August 23, 2023
Scan the QR code from your phone to download the app on iOS & Android.
September 6, 2023
Discover how stablecoins are transforming international transactions and remittances, saving you money and time.
Traditional banking systems have struggled to keep pace with the ever-evolving demands of our globalised world. As individuals, companies and countries transition to accept and adopt digital currencies, stablecoins have emerged as a game-changer.
Have you ever wondered how to send money across borders faster, cheaper, and more securely? Stablecoins provide practical solutions to the long-standing problems of high fees, sluggish transaction times, and limited accessibility in international payments and remittances.
To understand how stablecoins are changing the landscape of global payments, it helps to know what they are and how they work.
Stablecoins are a type of cryptocurrency designed to maintain a stable value by maintaining a “peg” with a reserve asset, typically a fiat currency like the US dollar. This stability is achieved through mechanisms such as collateralisation (think money in a bank account) or holding government treasuries.
Stablecoins like USD Coin (USDC) and USDT (Tether) owe their existence to reputable issuers who play a critical role in ensuring the stability and reliability of these digital assets.
If you want to know more about stablecoins, check out our blog post for more info.
USDC is issued by Centre, partially owned by cryptocurrency exchange Coinbase. USDC maintains a peg to the US dollar and is available across multiple blockchains, including Ethereum, Algorand, Solana, Stellar, and TRON, making it versatile.
USDT, issued by Tether, also aims to maintain its value close to that of the US dollar. USDT is available across an extensive list of blockchains, including Bitcoin, Ethereum, EOS, Tron, Algorand, and the OMG Network, highlighting its importance in facilitating quick transfers and hedging against crypto volatility.
There are many advantages of stablecoins over traditional methods of payments, including:
Several stablecoins have gained prominence in the world of international transactions. The top stablecoins by market capitalisation are:
These stablecoins each offer unique features and benefits, catering to different user preferences and needs.
Euro Coin (EUROC) is a recent addition to the stablecoin market, diversifying the currencies available. Like USDC, Euro Coin is issued by Circle and is backed by Euro reserves, offering users confidence in its stability.
Its compatibility with the Ethereum and Avalanche blockchains enhances its accessibility and usability for international transactions and remittances, opening up the potential for a multi-currency digital finance ecosystem.
As more stablecoins like Euro Coin enter the market, users can expect increased diversity and innovation in stable digital assets, further transforming the industry.
Imagine a future where an increasing number of nations decide to issue their currencies as stablecoins, much like the USDT, USDC and EUROC. This scenario would likely have several profound implications for the world of finance and global transactions:
In fact, this is currently happening - with many reserve banks and governments around the globe exploring the use of local currencies on blockchains as Central Bank Digital Currencies, or CBDCs.
CBDCs could give rise to new economic models and financial instruments, potentially reshaping the global financial landscape. More countries' adoption of stablecoin national currencies represents a fascinating and potentially transformative future for international finance.
While it offers numerous benefits regarding accessibility, efficiency, and stability, it also poses challenges requiring careful regulation and oversight.
Stablecoins are rapidly reshaping the way we conduct international payments and remittances. They offer a reliable, cost-effective, and efficient alternative to traditional banking systems. As we move into the digital age, embracing stablecoins can unlock a world of possibilities for individuals and businesses alike, enabling seamless global transactions and financial inclusion on a scale never seen before.
Download the Stables app now - it's time to embrace the stablecoin revolution!
Sign up via the app now.
August 23, 2023
August 23, 2023