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The value of stablecoins is pegged against the US dollar and other foreign currencies, and it remains stable most of the time.
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"Since fiat currencies are pegged to an underlying asset, such as gold or forex reserves which act as collateral, their valuations remain free from wild swings of crypto currency markets," said Darshan Bathija, Co-founder & CEO, Vauld. The majority of the stablecoins use the US dollar as their benchmark asset, but many are also pegged to other fiat currencies like the euro and yen. VISA started using USD Coin for transaction settlement in April this year. Both cryptos hold more than 70 per cent share in the global stablecoin trading market. USD Coin was launched and operated by Coinbase and others. It was launched by American cryptocurrency exchange bitfinex. Traders and investors also use stable coins for investing in DeFi, NFTs, token sales and trading altcoins." USD Coin and Tether are backed by the US dollar. "You can convert your positions into stable coins whenever you want to book profits or to wait to enter into a new position. Initially, stablecoins were used as a hedge against the bear market, said Hitesh Malviya, founder,. They were primarily used to buy other cryptocurrencies, like bitcoin, because many cryptocurrency exchanges didn’t have access to traditional banking. Stablecoins stay pegged to the same value as that is their function, said Ishan Arora, Partner, Tykhe Block Venture, a crypto hedge fund. Their prices remain stable and are not volatile like other cryptos. Stablecoins are a type of cryptocurrency linked to an asset like the US dollar. What’s the world’s most widely used cryptocurrency? If you think it’s Bitcoin, which accounts for about 70% of all the digital-asset world’s market value, you’re probably wrong.