Stablecoins Within Cryptocurrency Industry: Market Effects And Trends?

Stablecoins Within Cryptocurrency Industry: Market Effects And Trends?
фото показано с : bitcoinexchangeguide.com

2018-8-30 15:23

Would you have thought it possible to peg a cryptocurrency to a fiat currency? Well, that was a pipe dream in the early days of coins but not anymore since coins such as USDT are pegged on the US dollar. Such coins have earned the name ‘stablecoins’ and their presence in the crypto-economy is considered crucial for the survival of cryptocurrencies.

Unleashing Of The ‘Stablecoin’ Ideology In 2012

There has been a lot of mixed reviews regarding coins such as tether (USDT) but their presence isn’t something to be ignored. The idea of a fiat-pegged cryptocurrency was heavily covered in JR Willet’s 2nd Bitcoin whitepaper and the build-up about them has grown over the years.

It’s worth noting that some of the coins have flopped badly in their effort to peg on fiat currencies. For example, the coin nubits (USNBT) was designed to remain at the value of a dollar but it went before that and hasn’t managed to retain the 1:1 ratio.

Does Tether Reign Supreme Among The ‘Stablecoins’?

Since its launch in 2014, tether has been on a steady growth path. The idea of such coins is to use the Omni Protocol Network to embed metadata on the BTC chain. Apparently for every USDT issued, it’s backed by the US dollar.

The price of tether has been relatively stable as per reports on Coinmarketcap. More so the coin has been a darling to many investors especially during a bear market. One thing that stands out when it comes to USDT is that it features in mainstream exchanges such as Binance, Bitfinex, Poloinex, Bittrex among others.

Are There Popular ‘Stablecoins’ Other Than Tether?

Yes. Other stablecoins include tokens such as dai token which has been quite consistent as well. The token is run by the Maker Dai protocol which is built on the Ethereum platform. The idea is to use blockchain assets as collateral. These tokens are common on decentralized exchanges such as Ethfinex and Radar.

There are more stablecoins under development and a lot is expected from that part of the crypto space. It seems that people want to have faith that a cryptocurrency can be pegged to a fiat currency. Question is; will that truly be the case?

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