Stablecoins Become New Trend in Crypto

Global trading volume for stable coins jumped to $82bn in 2018, that is up from $12.5bn in 2017; in the 12 months to April 2019 trading has quadrupled, pointing to a new trends in the crypto universe; stablecoins are pegged to a stable asset like the dollar, 1 coin equals 1 dollar; traders have begun using stablecoins for liquidity since most cryptocurrencies are not accepted by banks; stablecoins have also had their fair share of issues, the biggest is Tether who was accused by the New York Attorney General of covering up $850mn in losses; eventually many believe stablecoins could help make lending and payments more efficient; two stablecoins, Gemini Trust and Paxos Trust, have been approved and regulated by the New York Department of Financial Services; the larger question of how mainstream adoption will be is still unanswered but stablecoins have had good early traction and regulatory wins. Source.

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