Coinbase-Backed Stablecoin Claims Rivals Deceptively Pump Market Caps

2019-3-25 02:30

Touted as the next big thing in crypto, stablecoins promise investors volatility-proof exposure to decentralized assets, but insiders say that this emerging asset class is vulnerable to the same manipulative practices that have tarnished the broader ecosystem.

According to Nevin Freeman, chief executive officer of Reserve, a Coinbase-backed stablecoin, many of his rivals artificially inflate their market caps and trading volumes, creating misleading data on crypto-tracking sites like CoinMarketCap and The Stablecoin Index. Freeman identified two dubious tactics used by stablecoin operators to pump their metrics: giving discounts to investors who agree to lock up their funds for a set

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stablecoin coinbase-backed caps market rivals pump investors

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