Stablecoins are all the rage right now, as cryptocurrency traders and fans jump from one cryptocurrency project to the next in search of a token that will keep its value, if not skyrocket in value.If you are new to Crypto investment or trading check www.bitcoin-loophole.live an advance trading platform.
So, it shouldn’t come as a surprise that the idea of cryptocurrencies that keep their value by being tied to the dollar existed before Bitcoin. Most alternatives are run by a central authority, but the need for decentralized, stable, and easy-to-understand currency is growing.
Terra USD (UST) is one of many coins that want to be the first stable coin that is not controlled by a central authority.
Built on the Terra network, the Terra USD (UST) cryptocurrency has a number of unique features that make it a good investment. This article explains in detail what this algorithmic stable coin can do.
Last week, Terra’s UST was one of the most popular dollar-pegged stable coins on the market, but its price fell. The coin was eventually taken off the dollar, and since then, compared to the dollar, its value has dropped by about 90%. So it’s not surprising that crypto investors are looking for other options, which we’ll talk about below.
- For almost all cryptocurrency transactions, you need stable coins that are tied to the USD.
- Stablecoins are a big plus because they help investors reduce their exposure to crypto-assets that are more volatile.
- The most important thing for decentralized finance is stable coins that are tied to the US dollar.
With this in mind, we’ve made a list of three currencies that might be better than UST if you want to look into them.
- Tether (USDT)
Nothing beats USDT when it comes to stable coins that are tied to the dollar. It is one of the safest options because its market capitalization is the highest of any dollar-linked coin.
When the UST fell, some people were worried that Tether might no longer be connected to anything. But now, those worries are no longer a problem. It seems like USDT doesn’t change in value. Even though there is some risk with the coin, it is still a better investment than almost all dollar-pegged coins on the cryptocurrency market right now.
- USD Coin (USDC)
Right now, the market value of all USD Coins (USDC) is close to $53 billion. It is the second-largest dollar-pegged stable coin by market capitalization after Tether. USDC has been so consistent in the last few weeks that it’s hard to believe.
Even though Tether and other stable coins showed some small signs of the volatility after UST failed, USDC was mostly unaffected by the event. So, it’s a good choice for people who want to use coins that are tied to the dollar. USDC is also backed by real money that is kept in reserve and extra US government bonds.
- Pax Dollar (USDP)
Even though it’s not as popular as Tether or USD Coin, Pax Dollar (USDP) is a very good stablecoin. It’s worth just a bit less than $1 billion on the market, which isn’t always a bad thing. Also, the USDP is backed by assets in full. This makes it a little less likely to fall over.
Where can you get the best deal on UST coins?
As has already been said, UST is listed on a number of cryptocurrency exchanges and can be traded in a number of ways. Some of the best-known places to buy and sell cryptocurrency are Kraken, Gemini, and Coinbase, where you can buy it. It’s important to remember that you can’t trade native UST on every exchange.
Kraken and Binance both have native UST tokens, but Gemini and Coinbase only have UST tokens that are based on Ethereum. If you want to move your Ethereum-based UST tokens to the TeraStation wallet, you must first exchange them for Terra tokens.
You can buy UST on a number of DEXs, like Uniswap, where it is linked to Ethereum and Terra-based DEXs like Astroport. fi, LOOP Finance, and TerraSwap. A DEX is something like Uniswap.