Cryptocurrency has indeed existed for quite some time now, yet a lot of people haven't still gotten their hands over it, to understand it. One of the least concerns concerning crypto is what we call transaction fees. Transaction fees attached to stable coins could differ from one coin to the other.
Stable coins are coins that have proven useful to investors that want to secure their assets within the crypto space. A stable coin is an investor's best bet in having the best of both worlds, i.e., having a stable asset in the crypto space, coupled with an unmatched transaction speed.
A stable coin is simply known as a cryptocurrency which is meant to significantly reduce the volatility that investors may experience when using crypto. Stable coins, most times backed by an algorithm, are usually linked to existing assets with a stable value. Stable coins are what balances the playing field so there wouldn't be a need for any of the parties to convert back to fiat.
Stable coins officially came into being after Bitcoin rose to almost $20,000 and then fell by over 50%. This caused investors to seek a less volatile crypto-centered store of value.
In this article, we would be focusing on stable crypto coins with the cheapest transaction fees. In case you're looking for a stable coin to invest in, here are a few stable coins with the cheapest transaction fees by market cap:
- Tether (USDT): This name was chosen for this coin because it literally "tethers" itself to the USD value. This was one of the first most popular stable coins. Coins like this tend to stabilize price fluctuations in order to attract investors who would rather be cautious. In 2014, during its launch, Tether was described as "a blockchain-enabled platform...to make it easier to use fiat currency digitally."
On the 8th of July this year, 2022, Tether was recognised as the third largest cryptocurrency by market capitalization. It has a total market cap of about $70 billion dollars and a token value of $0.9994. It is backed by traditional currency and gold.
- USD COIN (USDC): USD coin is also another stable coin and its price is pegged to the US dollar through fiat-collateralized reserves. This would mean that it possesses an amount of fiat currency equivalent to the amount of USD Coin in circulation. Launched by Centre Consortium in 2018, it has accrued a significant trading volume and now ranks at fourth place in the market cap.
As of the 8th of July 2022, it had a market cap of $55.5 billion and a token value of $1.
- Binance Coin (BNB): BNB is a stable utility cryptocurrency which was created to be a payment method for the fees that come with trading on the Binance platform. BNB's Blockchain is also the system by which Binance's decentralized exchange functions. Based on trading volumes, it is one of the most globally used exchanges in the whole world.
BNB has a total of $39 billion market capitalization, with one BNB valued at about $241.83.
- Solana (SOL): Sol was launched in 2017 and is recognised as a blockchain platform created to aid dApps - decentralized applications. Known for its friction with Ethereum, SOL performs a lot more transactions per second compared to Ethereum. Also, its transaction fees are a lot cheaper. The Solana Blockchain has a cryptocurrency running on it known as Solana (SOL). By market cap, Solana is the ninth-largest cryptocurrency. It has a market capitalization of about $12.8 billion and a coin is valued at $38.
- Polkadot (DOT): The Polkadot's main feature is a relay chain which aids interoperability of several networks. The main difference between Polkadot and Ethereum is that developers can attempt to create new Blockchains yet creating their own security measures. This however could expose smaller projects to external attack because, the larger a blockchain, the more security it would possess. The concept behind Polkadot is what is known as shared security.
- ZEDCOIN: ZEDCOIN is yet another algorithmic stable coin. ZEDCoin will not be listed on any exchanges, and the only way to purchase ZEDCoin will be through the app. This has the benefit of avoiding speculative short sellers, exchange hacks, and further adding to the price stability of ZEDCoin.
This coin was launched in April 2022, and at the time, 1 ZEDCOIN was valued at $1 and it has a total market capitalization of $20 million.
On the 8th of July, 2022, Polkadot was at $6.9 billion at the market capitalization, with 1DOT valued at $7.12.
Some other notable coins in the market include -
"Dai", which is capped at $1.00 and has a total market valuation of $6.9 billion.
"Tron(TRX)" has a market capitalization of about $6.3 billion and a token value of $0.068.
"Avalanche (AVAX)" has a market capitalization of $5.6 billion and a token value of $19.89.