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Stablecoins Rivalry: Which New Coin will Replace Tether (USDT)?

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After the recent Tether (USDT) incident, a lot of investors started paying more attention to stablecoins. However, they were quite popular long before USDT started losing its value, and a lot of new ones were in development for a while now. These days, the stablecoin invasion is in its full swing, with around 57 coins being around — either already in circulation, or about to enter.

While most crypto investors already know this, we should explain that stablecoins are cryptocurrencies that are backed by another asset. This other asset is often a fiat currency, such as the USD. This is done so that their price would always be the same. with each coin being backed by the same amount, which is usually $1. That way, the coin is able to escape volatility, and ensure stability, hence the name.

While there were numerous stablecoins in circulation already, the one that made them known and popular was Tether (USDT). This is a coin issued by the Tether company, which claims that it can back each coin in circulation with 1 USD. However, since the company failed to provide proof that it actually has enough money to do so, the coin lost its credibility, and investors started dumping it.

This has left an empty spot in the space, and numerous stablecoins rushed in to fill the gap left by Tether. Today, we will review some of these coins.

1. Tiberius Coin (TCX)

Tiberius Coin (TCX) is a stablecoin issued by a Switzerland-based Tiberius Group AG. This is a large and known trader of commodities and asset manager, which issued the coin almost two months ago, on October 1st. The coin is rather unique, even for a stablecoin, since it is not backed by a single asset. Instead, the company is using 7 precious metals for backing it up, This includes Gold, tin, aluminum, nickel, platinum, copper, and cobalt.

The company’s CEO, Giuseppe Rapallo, stated that the reason for this is diversification, which is supposed to make coin more attractive, as well as more stable. At the same time, purchasing the coin will be just like investing in said metals, as well as in technologies that depend on them, such as electric cars, robotics, solar power, the AI, and more.

2. USD Coin (USDC)

USD Coin, or USDC, was launched on September 26th, 2018, as a joint effort of the CENTRE open-source consortium and Circle Internet Financial Ltd. As the name suggests, this is a dollar-backed coin, just like Tether. It was made on Ethereum’s network, and it can be traded on numerous exchanges already.

The two companies understand what Tether did wrong, and they aim not to repeat the same mistakes. Considering that stablecoins are something of a bridge between crypto and other assets, they have to be legitimate and trustworthy, with open standards and transparency that will provide investors with security. This is why USDC keeps no secrets regarding their funds, and can confirm that each coin is fully backed by $1.

3. Gemini Dollar (GUSD)

Launched on September 10 this year, Gemini Dollar (GUSD) comes as a new project of the Gemini Trust Company. This is a well-known cryptocurrency exchange and custodian which is run by the Winklevoss twins. The twins stated that they are excited to bring this project to life, especially since it aims to combine stability and trust associated with the USD with technology and power of blockchain.

This is another stablecoin that has learned what not to do by watching Tether, and each coin is backed by $1, with the money being held at State Street Bank and Trust Company. In addition, every month, the deposit balance is examined and confirmed, so that the Tether incident can never happen with GUSD. At the time of writing, this stablecoin is already listed on numerous exchanges, including HitBTC, Bibox, DigiFinex, BTEX, and more.

4. LBXPeg

LBXPeg is a stablecoin issued by the London Block Exchange on September 29. This is the first stablecoin to ever be backed by the GBP, with each coin being backed by one pound sterling. The LBX issued a press release recently, stating that they will allow users to transfer their coins quickly and easily anywhere in the world via the decentralized network.

Furthermore, money transfers will be traceable, trustless, and safe, which is why numerous other use cases are expected to arrive as well. Users will be able to pay for goods and services, create smart contracts, and more. In addition, the company is using ETH blockchain for creating, distributing, and managing the coin.

Finally, the coin is an ERC-621 token, which means that it will have enough flexibility in its total supply to match the amount of GBP held in their bank account. The company also announced plans to issue their stablecoin on other blockchains at some point and to tie the value of the coin to that of other currencies, such as the US dollar and Euro.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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What Changes May the Crypto Space Experience in 2019

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After the crypto hype of 2017, a lot of newly-arrived crypto enthusiasts were caught off-guard by the price crash and bear market that took over in 2018. One month after another, investors were waiting for things to change, and for another bull run to take place. Unfortunately, this did not happen in 2018, and while the year’s final days were seemingly stable, the rally everyone wanted to see has failed to arrive.

However, crypto investors remain optimistic, with many of them hoping to see some changes arrive in 2019. There are rather great expectations of this year, especially since the last one failed to deliver. However, many are interested in what exactly is to be expected in this year, which is what we will talk about today.

Bitcoin ETF approval

The US SEC’s decision regarding Bitcoin ETFs was one of the most anticipated events throughout 2018. Sadly, the decision constantly got delayed, and the SEC never actually provided an answer. The last delay has pushed the decision into 2019, and it is now expected to arrive on February 27.

Historically, the SEC was never ready to approve Bitcoin ETF, and many believe that the delays came due to the fact that the market was not ready for then in 2018. This is backed by the fact that the SEC rejected multiple application throughout the year. VanEck and SolidX…

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Reasons Why 2019 May Be A Great Year For Crypto

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The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.

The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.

With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.

1) Bearish market to loosen its grip

The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…

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3 Coins with the Largest Potential in 2019

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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.

Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.

  1. Bitcoin (BTC)

Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.

One thing that is expected is the approval of Bitcoin ETFs…

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