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Which Blockchain Will Get The 100+ Trillion Dollar US Stablecoin Volume? *Not Ethereum*

Dollar-independent stablecoin ...

Dollar-independent stablecoin will become Ethereum’s “killer” – opinion
CONTENT

  • Dollar-independent stablecoins can become a real breakthrough in the cryptocurrency market.

  • Copying projects of the Ethereum ecosystem will not lead to success, says Messari top manager.

  • The regulatory field for stablecoins is increasingly tightened.

International consortium of news organizations developing transparency standards.

The Ethereum ecosystem may still lose its primacy, but only on one condition.

Dollar-independent stablecoin ...

The leader in deployed smart contracts and the Ethereum blockchain sandbox can lose its popularity only in one case – when stablecoins independent of the dollar appear.

This opinion was expressed by the head of the product of analytical resource Messari Qiao Wang.

In 2020, one of the main factors in the growing popularity of the Ethereum blockchain ecosystem was the emergence of the stablecoin Tether (USDT) based on the ERC20 protocol..

According to Wang, the Ethereum ecosystem is not focusing on a more potential product – independent stablecoins..

“Whichever ETH killer successfully launches stablecoins, stablecoins, literally translated from English,“ stable ”coins, continue to gain popularity in the digital asset market. With … More, other than the US dollar, it has the best chance of overtaking ETH. I would venture to say that this is the only way to bypass ETH, given the network effect. This is the most obvious missing piece in the Ethereum ecosystem, “Wang wrote on his Twitter page..

Inventing the bicycle

Dollar-independent stablecoin ...

Wang believes self-proclaimed “ETH killers” are doomed to fail due to copying the spirit and vision of the Ethereum platform.

“You cannot copy a leader [in the market] and still hope to win. This is what almost all ETH killers are doing now. It just won’t work. You have to do something special, ”said Wang..

One of the reasons the implementation of stablecoins without pegging to the dollar is extremely difficult is countries with negative interest rates and other macroeconomic factors.

However, Wang is confident that once one of the largest cryptocurrency exchanges is listed with such a stablecoin, the digital asset will have strong organic adoption in the DeFi market Decentralized Finance (DeFi) is a financial services built on the basis of blockchain technology that offer users access to open, efficient and … More.

Minefield

Be that as it may, the stablecoin market is getting tougher every year, and the emergence of new independent digital assets is less and less likely..

Earlier, the editorial staff of BeInCrypto wrote that the European Union intends to update cryptocurrency regulation, which could create difficulties for a number of stablecoin projects, including Libra.In June 2019, Facebook announced preparations for the release of the digital currency Libra. The social networking project immediately attracted attention … More.

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Vice President of the European Commission Valdis Dombrovskis at the Digital Finance Outreach 2020 said that Europe should not miss the opportunity to become a leader in digital finance regulation.

Dollar-independent stablecoin ...

However, what exactly will be the effect of such regulation for the virtual currency industry remains unknown..

What do you think? Could the emergence of a dollar-independent stablecoin affect Ethereum’s leadership? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

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