Which stable coins are commonly used in the cryptocurrency industry for DeFi applications?

3 answers

• irfan alviNov 12, 2021 · 4 years ago
  Stable coins play a crucial role in the DeFi ecosystem, providing stability and minimizing the volatility associated with cryptocurrencies. Tether (USDT), USD Coin (USDC), and Dai (DAI) are among the most commonly used stable coins in the cryptocurrency industry for DeFi applications. These stable coins are preferred due to their high liquidity, wide acceptance, and strong peg to the US dollar. Major DeFi platforms like Compound and Aave often support these stable coins, allowing users to borrow, lend, and earn interest with them.
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• Sibi SudhanFeb 10, 2024 · a year ago
  When it comes to stable coins in DeFi, Tether (USDT) is undoubtedly the king. Its dominance can be attributed to its early entry into the market and widespread adoption. USDT is widely supported by DeFi platforms, making it a popular choice for users. Additionally, USDT offers a high level of liquidity and stability, making it a preferred stable coin for DeFi applications.
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• ExodusJan 18, 2023 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recognizes the importance of stable coins in the DeFi space. While there are several stable coins commonly used in DeFi applications, the most popular ones include Tether (USDT), USD Coin (USDC), and Dai (DAI). These stable coins are trusted by the community due to their transparency, strong peg to the US dollar, and wide acceptance. They provide stability and enable users to participate in various DeFi activities such as lending, borrowing, and yield farming.
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