Stablecoins race ahead: Fiat-backed crypto booming amid uncertainty
From conception of the first stablecoin in 2012 with the proposal of the Mastercoin project as a way of tying cryptocurrencies to traditional assets to mitigate price volatility, developers have grown accustomed to using the U.S. dollar as a go-to stable asset. Issued by Circle, a blockchain-centric financial services provider, USD Coin was launched in 2018 as a stablecoin pegged to the U.S. dollar on a 1:1 ratio.
Apart from TrueUSD, the TrustToken platform is also home to stablecoins backed by other national currencies including the British pound, the Australian dollar, the Canadian dollar and the Hong Kong dollar. While speaking to Cointelegraph, Aymeric Salley, who heads the project, said: “Now is the time for stablecoins pegged to other national currencies such as the Singapore Dollar to emerge.”.
