Makerdao, Instatrinedo, Tether and bitusd all take a hit

MakerDAO, Tether, and BitUSD are all down in the last 24 hours. MakerDAO, which currently ranks as the third largest stablecoin by market cap, is down 3.80% while BitUSD is down 2.24% on the day.

MakerDAO is a decentralized autonomous organization. issue Dai (its stablecoin). The project was founded in 2017 by Rune Christensen and allows users to access Dai through smart contracts based on the Ethereum code. The value of Dao is pegged to US dollars (1 Dai = $1) and is available through smart contracts on the Ethereum blockchain.

Tether is a cryptocurrency built on Bitcoin using the Omni Layer protocol. It allows users to transact without having to use an intermediary such as a bank or credit card company (it also functions very similarly to MakerDAO). However, unlike MakerDAO, Tether does not intend to release its reserves into the economy as MakerDAO did with its reserves locked forever (on purpose).

BitUSD is a token. ERC-20 token issued on Ethereum blockchain using USD as collateral for its price stability