It’s a time to celebrate for stablecoins thanks to massive growth already this year. However, there’s no room for complacency with financial and tech corporations all plotting their own projects.
Stablecoin prices, according to Coinbase figures, have risen more than 80 per cent over the last two months, with 250 per cent growth for the coin since the start of 2020.
It’s a rise which has seen $USDC become the 16th-largest crypto asset with a $1.6billion capital, gazumping many of its rivals having begun the year at $520m market cap.
But with major financial institutions and corporations planning to enter the market with their own coins, it has never been more important to consolidate market share.
For example, the UBS Group-headed Fnality, backed by 13 global banks, is expected to be given the green light by regulators mid 2020.
Stablecoins have proved popular within gambling, with the likes of FortuneJack and Bitcasino.io all accepting Tether and other stablecoins as payment. Many players enjoy the lower volatility that comes with them, with it meaning they can track their gambling spends more accurately.