stablecoin development

Decentralized finance (DeFi) solutions are financial applications operating on immutable blockchain networks.

Some of the famous DeFi projects making waves in the market are Uniswap, Compound, Yearn.Finance, Aave, and MakerDAO.

The traditional financial system suffers from a lot of issues like lack of accountability, prone to different kinds of risks, has uncontrollable volatility, affected by frauds, and some sections of the population can never access it.

DeFi projects come in different forms like lending and borrowing platforms, asset management, stablecoin development, market-making, decentralized crypto banking, DeFi lottery system development, decentralized fund management, insurance, yield farming, staking platforms, synthetic asset creation, decentralized trading, predictive markets, analytics, wallets, and derivative protocols.

The main benefits of DeFi solutions are it is highly interoperable, maintains a high level of transparency, does not involve any central entity like a government authority or a bank in the system, does not require its users to undergo KYC (Know Your Customer) verification or submit a valid credit score for availing any financial services, ensures full custody of funds for the users, provides greater accessibility for everyone in the world, and are unhackable as the nodes are distributed throughout the globe.

Procure Decentralized finance (DeFi ) solutions and become part of the new revolution soon. 

Ethereum Stablecoin development provides a host of advantages like an in-built on-chain logic, an unchangeable consensus mechanism, the presence of the robust ERC20 technical standard, and greater interoperability.

Many popular Stablecoins like Tether, Gemini Dollar, USDC, and Paxos Standard have already been established on the Ethereum blockchain network beforehand.

Apart from Stablecoin creation, they will also assist in Stablecoin branding, smart contract programming, deploying the smart contract on the Ethereum blockchain network, finalizing the token distribution process across different channels for selling it to the prospective investors quickly.

Ethereum Stablecoin development is in abundant usage by cryptocurrency wallets, crypto exchanges, alternative trading systems, asset management companies, and financial institutions across the globe.

The crucial benefits are utmost transparency, can be used as hedging against market crashes, reduced operational expenses, improved pace of settlement of funds, and better exposure to the global market.

Allocate resources for Ethereum Stablecoin development to make the most of this golden opportunity.

An asset-backed stablecoin is an amalgamation of a cryptocurrency and a traditional currency.

They have some kind of collateral that provides them with stability and reduces the volatility of cryptocurrencies.

Develop your own stablecoin for your business with the help of Blockchain App Factory, a leader in cryptocurrency development.

This stablecoin is pegged with the United State Dollar (USD) and also referred as its backed with fiat.

It is an alternative way for traditional fiat and bitcoin exchange for other cryptocurrencies.

Paxos Standard Token, which is referred as PAX is also backed by the USD with the proportion 1:1.

This fiat-based stablecoin is belong to Ethereum blockchain as an ERC20 token.

The fiat in this held in government controlled treasuries which is in market with the approval of New York State Department of Financial Services.

USD Coin (USDC) USD Coin is a stablecoin which is backed by the Coinbase that is the worlds largest bitcoin broker, exchange holder of Bitcoin.

The fundamental reason why the first ever cryptocurrency Bitcoin was created originally and is widely prevailing until now is because they eliminate the need for middlemen reducing the transaction costs and time, and bringing in more accessibility, efficiency, rapidity, and several other benefits to the users.

When Bitcoin initially came to light, it was seen as a pure peer to peer version of currency that facilitates smooth payments all around the world.But as the saying goes, everything has two sides.

Good while it lasted, Bitcoin certainly filled the required spaces for a while, but then came in the major challenge of price volatility.

This challenge is what slightly weakened the adaptability and dependability of Bitcoins, especially as a medium of exchange, and evoked the emergence of other cryptocurrencies.

And that is how a stablecoin came into existence, and today, they have become one of the most prominent breakthroughs in the crypto space as a dependable currency.

Now, what is a stablecoin?