'An Intro to Stablecoins for Beginners in 2022' by usdao_io stablecoin cryptocurrency
Stablecoins are digital currencies pegged to a stable asset class. The value of a stablecoin is derived from the value of the underlying asset. In case of USD-backed stablecoins, it means a token is pegged directly to the US Dollar. This is what makes it so useful in the highly volatile crypto market, as traditional cryptocurrencies such as Bitcoin, Ethereum, and Ripple have regular and often wild price swings.
This is what makes it so useful in the highly volatile crypto market, as traditional cryptocurrencies such as Bitcoin, Ethereum, and Ripple have regular and often wild price swings. Users do not have to worry about losing their money due to the possibility of their bank collapsing as seen in theStablecoins are beyond the control of governments and financial institutions, with holders effectively being their own banks. That said, many governments are now actively investigating the use of digital currency, including stablecoins, as a means of replacing or upgrading the current monetary system.
However, some of the world’s top stablecoins are unable to prove that they have sufficient asset backing or cash reserve, and this leads to potential risks for users.
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