HALO Stablecoin: What Is It And Why Should You Care
It’s common knowledge that cryptocurrencies are highly volatile assets. Due to the rapid change in the value of these digital assets, stablecoins were launched to serve as a store of value.
The emergence of stablecoins has helped those in the crypto space retain their digital assets while staying immune to the intense price volatility of cryptocurrencies.
What Is A Stablecoin?
Stablecoins are digital assets whose values are based on other widely accepted, nonvolatile assets. This explains the price stability of these cryptocurrencies. What differentiates a stablecoin from other cryptocurrencies is its unflinching value despite the market situation. This brings us to the highly anticipated HALO Network’s stablecoin.
What Is HALO Stablecoin?
As part of HALO Network’s plans for the DeFi space, the chain will have its dedicated stablecoins. These cryptocurrencies aim to help the DeFi community access stable assets in a truly decentralized manner.
HALO stablecoins will consist of several local variants, catering to more people from different locations.
The Essence Of HALO Stablecoins
With the existence of several stablecoins, many wonder at the introduction of HALO stablecoins. Yet, the addition of new stablecoins specific to HALO Network will be geared at making users more at home with the DeFi services on the chain.
Through the launch of HALO stablecoins, users can leverage the many perks of DeFi without the confusion of exchanging fiat currencies. Also, the excuse of fiat limitations is no longer valid.
The Mechanics Of HALO Stablecoins
Unlike most stablecoins out there, users will get HALO stablecoins through contract issuance. These cryptocurrencies aren’t hoarded anywhere as you’d see with the Tether Treasury. HALO stable coins will be able to be minted based on user demand, so there will be only the required stablecoins in circulation.
Another interesting thing about HALO stablecoins is that the data feed comes from the Australian Exchange data tray, giving credence to the valuation of the stablecoins.
HALO stablecoins won’t struggle with the baggage that has put Tether in disrepute. HALO stablecoins exchanged for other assets will be burned, removing them from circulation. This eliminates the risk of legal battles and sanctions, with users the usual victims of such.
How Will HALO Stablecoins Support The Network?
HALO Network is built to anchor the proliferation of DeFi dApps, making it more accessible to retail. For this to happen, users need to be comfortable with the disruptive dApps. And one of the ways HALO Network is making that happen is through the introduction of its stablecoins.
HALO stablecoins will consist of HOUSD, HOEUR, HOCNY, and others. This creates an entry point for DeFi users scattered around the globe — no more multi-exchange conversions and the charges that follow.
Beyond being a consumer-centric tool for HALO Network, the technicalities of these stablecoins shield the chain from the sledgehammer of regulatory agencies like the SEC. Ripple’s long-drawn-out legal battle with the United States SEC is the sort of situation every project hopes to avoid.
The reliance on multiple stablecoins creates more visibility for HALO Network. Few chains have multiple stablecoins that cater to different consumers, so this network is doing something exceptional in a space renowned for innovation. By catering to more users across the globe, HALO Network positions itself as the blockchain for the people.
Another reason why the HALO stablecoins are crucial to the performance of the chain is HALO Network’s many financial products. The blockchain intends to be the hub of everything DeFi. Decentralized finance products like HALO Loan, HALO Credit, and others will need stablecoins. Users can’t maximize the perks of these financial products without navigating stablecoins in the process.
What Are The Perks Of HALO Stablecoins?
Holders of the HALO stablecoins need not worry about the market situation. Typical of stablecoins, these cryptocurrencies derive their value from their fiat counterpart. So if you’re holding any of the HALO stablecoins, it’s synonymous with holding fiat.
Though HALO stablecoins are valued based on corresponding fiat currencies, there are no regulatory nightmares to contend with. With the stablecoins generated through a contract based on an intricate algorithmic logic, there are no loopholes for regulators to exploit.
HALO stablecoins have no initial supply. Users get the stablecoins through a contract, so legal battles are unlikely. Regardless of the complexity of the minting process, holders of these stablecoins can easily trade them for other assets.
HALO Labs, the team behind HALO Network, is introducing HALO stablecoins. If you have been looking for a stablecoin that’s free of any future legal baggage, look no further than HALO stablecoins. Tailored to fit the stablecoin needs of several countries not limited to the USD. HALO stablecoins are the most consumer-friendly, stable cryptocurrencies.
HALO stablecoin is planned to be launched in phase 3. Keep eyes peeled for this milestone. With HALO Network set to be the leading chain for DeFi applications and users, HALO stablecoins will prove helpful both for consumers and the digital ledger.
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