Stablecoins were the top performing digital assets in January, simply by holding their peg to the U.S. dollar. HeleneBraunn reports
Stablecoins were the winners among top cryptocurrencies in January. Among cryptocurrencies with over $10 billion in market cap, the top four performers during the month were all stablecoins: By simply holding their peg to the dollar, those digital assets avoided one of the worst-ever starts to the year in cryptocurrency markets, as bitcoin fell 17%.
In other words, they held their value – the crypto equivalent of sitting in cash while the most popular crypto assets took big losses. Ether , the native cryptocurrency of the Ethereum blockchain, tumbled 25%. In this market, the roughly flat return of major stablecoins versus the dollar might feel like upside.
Ulrik Lykke, executive director at Ark36, noted that stablecoins also can be"used as productive assets for generating attractive yield.”
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