A #stablecoin backed by gold?
NAB launching a stablecoin backed by the AUD on Ethereum and Algorand?
What does it all mean for crypto? Why are stablecoins so crucial to the ecosystem? How does @YouHodler @YouHodler fit into the picture?
Let’s deep dive
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DISCLAIMER: This content is for informational purposes only, you should not construe any such information or other material as financial, legal, tax, investment, or other advice.
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Firstly, stablecoins are digital currencies whose value is linked to another currency, commodity, or financial asset. The most popular stablecoins in crypto are #USDT, #USDC, and #DAI.
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Recently, there was heavy scrutiny on stablecoins since the collapse of #UST and other coins like #USN.
Questions like:
- Are they really pegged 1:1?
- Can algo-coins work?
- Why the need for stables if we already have fiat?
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Stablecoins were created for a reason.
1) They allow crypto traders to easily buy/sell in extreme volatility.
2) They act as a medium of exchange between people as they can be quickly sent and received without volatility affecting the coin's value, unlike #Bitcoin.
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These two points actually led to NAB developing its own asset-backed stablecoin, dubbed AUDN and it’ll be backed 1:1 with AUD, held by the NAB.
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Reportedly, Iran and Russia are planning to launch a gold-backed stablecoin that would operate in a special economic zone, a surprising u-turn from their recent events of banning crypto for payments.
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This is a win for the crypto industry as a TradFi Institution, and Governments are softening their stance to embracing blockchain technology - allowing the masses greater access to crypto - leading to the start of mass adoption.
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How does @YouHodler fit into the picture?
YouHodler offers opportunities for our clients to earn rewards on their stablecoins. It’s a great hedge against inflation and a reliable passive income!
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Furthermore, clients can easily use YouHodler as a safe place for their stablecoins, especially in an extremely volatile market condition!
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Conclusion:
As more public institutions around the world join the charge toward crypto's mass adoption from the use of stablecoins, we are proud to mention that YouHodler will be at the forefront of leading the charge!
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