The next generation of Stable coins is here…

Valuable additions to the Stable coin spectrum

The pace of newer stable coins entering the digital assets’ market has picked up this year even though new scalable solutions continue to emerge for the Blockchain networks and the Cryptocurrencies volatility tracks an all-time low. For those of you who are new to the concept, stable coins act as a store of value since they are backed by fiat currencies (1:1), most notably to the U.S dollar. The peg also addresses the problem of volatility for which Cryptocurrencies have been traditionally criticized.

The oldest stable coin Tether (USDT), however, has been embroiled in a spiral of never-ending controversies. Tether dropped to as low as $0.84 against the US dollar on news reports that Cryptocurrency exchange Bitfinex was facing insolvency — both Tether & Bitfinex have the same CEO. This has given other aspiring entrants to improve on the weaknesses of the pioneer coin & occupy the stable coin space.

Two such coins Gemini Dollar (GUSD) and Paxos Standard (PAX), both regulated by the New York State Department of Financial Services, started circulating about a couple of months…