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There has been a massive influx of stablecoins in the cryptocurrency industry. The purpose of these currencies is very simple: maintain their peg to the US Dollars at all times. Surprisingly, that is a very difficult task for nearly all stablecoins, especially during these volatile times. None of the current stablecoins on the market can effectively do so without interruptions. The Stablecoin Conundrum Intensifies It is quite interesting to see how volatile stablecoins can get despite their “guaranteed” backing by $1 at all times. Every Tether, USD Coin, Paxos, Dai, BittUSD, nUSD, TrueUSD, and Gemini Dollar needs to maintain a value of $1 at all times. After all, these currencies are only worth that amount, and never more or less. In the real world, however, that situation is a bit different. Right now, none of these stablecoins is worth exactly $1, although some of them are relatively close. As such, one has to wonder if the concept of a stablecoin even exists in this day and age. As these currencies cannot hold their value whatsoever, they are anything but stable coins in that regard. Over the past week, all stablecoins have had some significant deviations in quick succession. That alone is pretty worrisome in its own right, although some coins are off far worse than others. At the lowest point, bitUSD dropped to $0.9 for a little while, despite it being pegged to one US Dollar. Gemini Dollar also had a peak of $1.18 at one point, something that should…
Source: None of the Stablecoins Maintain Their Peg Against the US Dollar
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