In the past year, stable coins have risen to dominate the cryptocurrency markets and leading the race is USD Tether (Tether) which has a daily volume of over $3 billion. In fact, the year 2018 is now known as the “Year of Stablecoin”.
Ankitt Gaur, one of the influencers in the cryptocurrency space of India, the author of Blockchain Unwrapped and the founder of Koinfox ( one of the world’s first bracket trading platform for cryptocurrency market ), thinks that stable coins are the ones that going to drive industry adoption.
Stable tokens are the first step for the adoption of crypto and BlockChain in real life. @AnkittGaur Talking Live at the #idf Meetup #indialearnscrypto #blockchainedindia #indiaforcrypto #koinfox @opinderpreet @blockchainedind pic.twitter.com/JldPotnfGQ
— Koinfox (@koinfox) March 2, 2019
He made this statement at meetup by “Blockchain India”, an influential community in India. The meetup was called “Road to India dapp fest”, and was attended by 50+ members. The cryptocurrency community is thriving in India, with community leaders such as Ankitt Gaur leading the way to make cryptocurrencies legal in India.
Ankitt Gaur concluded,
“Cryptocurrency is not a threat to a national currency, it can rather be the new face of a national currency. Like Currency moved from physical wallets to plastic cards, to digital wallets and now to crypto enabled wallets”.
One of the various use cases of a stable coin is that they can be used for trustless crowdfunding for micro enterprises, giving required working capital and hence enabling better earning avenues for needy entrepreneurs and artisans trying to make a living and the race is on, on who will build the first stable coin for mass adoption.
Recently, J.P Morgan has launched its own stable coin called JPM Coin, which is a competitor to Tether. Although the cryptocurrency community hates that coin, there is no denying that the new coin will drive cryptocurrencies to the masses due to the backing of JP Morgan & Chase, the biggest bank in the world.
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