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Take a Glance at Trend of Stable Coin in 2019
The prime objective and prerequisite of cryptocurrency invention during last decade’s recession (in 2008-09) was to establish fidelity among investors’ class and to provide the anonymous method of mobilizing funds efficiently, ever since then it’s been signified as ‘digital gold’. With an objective of fostering the anonymity, a Japanese had to invent something which did not exist, this was possible when Blockchain technology, the digital ledger of constant Bitcoin transactions, was developed. But, due to the rising scams in the crypto-industry in the recent past, the concept of Stable-coin has emerged and trend of such coins has been eye-catchy for now. Tether (USDT) was launched. A San-Francisco based crypto exchange, Kraken has responded to a recent article by Bloomberg that argues Tether (USDT) is being manipulated on their exchange. Kraken took a dig at the article’s complex headline and insinuated that the article was written to have an effect on the price of futures trading.
Well, as time progressed, renowned multinational IT giant like, IBM processed overseas payments on the Stellar network deploying Stronghold USD which has been a stable coin pegged to the U.S. dollar.
The stable coin frenzy initially took place when investors’ group lost trust in the principles and practices around the most widely used stable coin, ‘Tether’. During earlier this year, reports surfaced claiming that Tether (USDT), was a fake instrument, being used to prop up Bitcoin’s price.
We, now, witness the latest collaboration to establish ‘Crypto Garage’ which is a brand new crypto asset payment project that has been granted sandbox status by Japan's FSA and the Cabinet Secretariat. Bitcoin infrastructure entity ‘Blockstream’, investment firm Tokyo Tanshi, and internet company Digital Garage are.
Sandbox status likely to evolve the project's 'Settlenet' service that is most likely to be driven by Blockstream's sidechain settlement network.
The major benefits would be ease of liquidity, swift and secured method of tokenization of securities, fiat currencies, and cryptocurrencies, with the Japanese Yen.
In the one year experimental period provided by the sandbox, the project intends to expedite the liquidity facility to their clients in the several crypto-exchanges in Japan by enabling them with the trading of a Yen-backed stable coin against Blockstream's bitcoin-pegged token, Liquid Bitcoin (L-BTC), over the Liquid network.
Currency Strength Index: FxWirePro's hourly BTC is at -52 (bearish), hourly USD spot index is inching towards 56 levels (bullish), while articulating at 13:01 GMT.
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