Tokocrypto Is Ready To Become an Indonesian Gateway for Stablecoin
Tokocrypto, the leading platform exchange for cryptocurrencies in Indonesia, officially launch new coins. Not only one, but there are 5 new coins this time, that is Gemini Dollar (GUSD), Paxos Standard Token (PAX), TrueUSD (TUSD), USD Coin (USDC), and Tether (USDT) that start listing on May 16, 2019. These five coins are US Dollar based coins, complementing other existing coins, Digix (DGX), a gold-based token.
“Tokocrypto opened a new page in Q2 2019 by presenting 5 stablecoins in our platform, namely GUSD, PAX, TUSD, USDC, and USDT, completing DGX that was listed in December 2018. With the presence of these new coins, Tokocrypto is ready to become a gateway in Indonesia for stablecoins,” said Pang Xue Kai, CEO of Tokocrypto.
Stablecoin itself is a cryptocurrency that is guaranteed by the value of the underlying asset that supports it. What basic assets can vary depending on each coin; can be a legitimate currency such as US Dollars, or precious metals such as gold, with a value ratio of 1: 1.
DGX, which has previously been traded in Tokocrypto, for example, has gold assets behind it, so the price of 1 DGX is equivalent to the price of 1 gram of gold. While USDT, GUSD, TUSD, PAX, and USDC are coins based on the United States fiat. The value of each coin is equivalent to US$1, equivalent to Rp14,200.
At present, the five new coins that traded at Tokocrypto are the favorite coins viewed from their market cap. USDT is currently ranked 8th in the coinmarketcap.com with a transaction volume of US$2,8 billion. USDC is currently ranked 28th with a transaction volume of US$314,9 million. TUSD itself has a transaction volume of US$234,7 million and is now ranked 36th. The other two coins, PAX and GUSD are ranked 39th and 147th respectively.
Stablecoin and its Utilization
As we know, the cryptocurrencies market is very unpredictable and very volatile. Cryptocurrencies that today is predicted to have a bright future can turn into an asset that has no value in a matter of months, even weeks. Not to mention the absence of physical assets behind it which can support prices is a problem in itself.
The presence of stablecoin is expected to provide a solution to these two major issues. Once doubted at the outset of its presence, Stablecoin began to gain public trust and is now considered the future of the cryptocurrencies world.
Stablecoin has so far proven to be beneficial to the world of cryptocurrencies because it helps eliminate dependence on fiat currencies as a basis for trading and does not have extreme volatility.
“Stablecoin is not affected by the extreme volatility of cryptocurrencies, making it be more suitable as a means of payment and trading, which on the other hand is supported by the latest technology from blockchain like other cryptocurrencies,” concluded Kai.