Launch Stablecoins on Ethereum Blockchain

in #cryptocurrency4 years ago


What are Stablecoins :
Stablecoins are assets that have price stability characteristics that make it suitable for short-term and medium-term use as a unit of account and store of value and it's the holy grail of the crypto market.

A new entrance for crypto
Gemini and Paxos Both Launch Stablecoins on Ethereum Blockchain
Two crypto companies, Gemini Trust and Paxos, got a green light from a New York state regulator to launch their own stablecoins pegged 1:1 to the U.S. dollar.

New York Department of Financial Services (NYDFS) gave an okay to Gemini Trust, the crypto exchange founded by the Winklevoss twins, to launch Gemini Dollar (GUSD). It also gave a nod to Paxos Trust, the company behind the over-the-counter (OTC) exchange itBit, to issue Paxos Standard (PAX). Both coins launched on September 10, 2018.

Gemini says U.S. dollars backing its stablecoin will be kept in a U.S.-based State Street Bank and insured through the Federal Deposit Insurance Corporation's "pass-through" deposit insurance program, subject to applicable limitations. Independent auditor BPM Accounting and Consulting will review the company's bank holdings on a monthly basis. Also, the smart contract controlling the Gemini Dollar has been audited by Trail of Bits.

Will it replace Tether ? What do you think ?

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I don't believe stablecoins, especially these new stablecoins they've been launched because tether has controversies which i doubt that they just made it up for them to launch their own stablecoins to beat USDT. PAX doesn't prove anything and their team are not cryptocurrency fan.