Stablecoins are cryptocurrencies that are designed to maintain a stable value relative to a fiat currency or other asset, such as gold. This makes them attractive to investors who want to mitigate the volatility of the cryptocurrency market.
In the Web3 space, there are a number of stablecoins that are gaining popularity due to their reliability and security. Here are the top 5 Web3 stablecoins for reliable value preservation:
5. USD Coin (USDC)
USDC is the most popular stablecoin in the world, with a market capitalization of over $50 billion. It is backed by a consortium of companies called the CENTRE Consortium, which includes Circle and Coinbase. USDC is fully collateralized by U.S. dollars held in FDIC-insured banks.
4. Dai (DAI)
DAI is a decentralized stablecoin that is collateralized by other cryptocurrencies, such as Ethereum. It is created and maintained by the MakerDAO protocol, which uses a system of smart contracts to ensure that DAI is always worth $1.
3. Binance USD (BUSD)
BUSD is a stablecoin issued by the cryptocurrency exchange Binance. It is fully collateralized by U.S. dollars held in trust by Paxos. BUSD is one of the fastest-growing stablecoins in the world, with a market capitalization of over $18 billion.
2. TrueUSD (TUSD)
TUSD is a stablecoin that is backed by U.S. dollars held in trust by the cryptocurrency company TrustToken. TUSD is one of the oldest and most trusted stablecoins in the world, with a market capitalization of over $10 billion.
1. Pax Dollar (USDP)
USDP is a stablecoin that is backed by U.S. dollars held in trust by Paxos. USDP is one of the most transparent and audited stablecoins in the world. It has a market capitalization of over $5 billion.