eToroX’s stablecoins and their role in mass adoption
As we’ve already discussed, stablecoins have a huge role to play in the push towards mass adoption of crypto, by effectively bridging the gap between traditional finance and the limitless potential of blockchain. Rather than doing away with all of the inherited notions of value and wealth, stablecoins can translate them into the digital age, improving them and introducing users to blockchain in the process.
Stablecoins essentially digitize traditional sources of value and put them on the blockchain. Fiat currencies, raw resources and even real estate can all be digitized and traded on the blockchain in quicker, easier and cheaper transactions, which could transform the global economy as we know it.
Stablecoins are also important for the level of transparency they can bring to traditional finance. Because blockchain is immutable and secure, nefarious practices such as money laundering or the funding of illegal organizations can be cut down while consumers are protected by ledgers that easily prove where their money goes and how it is used.
eToro is an active believer in and contributor to the stablecoin trend. As innovators in the crypto field and promoters of mass adoption, we see stablecoins as just one piece of the puzzle that will draw larger audiences to crypto — but as pieces go, it’s fairly hefty. That’s why one of our most exciting initiatives has been to introduce our own stablecoins to the market, available on our eToroX exchange. All our stablecoins are digital representations of fiat currencies as well as gold and silver.
Why these stablecoins? Some of our stablecoins, like GOLDX, SLVX and USDEX have existing counterparts and competition. In these cases, we wanted to not only establish ourselves in the stablecoin market, but also to offer traders stablecoins which were backed by healthy regulation and the eToro brand name — factors that make the difference for many traders and can bring new users into the cryptosphere.
Other stablecoins on our list have no other representation and by making them available, we are helping to democratize the market by giving more users more options to choose from. These stablecoins were added by popular demand to guarantee that we were answering a real need and filling the gap in the market.
These principles will also guide us moving forward. We will continue adding stablecoins along these guidelines, opening up new opportunities and helping with the move towards mass adoption. But that’s not all. While our stablecoins have made and will continue to make their debuts on our exchange, we also plan to coordinate with other trusted exchanges so that our stablecoins and other digital assets will be tradeable elsewhere.
The future is bright for stablecoins and we want to be a part of it, and help shape it in the best way possible. Our goal is to offer a greater number of users the benefits of blockchain trading in the constant pursuit of mass adoption.
