A primer on the world of stablecoins, the underlying technology and the economic incentives that led us to pursue their development.
Share to twitterThe myth of money perpetrates every level of our day-to-day lives and is perhaps best described by historian Yuval Harari: “Money is the most universal and most efficient system of mutual trust ever devised. Even people who do not believe in the same god or obey the same king are more than willing to use the same money.” We trust that someone will accept our money in exchange for goods and services almost anywhere we go.
The main benefits that stablecoins strive to create are price stability, scalability, privacy, decentralization and redeemability.stablecoins are backed by an existing currency such as the USD. The issuing company holds assets in a bank account or vault . The coins represent a claim on the underlying assets. This works similarly in cases where the coin is backed by gold or another precious metal.
Gemini Dollar is the first regulated stablecoin. By providing a bridge between the conventional fiat banking system and crypto markets, Gemini Dollar enables investors to access institutional products on the blockchain without the price volatility associated with traditional cryptocurrencies,” says Sterling Witzke, partner at Winklevoss Capital.stablecoins are backed by a mix of other decentralized crypto-assets.
Hybrids are being created to take advantage of both fiat and crypto-collateralized models, such as Reserve and Carbon.The vision for stablecoins is larger than that of bitcoin. The total addressable market for stablecoins is essentially all of the money in the world, or approximately $90 trillion. As a result, they are frequently dubbed as the ‘holy grail’ of financial technology.
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