What are stablecoins, the asset rocking the cryptocurrency market?

Most cryptocurrencies have a major problem with price volatility, but one sub-category of coins is designed to maintain a constant value: stablecoins.

They attempt to maintain a constant exchange rate with fiat currencies, for example through a 1:1 U.S. dollar peg.Stablecoins have a market cap of around $170 billion, making them a relatively small part of the overall cryptocurrency market, which is currently worth around $1.2 trillion, according to CoinMarketCap data.

From 2018 onwards, stablecoins have increasingly been used in international trade and as a way to avoid capital controls, says Joseph Edwards, head of financial strategy at crypto firm Solrise. The stablecoin Tether in particular is used for trade in and around China and South America, he said.

Stablecoins?...smells like manure to me🤣

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

What you need to know about the rout that just wiped $200 billion off the cryptocurrency market in one dayCryptocurrencies extend their sell\u002Doff, with Bitcoin falling to its lowest levels in 16 months as a stampede out of so\u002Dcalled stablecoins sent shockwaves around broader markets
Source: VancouverSun - 🏆 49. / 61 Read more »

Save on seven advanced cryptocurrency investment training coursesBy educating yourself on crypto, you can invest with greater knowledge and confidence
Source: VancouverSun - 🏆 49. / 61 Read more »

Save on seven advanced cryptocurrency investment training coursesBy educating yourself on crypto, you can invest with greater knowledge and confidence
Source: nationalpost - 🏆 10. / 80 Read more »