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Of late, the interests in the trends of tokenization and stable coins are intensified as more and more.
Profoundly, stable coins in the beginning stage was a product that was quickly developed to answer the demand for digital asset trading, as well as to solve the controversies surrounding fiat trading regulations. We could foresee the prospects of stable coins, when all countries could be clear and liberal in their regulations, with that said, IBM likely to render alternative and efficient settlement methods.
Along with the evolution of the ecosystem, crypto exchanges are noticeably generating their own stablecoins. For instance, Coinbase, Binance, Coinsquare, OKEx, and others are coming into the club of their own proprietary offerings.
The finding of a Binance’s research report on ‘the Evolution of Stablecoins’, stablecoins are swiftly gaining the market share of some pioneer cryptocurrencies, such as Bitcoin and Ethereum. The stable coin segment has considerably been maturing about 60 percent of traded volume, a surge from just 35 percent from the same period last year.
Despite the fact that USDT faced some apprehensions of price turbulence and transparency issues, predominant volumes traded have been from Tether, and it remains technically superior with the highest liquidity, and smallest spreads.
Coinbase is now looking to expand the number of traditional fiat on-ramps. The major stablecoin USD Coin (USDC) is likely to be made the best utilization to lure global investors who are eyeing on the store of value and hedge against inflation, and to mitigate price swings of crypto trades.
Furthermore, “For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stable-coins like USDC could provide an opportunity to protect against inflation. We won’t fully realize this vision without increasing the number of traditional fiat on-ramps, which we are committed to expanding where possible,” as per the announcement.
On the back of these fundamental developments, Coinsquare, which is one of Canada’s largest cryptocurrency exchanges, is the news of introducing a new CAD-pegged stablecoin, eCAD.
As per the sources of businesswire, eCAD is designed to hold its value with the Canadian dollar and is being pitched for consumer and business use. The Toronto-based exchange records $5 billion p.a. worth of cryptocurrency trades and over 100,000 clients.
Most importantly, the exchange coins are dominating a larger portion of the market, and even though the Gemini Dollar lost "nearly half of its market capitalization in the Q1’2019", other exchange-backed coins have crept ahead, with Coinbase's $USDC seeing the biggest gains in terms of circulating supply. Courtesy: Binance
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 123 levels (which is highly bullish), while hourly USD spot index was at 43 (mildly bullish) while articulating (at 07:40 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
