Tether is one of the top global buyers of short-term U.S. treasury bills, with holdings valued at $90.87 billion as of March 31, 2024.
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What Is a Stablecoin?
A stablecoin is a new class of cryptocurrencies that attempts to offer price stability and are backed by a reserve asset such as Gold or the U.S. dollar. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of digital currencies, and the fiat currencies like stability.
TrueUSD (TUSD), USD Tether (USDT), USD Coin (USDC), Diem, nUSD, and Dai are some examples of stablecoin.
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“By offering an on-ramp to buy BENJI tokens with USDC we provide a seamless method for investors to access our tokenized money market fund,” said Roger Bayston, Head of Digital Assets at Franklin Templeton.
“What Visa, Mastercard and American Express have done for payments, M^0 wants to do to value distribution,” states Pantera Capital Managing Partner, Paul Veradittakit.
The stablecoin will debut on the XRP Ledger (XRPL) and Ethereum (ETH) blockchains, with plans to expand to additional blockchains and DeFi protocols and apps over time.
“The demand for 1GBP has exponentially grown among our customers as its business model guarantees that it will always maintain a stable value and facilitate seamless transactions,” states Sam Buxton, CEO of Damex.
“AxHKD is poised to play a pivotal role in weaving the Hong Kong Dollar into the fabric of the Web3 ecosystem, driving innovation and financial inclusion,” states Conflux Founder, Fan Long.
The collaboration leverages stablecoins to simplify the complex and costly cross-border payment process, providing freelancers and businesses with a more efficient alternative to traditional SWIFT-based cross-border payment.
Despite the cryptocurrency market experiencing fluctuations and turbulence, both stablecoins have demonstrated exceptional strength.
BitPay has integrated PayPal USD (PYUSD), a stablecoin issued by Paxos Trust Company, into its payment offerings.
Shulga anticipates a transformative shift with PayPal’s entry, suggesting that the tech giant’s endorsement could reshape perceptions and enhance acceptability among both consumers and regulators.