There Is Another Competitor In The Dollar-Pegged Crypto Space
This is an important aspect of the crypto world. We need a coin the is pegged to a dollar in order to make trading more efficient for users. I guess we could bypass that if people could just sell their coins for a dollar on the fly but for now we really need a coin that represents a dollar. For now Tether is doing the job but there has been concerns that the coin might not actually be backed by the money is said it is. If that is the case we would not only see a drop in tether but a large drop in the crypto market in general.
Not to worry we have a coin from Circle coming. It will be pegged to the US dollar and has already raised 110 million dollars to get the job done. I am glad to see a big company like Circle get involved in this and being a public company it will be easy to check they are backing the coin dollar for dollar with fiat cash.
I think this can go a long way to bring trust to the market and am looking forward to seeing it happen.
Here is the link for more info:
http://www.malaysiandigest.com/business/737877-circle-raises-110-million-plans-to-create-dollar-pegged-cryptocurrency.html
Too easy to scam here.
This sounds like it'll be good for crypto
I guess tether coin does the same...
This is amazing, we need more stablecoins on blockchain. One of them will win out and bring blockchain to the next level.
Wasn't SBD supposed to be pegged to the dollar
If we could just increase the supply it would become more stable and liquid! If steem becomes the way to print the worlds currency it would be amazing!
It was initially but no longer pegged to a dollar
There hasn't been any technical change, it the downward side of the peg is just fairly weak and slow to act.
Okay. Just like most people say, its almost impossible for SBD to be pegged due to the wide acceptance in trading
Yes it was. And it went up to $20 once. I wish I would have been one to sell off at that point to buy back 20x more.
But circle is a wallet I have used before so it has interested me already.
I am curious if the makerdao and havvens of the world can beat back these simpler products like circle and tether. Well see!
Yes we really need that. We also need an App to transfer money direct to Bank, instead of going through a long process. We should not depend on Bitcoin in the future.
Hopefully many things will change until the end of this year. When I tell people about steemit, the first question they ask "How can I transfer the money to bank?" It seems like the main problem for many users and maybe an obstacle as well.
This looks promising and hopefully it can be pulled off efficiently with few kinks. Thanks for bringing this to our attention.
Checking their fiat balance could go a long way to build trust. Having to know the worth of any of the coin coming out is a good idea
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