Hello! This is the 5th edition of our weekly overview of various cryptonetworks, contributing to the future of blockchain technology. Today, the main theme of the update are stablecoins. Blockchain analysis company Coin Metrics has found that while Bitcoin was experiencing its biggest daily drop in the last seven years, stablecoins reaped the benefits.

Coin Metrics, which conducts an analysis of various aspects of cryptocurrency tokens, released its State of the Network report on March 23. According to Coin Metrics data, stablecoins gained market share, spreads on spot and futures markets widened, and transfer fees spiked as people rushed to deposit coins. Crypto holders may have been turning to stablecoins in an attempt to preserve their capital while the market experienced a major downturn.

So, let’s get acquainted with the stablecoins in the spotlight:

USD Coin is an open-source, smart contract-based stablecoin brought by Centre, a collaboration between Circle and Coinbase. The initial implementation is USD Coin (USDC), an ERC-20 token creating possibilities in payments, lending, investing, trading and trade finance — and the ecosystem will grow as other fiat currency tokens are added.

Gemini Dollar is the world’s first regulated stablecoin, designed for high scale and usability in all kinds of transactions. It was issued by Gemini Trust Company, LLC, a regulated, audited New York trust company and backed by US dollars held at State Street Bank and Trust Company.

Tether — Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Tether works to disrupt the conventional financial system via a more modern approach to money.

Paxos Standard is a digital dollar. Like other crypto assets, it can move instantaneously, anywhere in the world, any time of any day, and it’s programmable. It is backed 1:1 for the dollar and it’s issued by the Paxos Trust Company, so the funds are carefully protected, audited and regulated.

Binance USD — US Dollars (BUSD) accessible through Binance. BUSD is also a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS), issued in partnership with Paxos.

Enjoy!