The rise of stablecoins has been fueled by their lack of wild volatility when compared to other crypto-assets, such as bitcoin, which has allowed them to gain popularity. Prices of stablecoins are usually tied to a stable asset like the US dollar, which the issuer holds as collateral. It is common for a buyer of a stablecoin to be given the option to redeem it later for $1.
A research firm called Chainalysis tracked four major stablecoins to estimate a total of $82 billion in stablecoin trading volume last year, a major increase from the previous year’s $12.5 billion. According to The Block research firm, volume of stablecoin trades increased massively in the last year up to April 2019.
The way stablecoins are structured makes them an important source of liquidity in cryptocurrency markets. Professionals use them to invest and trade in other crypto assets since they can’t utilize fiat currencies to do so on exchanges, as well as when prices change.
Some industry leaders predict that stablecoins (which will be used for financial transactions such as loans, remittances, wire transfers, and payments in the future) will fulfill the long-standing promise of cryptocurrencies to make financial transactions cheaper, faster, and easier by replacing foreign currencies in today’s complex financial world.
To be able to store some stablecoins, it is critical that you have a reliable wallet. It is critical for you to recognize the significance of having a good wallet when you step in the world of crypto. We will examine various wallets in detail after discussing their importance, to find the one that is right for you.
In addition to the crypto wallets offered or suggested by many exchanges, you will need a dedicated cryptocurrency wallet, which will enable you to make purchases and trades with stablecoins or other cryptocurrencies.
There are many online wallets that feature password-protection along with other security features such as encryption, two-factor authentication and other safeguards.
The options you choose for crypto storage should take into account your risk tolerance and goals, as well as your crypto knowledge level. The use of cold storage is most appropriate if you intend to hold your coins long-term and don’t plan to trade.
Apart from these benefits, having a reliable wallet for storing your stablecoins offers a wealth of other advantages.
Best Wallets to store Stablecoins
1- MyEtherWallet
Open-source cryptocurrency wallet MyEtherWallet (MEW) allows for easy management of digital assets. It supports a wide range of cryptocurrencies, making it one of the largest Ethereum blockchain wallets. Since MyEtherWallet is a non-custodial wallet, your private keys are not stored. They are only accessible to you. ETH and ERC20 tokens can be stored and managed through the most secure and intuitive wallet available.
MEW has had a complete overhaul and boasts of many new features, all delivered in an elegant and user-friendly interface. User-friendly wallets have been integrated into platforms such as Bity, Kyber Network, Changelly, and Simplex, allowing them to trade fiat for cryptocurrencies such as ETH and BTC, as well as ERC20 stablecoins. In addition to support for Ledger, Trezor, and many more hardware wallets, the wallet also supports numerous cryptocurrencies.
Stablecoins such as USDT can be sent and received using MEW. In addition to the multi-balance feature, the wallet provides an intuitive method of separating savings from costs of living. The wallet can be accessed via mobile devices as well as the web (iOS and Android).
Pros
- There is no cost for this service.
- Wallet is an open-source project.
- There are videos that clearly explain how to do certain things.
- No sensitive data is stored on the MyEtherWallet servers.
- The ability to conduct offline transactions in cold storage.
Cons
- It has been observed that phishing attacks have occurred.
- The wallet is not in itself a cryptocurrency wallet.
For the safe storage of Stablecoins, Trust Wallet is a great alternative. Security standards that are Bank Grade ensure that your Stablecoins are fully protected from any potential threats. With the new wallet, users can stake stablecoins to earn interest on their coins. Over 160 digital assets are supported. Users can access decentralized applications (Dapps) built on Ethereum through the wallet’s integrated Web3 browser.
Due to its simple and straightforward interface, it’s relatively simple to download, set up, and use the wallet. Aside from transaction fees, Trust Wallet is completely free for downloading and using. Neither an initial payment nor a subscription service is required. Gas fees are the only thing that must be paid to miners or proof-of-stake chains to process transactions.
User-friendly Stablecoin apps are available via the Trust Wallet, allowing users to spend their funds anywhere they want. Personal information of users is kept on the device, which ensures privacy and security. Personal information is kept confidential.
