Breaking News / Crypto Market
If there’s the thing that crypto investors want (other than $20k BTC) it’s mass adoption. Cryptocurrency and blockchain have a world of potential but it might not look like what a lot of crypto enthusiasts analysts may have thought that it would have.
Big institutions are flooding into the market nowadays but it hasn’t really had an impact on mainstream adoption.
Not yet anyway…
Granted, Bitcoin has been facing a few scalability issues these past few years as web apps for Ethereum and other blockchains are continuously being developed, the technology that fuels these networks haven’t been able to match the speed and user-friendliness that Fiat-powered, centralised apps have.
But even so, there is one part of the crypto space that is ‘booming’, stablecoins.
Stablecoins are cryptocurrencies that have a stable value (hence the name) and is usually pegged to fiat currencies and other real-life assets like the US dollar.
The stablecoin space is growing at an alarming rate and as more stablecoins rise, competition between them becomes a bit more intense.
Stan Stalnaker, Founding Director of Hub Culture has said:
“Generally the explosion of stablecoins reflects a competitive scramble, and generally more activity in the market is a good thing.”
He added that this activity is likely to continue:
“The reality is that soon most banks are likely to have a stable of stablecoins in the market as tokenization and blockchains make it possible to issue value into the market.”
On top of this, it seems that big institutions are starting to see the benefits of building their own stablecoin.