UK MP and Economic Secreatary of the Treasury, Andrew Griffith prompts stablecoins and creating a sandbox for financial market infrastructure in UK
Andrew Griffth during a meeting of the UK Parilament Treasury Comittee on Janauary 10 said that the UK government is still dedicated to becoming a leading centre for the crypto industry. He also hints at the intrduction a wholesale stable coin that is likely to be used as a settlement coin in the long term.
In addition to that, the Nigerian central bank in future will be open to developing a regulatory and controlling framework for potential implementations of stablecoins, accroding to a recent unveiled document.
Stablecoin’s market capitalization is over $140 billion in trade against fiat currency. In 2022 it has grown by over five times in market capitalization, representing 15% of the crypto market cap. Further it plays a crucial role in global liquidity in the cryptocurrency markets across the globe.
Despite stablecoins continues adoption, there are potential risks when using non-regulated stablecoins.
Here, we have compiled a list of Top 5 Stablecoins according to Marketcap
- Tether USDT
In the latest development, Crypto.com, one of the world’s top exchanges by volume delist Tether’s stablecoin, USDT, from its trading platform for users in Canada. The move is in accordance with instructions from the Ontario Securities Commission (OSC). As of press time, USDT/USD is exchanging hands at $0.9998, down 0.01% for the day. In the past one month the marketcap Jumped 0.91% at $66.3B as per CryptoRanK.io.
- USD Coin USDC
Stablecoin USD Coin grew exponentially since the collapse of FTX. The daily transfer volumes is four to five time that recorded by major competitor Tether. As of writing, USDC/USD reads at $0.999700, with 0.01 loss, the market cap in the past one month declines 1.58% at 43.7B.
3 Binance USD BUSD
The stablecoin marketcap seen a lot of upside down amid the news of the risk of unregulated stablecoins with the focus turning on Binance stablecoin offerings. In the past 24 hours BUSD/USD trades at $0.9997, down 0.01% for the day. The Market cap shed 26.8% at $16.4B M-o-M basis.
4 Dai DAI
As per the latest InvestorsObserver, the Dai recvies a strong long-term technical scores of 69. Dai has a total market value of $5,805,093,029.84 with an high average daily volume of $1,269,710,612.75.
5 Frax FRAX
Launched in Decemebr 2022 by Frax Finance, it pioneers the concept of a hybrid stablecoin as it is partially backed by collateral and partially stablazied algorithmically.
