With the recent “de-pegging” of the world’s biggest stable coins from the US dollar, many investors are understandably becoming more critical of the reliability of cryptocurrencies. Almost 200 different stable coins exist in today’s market according to the Blockchain Council, all promising the same protection from crypto’s notorious volatility. Deciding on which one to invest in is certainly more crucial now than it ever was.
Leading cryptocurrency experts project the Ethereum-based DAI coin as the possible go-to alternative for many stable coin investors. DAI is the product of the community-governed MakerDAO which dubs the coin, “the world’s first unbiased currency.” With a market cap of more than $6 billion, this token is unquestionably among the top players in the decentralized stable coin market. However, unlike bigger currencies such as Tether, DAI has the key advantage of multi-optional collateralization.
The DAI system utilizes what is called Smart Contracts which are used to hold a wide variety of collateral assets, including other cryptocurrencies. The contracts are governed by a community of token holders through a voting process and are verified by developers through extensive mathematical analysis.
In addition to DAI, current market developments bring to light other newly introduced stable coins that also offer one-is-to-one stability. The UICB (USD ICB stable coin) and EICB (Euro ICB stable coin), created by leading crypto platform ICB Crypto Services, follow the same fail-proof system as DAI and are also gaining popularity among investors.
To date, over 400 different Apps and services integrate these coins including wallets, DeFi platforms, games, asset management tools, and more. This growing ecosystem makes them conveniently easy to store and trade.
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