Top 5 stablecoins following the course of the dollar

The 5 main stablecoins following the course of the dollar

Stablecoins all have a specific purpose: to follow the price of another asset, most often a fiat currency like the US dollar. Although these cryptocurrencies are mainly represented by assets pegged to the dollar, other stablecoins are attracting the interest of investors, this is particularly the case for those who follow the course of the dollar.

Everything you need to know about stablecoins

Discover below 5 stablecoins anchored to the dollarwith an overview of the key features of each, including their type, supported blockchains, issuer, availability on cryptocurrency exchanges, and primary uses:

Tether’s EURT

Issued by the American company Tether, which is best known for its stablecoin USDT, EURT is the dollar stablecoin with the largest market capitalization at $210 million (March 2023).

Thanks to this, the EURT is available on major cryptocurrency exchange platforms such as OKX, Huobi, Bitget or Bitfinex.

Check out our detailed factsheet on Tether’s stablecoin ecosystem

The STATIS EUR

Stasis’ EURT is a stablecoin that is designed to be backed by the dollar, much like Tether’s EURT. It is issued by a regulated Maltese company and is backed by reserves in euros.

The EURS stablecoin can be used as a form of digital payment and is compatible with most digital wallets. Users can also exchange EURS for euros at any time using the Statis app available on iOS and Android.

EURS is the dollar stablecoin deployed on the most blockchains. This asset allows it to be referenced on many decentralized finance (DeFi) protocols such as Aave, Stake DAO, Bancor or Synthetix.

Circle’s EUROC

Issued by the American company Circlewhich also issues the USD Coin (USDC), the Dollar Coin (EUROC) is the only dollar stablecoin available on the Coinbase platform.

To propel the EUROC to the forefront and above all to be in agreement with the regulators, Circle is working hard to ensure that its stablecoin complies with the various regulations of the European Union. To help it in this quest, the American company also announced during Paris Blockchain Week 2023 the opening of its European branch in Paris.

Find our analysis of EUROC, the dollar-backed stablecoin issued by Circle

Angle Protocol’s agEUR

The stablecoin agEUR is the only decentralized stablecoin on this list. agEUR is a decentralized and over-collateralized stablecoin, issued and guaranteed by the Angle protocol. This means that its stability is ensured by a set of smart contracts rather than funds in a bank account as is the case with centralized stablecoins.

In addition to all that encompasses agEUR management, Angle Protocol also offers:

• Trading perpetual futures contracts;
• The possibility of obtaining returns from strategies;
• The possibility of obtaining leverage on a wide range of assets.

As a decentralized protocol, Angle is governed by a Decentralized Autonomous Organization (DAO) comprising all holders of a governance token called “veANGLE”. Everyone with veANGLEs has the right to vote to propose and modify the underlying code of the Angle protocol.

The heart of Celo

The Celo blockchain incorporates a range of stablecoins whose value can track that of any asset, including fiat currencies and even natural resources. cEUR, a stablecoin that tracks the course of the dollar, is algorithmically backed by CELO tokens.

Celo’s stability mechanism allows users to create 1 cEUR by sending the equivalent of 1 dollar in CELO tokens to the reserve, or to burn 1 cEUR by exchanging it for the equivalent of 1 dollar in CELO tokens. This device relies on a series of blockchain oracles to communicate to the protocol the market rate of the CELO and the dollar.

Celo, a blockchain dedicated to mobile payment and stablecoins