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Stablecoins

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Stablecoins are a different class of cryptocurrencies that are not volatile, and usually pegged to a real world currency like the US dollar. Stablecoins can be fiat collateralized, crypto collateralized or algorithmic in nature. Stablecoin use cases are exploding in nature, from day to day transactions to cross border remittances to payments within the crypto ecosystem.
 
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PayPal senior vice president of crypto and digital currencies Jose Fernandez da Ponte said at the time that if the company plans to move forward with the stablecoin, it will do so while working closely with relevant regulators — an approach that could help the fintech firm avoid the wrath of United States senators that doomed Meta’s Diem cryptocurrency project.
 
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have you heard about the so called tether ponzi scheme. I don't have an opinion either way but it is an interesting read

I couldn't find this link. However I did find another source ?

I previously put up posts which questioned whether tether is legit. In effect if stable cons aren't "stable" then it is the equivalent of getting chips in casino and then suddenly discovering they are worthless.

 
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Try this one.

I previously put up posts which questioned whether tether is legit. In effect if stable cons aren't "stable" then it is the equivalent of getting chips in casino and then suddenly discovering they are worthless.

Exactly, what happens if everyone wants to cash in at once? But I must admit I know very little on the subject so take that with a grain of salt
 
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Try this one.



Exactly, what happens if everyone wants to cash in at once? But I must admit I know very little on the subject so take that with a grain of salt

I believe the issue is that stable coins are supposed to be backed with dollars. Tether has around $70B plus of "coin" which is used as the back up currency for people trading in crypto.

But they do not have anywhere near the actual dollars of back up, their accounting systems are unbelievably flimsy and their management looks very suss. People who have stakes in tether stablecoin are IMO on thin ice.

But that in fact will be many, many people trading in the currencies.
 
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Despite his hard work on Meta’s stablecoin, Marcus has been a known fan of Bitcoin. According to some industry observers, Marcus is considered “one of the first top Silicon Valley executives to adopt and support Bitcoin.” In 2019, Marcus said that he was a “big fan of Bitcoin,” calling it “digital gold.”
 
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“We can’t get money through banks, but 88 percent of Afghan families have at least one smartphone,” said Kakar, who hopes to facilitate money transfers of afghanis, along with USDC, another stablecoin. He is in the process of setting up money-exchanging shops at which Afghans can obtain QR codes or trade crypto for hard currency.
 
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As part of the project, the Japanese financial giant is also planning to introduce a stablecoin based on the Japanese yen, a spokesperson for MUFG confirmed to Cointelegraph.
 
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e-Money is a perfect match to support Pendulum’s vision of connecting DeFi and fiat ecosystems. The European stablecoins eEUR, eCHF, eSEK, eNOK & eDKK issued by e-Money will be available on Pendulum, encouraging more users within the region to join the network and build existing DeFi services using their native currencies.

( I have direct and indirect interests in Pendulum )
 
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Stablecoins are cryptocurrencies the value of which is pegged, or tied, to that of another currency, commodity or financial instrument. Stablecoins aim to provide an alternative to the high volatility of the most popular cryptocurrencies including Bitcoin (BTC), which has made such investments less suitable for wide use in transactions.
 
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It has taken the project just ten days to reach its funding goal of 769 Ether (ETH) or $1.4 million, signaling strong support from the DeFi community who are rallying against a lawsuit that some feel is an attack on the greater sector as a whole.
 
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