What Are Stablecoins?
Stablecoins are a form of cryptocurrency whose value is linked to that of other currencies, commodities, or financial instruments. The primary objective of stablecoins is to provide a potential remedy to the high volatility plaguing the most widely traded cryptocurrencies, such as Bitcoin (BTC), rendering them less conducive to standard transactions.
Stablecoins constitute a subset of digital currencies that endeavor to stabilize their market worth by associating them with an external benchmark.
As a means of facilitating transactions, stablecoins are superior to cryptocurrencies with higher volatility.
Stablecoins have the potential to be anchored to a specific currency, such as the U.S. dollar, or linked to the market value of a commodity, such as gold.
Stablecoins seek a stable price by using reserve assets as collateral or implementing algorithmic formulas to regulate the supply.
Regulators closely monitor stablecoins as the market has grown to $153 billion, with concerns over the potential impact on the broader financial system.
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