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/
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