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The principal objective and requisite behind cryptocurrency invention during 2008-09 was to generate fidelity and anonymous method of mobilizing funds efficiently, ever since then it’s been signified as ‘digital gold’. With an objective of fostering the anonymity, a Japanese had to invent something which was not existed, this was possible when Blockchain technology, the digital ledger of constant Bitcoin transactions, was developed. But, due to the rising scams in the crypto-industry in the recent past, the concept of Stable-coin has emerged and trend of such coins has been eye-catchy for now. Tether (USDT) was launched. A San-Francisco based crypto exchange, Kraken has responded to a recent article by Bloomberg that argues Tether (USDT) is being manipulated on their exchange. Kraken took a dig at the article’s complex headline and insinuated that the article was written to have an effect on the price of futures trading.
Well, as time progressed, renowned multinational IT giant like, IBM processed overseas payments on the Stellar network deploying Stronghold USD which has been a stable coin pegged to the U.S. dollar.
The stable coin frenzy initially took place when investors’ group lost trust in the principles and practices around the most widely used stable coin, ‘Tether’. During earlier this year, reports surfaced claiming that Tether (USDT), was a fake instrument, being used to prop up Bitcoin’s price.
For now, on the eve New Year, a reputed Singapore crypto exchange Switcheo has announced its backings to the Alchemist’s SDUSD stablecoin which is reportedly the dollar-pegged coin. The stable coin that has been generated to hold the value of $1 and is locked to NEO.
The stablecoin plan makes its debut across the crypto avenue as the NEO/SDUSD pairing would be available on the platform from December 27 onwards, as per the Switcheo Exchange announcements.
Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 120 (which is bullish), while hourly USD spot index was at 37 (mildly bullish) at 07:22 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
