether is enjoying is first mover advantage. Very soon the worls will soon find out the need and advantages of decentralized systems. Just give bitusd time
Another site, launched around the same time is: https://stable.report - their content seems more updated and better designed.
It seems stablecoins are trending in 2018, and maybe more sites will pop-up in the coming months.