With the volatility of cryptocurrencies is being analyzed on a regulatory basis, the stablecoins are poised to transform the entire ecosystem due to the stability in place. Erstwhile stablecoins were observed as one of the wild coins in the cryptoverse with a variety of startups from around the world namely Gemini, Circle Internet Financial have already launched their own dollar driven altcoins.
While analyzing the entire gamut of the stablecoins, Asher Tan, the co-founder of Coinjar, a digital assets platform has forecasted the best prospective future for the stablecoins which will incline for stable price moments as reported by Financial Review on 12th November.
With the crypto major Bitcoin in association with other distributed ledger technology (DLT) led cryptocurrencies are attaining regular price volatility in marketplace worldwide, the community users have been exhausted and finding ways to beat this volatility by investing into a stable one.
Amid this volatility in the market, Tan said “The interesting thing right now, what everyone is talking about, is what you call a stable coin. With this, it helps you transfer money around the crypto space at a stable rate, but more use cases could come out of it.”
With the advent of stable coin recently in the market, community users have started investing in the dollar backed virtual currencies.
With this, Tan commented “In London, a lot of finance enthusiasts are getting into it. People with decades of experience in forex trading are trying their hand at it. It’s drawing a lot of people from traditional finance world, just because it’s interesting, it’s intriguing, there’s a lot of upside to it.”
Brock Pierce, a former Disney Child Actor created a strategic partnership with Reeve Collins and Craig Sellars, a software engineer in order to set up Realcoin in July 2014 which is the world’s first U.S. dollar driven stablecoin with the single largest goal to fix the volatile price moments of cryptocurrencies.
With this, in November 2018, Realcoin was rebranded as Tether (USDT) by Tether Limited which maintains the dollar reserve of the stable coin.
Let us not forget that the USDT is ranked the first stablecoin across the blockchain ecosystem the moment it was introduced which has gone through certain controversies so far and made a lose parity with the U.S. dollar thereby providing other stablecoins the opportunity to flourish in the marketplace.
Amid the entire story, Circle Internet Financial, one of the highly reputed fintech firms now drives its own Polonies Crypto Exchange that set up its dollar driven stablecoin dubbed USDCoin (USDC).
As and when stablecoins are getting their adoption amongst the crypto community and getting listed across bitcoin trading platforms, the community users and investors have been active to look at this innovative digital assets to make sure to leverage its price stability mechanism thereby fostering their adaptability to a larger extent!!