The wallet supports a wide number of stablecoins and is available to download from Google Play or the App Store for free.
Pros
- The safety and security of your information
- A user-friendly interface
- Various types of coins are supported
- The platform has many capabilities, including Dapps, Web3 Browsers, and an integrated exchange.
- It is not a custodial situation.
- Wallet native to the Binance exchange
Cons
- It’s not possible to do two-factor authentication
The STATIS wallet is another great option for keeping stablecoins safe. Support for Ethereum and Dai stablecoins, as well as Bitcoin, Ether, and other cryptocurrencies, can be found in the wallet. Besides allowing you to send and receive digital assets, Stasis also allows them to be exchanged within the wallet easily. This allows for stable cryptocurrency investments like Stablecoins to be quickly and easily converted from volatile investments like Bitcoin and Ether.
Delegated transfer for Ethereum-based transactions is available in the STASIS wallet. Instead of buying and keeping gas for transaction fees, users can pay transaction fees with ether or EURS.
Using digital currencies is incredibly easy owing to the user-friendly interface. Android and iOS platforms are supported by the wallet.
Pros
- Ease in exchanging assets.
- Option to pay fees using Ether or EURS.
- Available on iOS and Android.
Cons
- Fairly new wallet in the market
This desktop-based cryptocurrency wallet is the best in the business. It supports over 50 cryptocurrencies, including all other stablecoins except USDT. Digital assets can be stored, sent, and received with minimal fees from the wallet.
If you use the desktop extensively, Exodus is a great desktop wallet for storing your stablecoins. In addition to storing users’ private keys on their devices, their devices also give them full control over their assets. Additionally, the wallet is compatible with hardware wallets like Trezor and Ledger. Additionally, there is a historical chart in your wallet that you can use to track your investments over time. In addition to a desktop and mobile software (for both iOS and Android), the wallet includes a mobile app that allows for more ease when sending, receiving, and trading bitcoins through text message or email.
Pros
- Private keys are kept by the user
- A range of cryptocurrencies are supported
- Provides crypto-to-crypto exchange in the app
- An intuitive user interface
- The application is user-friendly and suitable for beginners
- You can download the mobile application as well
Cons
- Transaction fees are high
- The transaction fee decision cannot be made manually
- Not compatible with two-factor authentication
- Multisignature addresses aren’t supported
- The wallet is not as secure as it should be
Due to its high security and easy simplicity of use, the Ledger Nano S is the among the most trusted hardware wallet for holding stablecoins. Connecting the wallet to the computer seems like a USB device. This device comes with an OLED display that makes it easy to verify digital transactions. In terms of size and weight, the wallet measures 98mm x 18mm x 9mm and does not weigh more than 16.2 g.
A certified secure chip protects the key of Ledger Nano S users and is the best level of crypto protection. With its all-in-one app, you can manage your portfolio easily and securely using your phone or computer. A total of 27 coins and more than 1500 tokens are available for purchase, storage, and management. Additionally, the device offers access to backups to prevent users from losing their funds should they be stolen or if they forget their password.
With the Ledger Nano S, you can choose between desktop computers (Windows, macOS 10.10+, Linux) and phones (Android 7+). The Nano cannot be connected to a desktop or smartphone without an OTG kit.
Pros
- Designed for beginners, this tool is easy to use.
- They offer cold storage that is 100% secure.
- The price is great.
- Ledger Live has a mobile application that can be downloaded on mobile devices.
- It is possible to use Ledger Live on a laptop/computer.
Cons
- There aren’t as many mobile apps available for Ledger devices.
- Not a free or open source project.
A stablecoin, or stablecoin backed by crypto assets, is crucial to crypto traders in order to safeguard themselves against the high volatility of the cryptocurrency market. Stablecoins can be stored, sent, and received safely through crypto wallets. Choosing the right stablecoin wallet involves considering aspects such as security, user experience, and additional features. The stablecoin wallets discussed in this article are the best options for storing your stablecoins because they come with a variety of security features, are simple to use, and provide additional benefits over other wallets.
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