Tether’s rumors have paved way for other stablecoins [pegged 1:1 with real-world assets] like Circle’s USDC, Paxos’ PAX, and Winklevoss twins’ Gemini [GUSD]. A war among stablecoins has started to take over Tether’s throne if and when it falls.

Gemini, Paxos, and USD Coin have all received the go-sign from the New York Department of Financial Services [NYDFS] before the launch. Post its listing on Coinbase on October 23, USDC’s circulating supply increased by 42% overnight surpassing Paxos by a huge margin.

Paxos is now trading with a circulating supply of 112 million, with 40% of its volume coming from Binance. Bittrex announced its listing of Paxos on October 31 and contributes to a mere 1.13%. Paxos has a very steady growth and mostly organic as compared to Circle’s USDC. Circle has a total circulating supply of 127 million due to huge spikes after listing on Coinbase, while Gemini has a circulating supply of a mere 12 million.

Stablecoins are not thought to be faced with the same volatility like that of regular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] or XRP etc since they are pegged 1:1 with real word assets like the US dollar or gold. These stablecoins have been gaining a lot of traction in the recent day while other cryptocurrencies are in a sideways market. Exchanges like Huobi, Bitfinex, and OKEx have listed stablecoins like USDC, GUSD, PAX and TrueUSD [TUSD].

As per CoinMarketCap, Paxos has a 24-hour volume of $35 million while USDC has a 24-hour volume of $2 million. GUSD is at a $7.2 million which is greater than USDC’s 24-hour volume. Among the three, GUSD has the highest velocity of money, 59.05%, which is the amount of money exchanged from one exchange to another in a given period of time, while GUSD is at 31.56% and USDC has the lowest, i.e., 1.67%.

While there is a close competition between USDC and PAX in terms of market cap, Tether trumps all the other stablecoins with respect to market cap [$1.7 billion], 24-hour volume [$2.1 billion] and velocity of money [120%].

American Crypto Association Exclusives!

Bookmark the site and sign up for relevant alerts, trading tips, masternode updates and important news hosted within our exclusive newsletter. Valued at $3,588, we are offering this service free for one year!

Get onboard now!

Exclusive Newsletter!

Sign up for exclusive trading tips, masternode updates and important news hosted within our newsletter!
Terms and Conditions checkbox is required.
Something went wrong. Please check your entries and try again.
Scroll to Top