DAI — a decentralized opposition to the ‘banking cartel’ of stablecoins accumulates 1.7

Too Long; Didn't Read

Not without an ample dose of skepticism, 2018 can indeed be referred to as the year of the stablecoin. Amid <a href="https://www.theblockcrypto.com/tiny/tether-dominance-drops-to-new-3-year-low-as-other-stablecoins-gain-traction/" target="_blank">total backlash </a>against Tether, and yet high demand for stable cryptocurrency as a means of settlement, a growing cohort of stable coin solutions were rolled out to the market. These appear to be the stablecoins that enjoy most credibility among crypto exchanges today: Paxos Standard <a href="https://www.paxos.com/standard/" target="_blank">PAX</a>, Gemini <a href="https://gemini.com/dollar/" target="_blank">GUSD</a>, Circle <a href="https://www.circle.com/en/usdc" target="_blank">USDC</a>, Carbon <a href="https://fiat.carbon.money/" target="_blank">CUSD</a>, TrustToken’s <a href="https://blog.trusttoken.com/trueusd-a-usd-backed-stablecoin-you-can-trust-9688796cfd0d" target="_blank">TUSD</a>. Yet, it’s safe to say that none of the above products is truly decentralized, essentially being more of a token with the right to claim a fiat USD equivalent stored in a centralized storage (most often on a bank account).