As the competition among stablecoins heats up in the cryptocurrency world, it is rather interesting to see how popular each offering is as of right now. The results are a bit surprising. The following 5 stablecoins are ranked by their current daily volume.
In the cryptocurrency world, very few people seem to pay attention to stablecoins which are not pegged to the US Dollar. In the case of BitCNY, it is a market-pegged currency linked to the Chinese Yuan and issued on the BitShares protocol. This currency has seen a volume of $12.2m in the past 24 hours, indicating it is somewhat popular It is primarily traded on CoinTiger, the BitShares Asset Exchange, and Openledger DEX.
Despite Dai becoming a proper stablecoin prior to some more recent competitors emerging, it seems to be less popular than some of those newer offerings. A daily transaction volume of $13m is not bad, but it is not sufficient to bring much-needed competition to TrueUSD, Tether, and others. Dai is primarily traded on HitBTC, Radar Relay, Ethfinex, OasisDEX, and Kyber Network, among others.
The listing of TrueUSD on Bittrex and Binance should be sufficient to catapult this stablecoin to a new level. So far, that has not happened just yet, as its daily volume of $15m is less than stellar. Even so, its volume is slowly picking up steam, which can only be considered to be a good thing. TrueUSD is primarily used on Binance, Bittrex, CoinTiger, Zebpay, and HBUS.
#2 CK USD
It is a bit unclear why the demand for CK USD is picking up all of a sudden. While it is good to see traders explore options beyond Tether in terms of stablecoins, CK USD is not necessarily a concept most people are familiar with. The current 24-hour volume of $142.2m tells a very different story, although there are numerous questions raised regarding this figure.
BCEX and Allcoin are the two primary exchanges for CK USD usage. However, BCEX controls nearly 60% of the market, primarily through its BTC and ETH pairs. Allcoins BTC and ETH pairs are not that far behind in volume as of right now. However, BCEX has a lot more pairs linked to CK USD, including ETC, XRP, EOS, and so forth. An interesting development worth keeping an eye on.
#1 Tether’s USDT
It is safe to say no stablecoin will rival Tether’s USDT anytime soon. Its trading volume is off the charts, as it is the second-most traded asset behind Bitcoin. With over $3 billion in 24-hour volume, the asset also generates more trading volume than its total market cap value on a nearly daily basis. Top exchanges for USDT activity are BitForex, Binance, Huobi, and OKEx. The $2.6bn in volume form BitForex’s BTC pair is still excluded on CMC, which makes one wonder what is going on over there exactly.