Stablecoins are gaining popularity year after year. They combine the best elements of fiat money and cryptocurrencies. Stablecoins’ pricing is predictable because they are frequently anchored to fiat currencies since they are less erratic than other cryptocurrencies. However, because stablecoins are still regarded as cryptocurrencies, they can be used for virtually instantaneous cross-border transactions and are not regulated by banks or governments.
However, stablecoins are not dependent on fiat money. The tokens are utilized in various well-known initiatives and are tied to precious metals, cryptocurrencies, and other assets. If you want to add some stablecoins for 2023 to your portfolio, read this article to learn about the best stablecoins to buy. These are the top ten stablecoins.
USD Coin (USDC)
USD Coin, a different 1:1 ratio USD-pegged stablecoin, broke into the top 5 cryptocurrencies by market cap. USDC is a venture between Coinbase and Circle. US treasuries and fiat money reserves act as the USDC supply’s backers. Given that Coinbase is one of the most popular cryptocurrency exchanges in the world, purchasing USDC in 2023 will undoubtedly be a sensible decision.
True USD (TUSD)
True USD, a stablecoin linked to the US dollar, was introduced in 2018. The collateral for the TUSD is divided among several bank accounts maintained by trust corporations. TUSD has successfully maintained a 1:1 USD/TUSD ratio for a long time. One of the top 50 cryptocurrencies by market capitalization is TUSD.
Tether was one of the initial stablecoins. It made its debut in 2014. According to market capitalization as of 2023, it is the most critical stablecoin. Tether has consistently been among the top 5 cryptocurrencies by market capitalization. Tether’s price has a 1:1 correlation to the US dollar. The entity that established Tether allegedly backs all units with US cash. Police, though, continue to be dubious about these claims.
Binance USD (BUSD)
Binance USD is a popular stablecoin that is 1:1 pegged to the USD. The largest trade volume exchange, Binance, is the one that developed this coin. Users of the exchange’s branded currency are rewarded, which continuously and significantly raises the value of BUSD. One of the top ten cryptocurrencies by market cap is BUSD.
Dai is the most popular stablecoin supported by a cryptocurrency. Dai development is under the control of the Maker DAO organization. The price of DAI is set to USD despite being backed by tokens built on the Ethereum platform. A multi-collateralized DAI was launched in 2019. Dai is one of the digital currencies with the largest market capitalization. As of the start of 2023, it ranks behind the top 10 cryptocurrencies.
Magic Internet Money (MIM)
Magic Internet Money (MIM) is a stablecoin with a 1-to-1 soft peg to the US dollar. The asset was introduced in 2021 by the cryptocurrency loan platform Abracadabra Money. Except occasional slight price increases or dips, MIM successfully maintains the $1 price.
Reserve Rights (RSV)
The Reserve token (RSV), a stablecoin backed by cryptocurrencies, was introduced by the Reserve Ecosystem in 2020. At first, the price wasn’t all that constant, but by the end of 2021, it did. Since late 2021, the RSV price has been close to $1.