Recently, there has been a so-called “stable coin invasion”—in fact, according to a recent report, there are at least 57 stable coins that have been released or are currently in development globally.
As explained in our guide to stable coins:A stablecoin is a cryptocurrency that is pegged to the value of an underlying asset. They are called stablecoins because the value of these cryptocurrencies are kept stable in relation to the underlying asset.
By and far, the most popular stable coin is Tether (USDT), which has become the 8th largest cryptocurrency by market cap, and is in second place after Bitcoin in terms of highest daily trading volumes.
However, a lot of controversy surrounds Tether. Suspicions have arisen that the stable coin is not truly backed by US dollars, as the company has yet to agree to a transparent audit. They have also been accused of causing Bitcoin price manipulation.
As a result, other projects are scrambling to take shady Tether’s place as the world’s most popular stable coin.
Here we look at 9 brand new stable coins that have been announced in the past few months.Tiberius Coin
Tiberius Group AG—a Swiss asset manager and commodities trader—has just begun the sale of their new stablecoin on October 1.
Tiberius Coin (TCX) is unique in the stablecoin space, as it is backed by not just one asset (like USD or silver), but by a combination of 7 precious metals: gold, platinum, tin, nickel, cobalt, aluminium, and copper.
Giuseppe Rapallo, CEO of Tiberius Group, stated in an interview:Instead of underlying the digital currency with only one commodity, we have chosen a mix of technology metals, stability metals and electric vehicle metals. This will give the coin diversification, making it more stable and attractive for investors.
Buying and holding TCX will be like investing in the tech metals market. As technologies that use the 7 precious metals that TCX is backed b...