Stablecoins are a digital currency of which their value is pegged to a “stable” reserve asset, such as the U.S. dollar or gold. The primary objective of stablecoins is to reduce volatility in comparison to unpegged cryptocurrencies such as Bitcoin.

Such a feature makes stablecoins better suited for day-to-day transactions. Let’s take a look at the ten biggest stablecoins.

Ten Biggest Stablecoins

We have used the market capitalization of stablecoins as of Nov. 21, 2022 (coinmarketcap.com) to develop this list of the ten biggest stablecoins. Here are the ten biggest stablecoins:

10. Fei USD (FEI)

Founded in December 2020, it is a decentralized finance (DeFi) native algorithmic stablecoin that runs on two crypto assets: FEI stablecoin and TRIBE governance token.

As of this writing, FEI is trading at $0.992, giving the cryptocurrency a market capitalization of more than $413 million. FEI has an all-time high of $2.46 (November 2021).

9. Neutrino USD (USDN)

It is a USD linked stablecoin that is supported by WAVES, which is a native currency of a multi-purpose blockchain. USDN holders can use the Waves protocol’s staking concept to stake their tokens, as well as to generate a recurring daily payout.

As of this writing, USDN is trading at $0.9074, giving it a market capitalization of more than $617 million. USDN has an all-time high of $1.20 (February 2020) and an all-time low of $0.6867 (April 2022).

8. Gemini Dollar (GUSD)

Launched in September 2018, it is an ERC-20 token that is built on the Ethereum network. To maintain its value, GUSD holds USD deposits corresponding to the number of tokens in circulation.

As of this writing, GUSD is trading at $1, giving it a market capitalization of more than $618 million. GUSD has an all-time high of $1.27 (November 2021) and an all-time low of $0.8521 (March 2020).

7. USDD (USDD)

Launched in April 2022, USDD is a U.S. dollar-pegged algorithmic stablecoin that is backed by a diversified basket of crypto assets including BTC and USDC.

As of this writing, USDD is trading at $0.9898, giving the cryptocurrency a market capitalization of more than $718 million. USDD has an all-time high of $1.03 (May 2022) and an all-time low of $0.9255 (June 2022).

6. TrueUSD (TUSD)

Launched in January 2018, this stablecoin is pegged to the USD at 1:1. TUSD aims to balance stability and utility, along with providing security in the form of regular attestations.

As of this writing, TUSD is trading at $1, giving it a market capitalization of more than $860 million. TUSD has an all-time high of $1.36 (May 2018) and an all-time low of $0.9179 (March 2020).

5. Pax Dollar (USDP)

Founded in September 2018, it is a flat-collateralized stablecoin issued as ERC-20 tokens on the Ethereum blockchain. USDP is collateralized 1:1 through the USD held in Paxos-owned U.S. bank accounts.

As of this writing, USDP is trading at $0.9966, giving it a market capitalization of more than $940 million. USDP has an all-time high of $2.02 (November 2021) and an all-time low of $0.8728 (March 2020).

4. Dai (DAI)

Launched in November 2019, Dai is an Ethereum-based stablecoin that is soft-pegged to the U.S. dollar. Its value is collateralized by depositing a mix of cryptocurrencies into smart-contract vaults every time a new DAI is minted.

As of this writing, DAI is trading at $1, giving the cryptocurrency a market cap of more than $5.80 billion. DAI has an all-time high of $3.67 (November 2021) and an all-time low of $0.9455 (May 2020).

3. Binance USD (BUSD)

Launched in September 2019, it is a 1:1 USD-backed stable coin issued by Binance. One of BUSD’s major functions is that it helps to transfer digital dollars quickly and cost efficiently.

As of this writing, BUSD is trading at $1, giving it a market capitalization of more than $22 billion. BUSD has an all-time high of $1.11 (March 2020) and an all-time low of $0.8861 (March 2020).

2. USD Coin (USDC)

Originally launched in September 2018, this stablecoin is pegged to the U.S. dollar on a 1:1 basis. Every unit of USDC is backed up by $1 held in reserve, in the form of cash and short-term U.S. Treasury bonds.

As of this writing, USDC is trading at $1, giving it a market capitalization of more than $44 billion. USDC has an all-time high of $2.35 (November 2021) and an all-time low of $0.9292 (March 2020).

1. Tether (USDT)

Launched in July 2014, Tether mirrors the price of the U.S. dollar. It was initially launched as Realcoin, but was renamed to USTether, and then, eventually to USDT.

As of this writing, USDT is trading at $0.9989, giving the cryptocurrency a market capitalization of more than $65 billion. USDT has an all-time high of $1.22 (February 2015) and an all-time low of $0.5683 (March 2015).

This article originally appeared on ValueWalk

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