2018-6-21 23:09 |
A new project for a stabilized cryptocurrency that would function “like normal money,” has received backing from Peter Thiel, Coinbase, Distributed Global, GSR.IO and 40 others, according to a press release shared with Cointelegraph June 20.
The problem with supporting a peg via cryptoassets that are all within a stablecoin’s smart contracts is that loss in confidence in that particular stablecoin can spiral out of control.
Reserve considers that a price-stable cryptocurrency would offer a solution for countries where failing fiat currencies and high inflation rates jeopardize citizens’ savings.
While unpegged existing cryptocurrencies can already protect citizens from governments by being decentralized, their price volatility nonetheless limits them from serving most retail uses.
Unlike Reserve, Circle’s focus is on fiat-stabilized coins – of which Tether (USDT) is the most famous, if controversial, example.
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