Recently, there has been a so-called “stable coin invasion”—in fact, according to a recent report, there are at least 57 stable coins that have been released or are currently in development globally.
As explained in our guide to stable coins:
A stablecoin is a cryptocurrency that is pegged to the value of an underlying asset. They are called stablecoins because the value of these cryptocurrencies are kept stable in relation to the underlying asset.
By and far, the most popular stable coin is Tether (USDT), which has become the 8th largest cryptocurrency by market cap, and is in second place after Bitcoin in terms of highest daily trading volumes.
However, a lot of controversy surrounds Tether. Suspicions have arisen that the stable coin is not truly backed by US dollars, as the company has yet to agree to a transparent audit. They have also been accused of causing Bitcoin price manipulation.
As a result, other projects are scrambling to take shady Tether’s place as…