With PayPal's announcement that it is creating a U.S. dollar-pegged stablecoin, PayPal USD, you might be wondering what exactly IS a stablecoin and how it works. Here's what you need to know 👉
Stablecoins are a type of cryptocurrency whose value is tied to another asset class to keep a stable, steady value.
Here's why stablecoins are useful to crypto: Cryptocurrencies such as bitcoin and ether offer a number of benefits, such as not requiring trust in an intermediary institution to send payments anywhere and to anyone. But one key drawback is that cryptocurrencies' prices are unpredictable and have a tendency to fluctuate, often wildly.
Cryptocurrency's unpredictability comes in contrast to the generally stable prices of fiat money, such as U.S. dollars, or other assets, such as gold. Values of currencies like the dollar do change gradually over time, but the day-to-day changes are often more drastic for cryptocurrencies, which rise and fall in value regularly.vs. the U.S. dollar compared to another fiat currency, the Canadian dollar , to see how much each currency fluctuates in relation.
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