Chinese Crypto Billionaire Developing New Stablecoin
2018年12月5日 - 7:11PM
ADVFN Crypto NewsWire
Billionaire Li Xiaolai Heading up New
Stablecoin Project for 2019
Cryptocurrency,
Stablecoins–While most
investors will remember 2018 as one of the worst bear markets for
cryptocurrency, those on the development and adoption side will
hail it as the year of the stablecoin.
As
Bitcoin slips below $4000 again to put an exclamation point on
its worst
month of losses since August 2011,
the landscape of price anchored stablecoins is becoming a more
attractive alternative to developers and those looking to integrate
cryptocurrency in a mercantile manner that does not involve price
speculation. Most investors have become familiar with Tether and
the USDT currency, which is currently the seventh largest crypto by
market cap (having flipped Litecoin earlier today). With over $1.8
billion worth of USDT minted and disseminated on the market, Tether
has managed to provide a price stable coin that is pegged to the
value of a single U.S. dollar. However, the company has also been
embroiled in a series of controversies, ranging from its somewhat
controversial relationship with Bitfinex, to questions regarding
the exact bank holdings–including the amount held in reserve that
is supposedly backing each USDT.
With
Tether failing to inspire investor confidence relative to its
position on the market capitalization rankings, it leaves the door
open for more enterprising individuals to invest in the development
of new stablecoins. On Dec. 3, Chinese cryptocurrency billionaire
Li Xiaolai announced
the creation of a stablecoin project
that would operate within the Hong Kong based blockchain fund
Grandshores Technology. Rather than just paying for the project,
Xiaolai is going to have a hand in the development of the currency,
including the launch of the coin. Xiaolai is also experimenting
with the creation of a DAG-based database and other blockchain
products, in addition to the aforementioned stablecoin.
While
the announcement did not include details into how the stablecoin’s
value would be pegged–whether they would opt for a traditional fiat
currency or follow the route of other coins in mirroring that of
precious metals–the press release stated that it would focus on
global, mainstream currencies. Previous reports from Grandshores
Technology included the creation of three stablecoins, with values
tied to the Japanese yen, the Hong Kong dollar and the Australian
Dollar.
However, the currency being led by Xiaolai may
constitute a new entity, or a division of one of the already
announced projects. Despite being in the driving seat for the
project, the announcement comes just months after the billionaire
investor made public that he would no longer invest in
blockchain-based projects due to the lack of regulation and regular
criminal activity, including hacking, associated with the
industry.
Give the current state of Bitcoin and altcoin prices, and the
general downward trajectory for the crypto markets, it’s no
surprise that focus has shifted to the less-price volatile field of
stablecoins. While economists have pointed out the problems
involved in pegging an external fiat to a digital asset, and
whether governments will continue to allow such an occurrence to
happen, it has provided a renewed interest in development for
blockchain based tokens–even if they lack the price appreciation
and market valuing that has become integral to Bitcoin’s image.
Source:
Ethereum World News
By Michael Lavere
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