Stablecoins are a revolutionary concept in the digital assets space. These are cryptocurrencies with the price pegged to a fiat currency like the US dollar.
In DeFi, stablecoins are the foundation for several financial functions. From trading to lending, so much in the blockchain space happens with stablecoins.
We answer why stablecoins are essential to the cryptocurrency space and how future commerce will be executed with stablecoins like USDC, USDT and DAI.
Stablecoins, the Digital Economy's Foundation?
The main use of stablecoins is as a medium of exchange. This is one of the goals of Bitcoin as well. But because of the cryptocurrency's volatility, it's difficult to use for regular transactions. Stablecoins solve this.
We start with understanding how stablecoins are essential for commerce. From there we learn what are the types of stablecoins
Stablecoins provide the stability of currencies and the technology of cryptocurrencies. This is why DeFi is channeling the power of stablecoins.
Tools of Stablecoins
We'll cover the building blocks of Stablecoins. These will be along the lines of:
- Origin: The origin of stablecoins as cryptocurrencies and as DeFi tokens
- Types: The difference between fiat-collateralized stablecoins like USDC, USDT and crypto-collateralized stablecoins like DAI
- Use-case: How DeFi is leveraging stablecoins for financial functions like trading, investing, lending, etc.
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