ARE STABLECOINS ‘THE FUTURE OF MONEY’ ?
Money became programmable for the first time in history.
Blockchain has the potential to disrupt nearly every industry.
The global fintech technology aims to create a new and improved payments system for the world — looking to build the one which can be secure, transparent, decentralized, fast, and uses cryptocurrencies as a means of exchange.
The banking and payments industry is perhaps the key beneficiary of this emerging market. But the value of most cryptocurrencies fluctuates on a daily basis and the volatility is still huge. While digital currencies aim to facilitate more secure transactions, their values are centered around speculation.
We need a stable priced virtual currency which can be used for goods and services.
Stablecoins enable merchants and consumers to rely on balanced prices that are not affected by the high volatility of crypto markets. This is because their values are pegged to different assets such as the US dollar gold, silver etc. or commodities.
Thanks to their stability, stablecoins represent the ideal tool that can connect blockchain ecosystems with traditional economies. These coins help users streamline payments via automation while ensuring liquidity, security, and transparency.
Most of the blockchain ecosystem players are still struggling with traditional banking so crypto firms/traders have the chance now to rely on stablecoins and we believe that merchants will be soon relying on these coins.
Stablecoins have the benefit of cryptos with an advantage of price stability which can be very attractive if we are looking for a cheaper, faster and safer money transaction in our everyday life.
Check out this short video explanation about stablecoins by 99Bitcoins:
According to recent reports at least 100 stablecoins have been released or are in development globally. In addition, best to keep in mind that Paxos Standard (PAX) and Gemini Dollar (GUSD) are the two USD-backed stablecoins that have been approved and regulated by the New York State Department of Financial Services. On the other hand USD Coin by Coinbase and Circle have a mission to build an open financial system for the world. As part of this mission, they want everyone to enjoy the stability of the world’s fiat currency, the US dollar. USD Coin allows unbanked and under-banked individuals in any country to hold a US dollar–backed asset with nothing more than a mobile phone.
If you are interested about stablecoins in general, feel free to follow the Global Stablecoin Popularization and Education Movement and learn more about stablecoins.
“Stablecoin — Money in the right direction”
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