todaysgazette.com
Yoni Assia, the CEO of the world renowned social trading and multi-asset brokerage company, eToro, has emphasized the benefits of the company’s newly launched stablecoins as a development that would help alleviate the volatility of the market.
eToro recently unveiled 8 different stablecoins that will be pegged to key fiat currency, and a new crypto exchange, eToroX.
While volatility remains a major hurdle that impedes the wide spread adoption of cryptocurrencies, major companies in the Fintech industries help bring in stablecoins to the market to mitigate high level of uncertainty in the industry. Example of such is the establishment of JP Morgan Coin.
However, the eToro newly released stablecoins are tipped as an advance method of solving these all-time glitches by bringing stability to the market price of all cryptocurrency tokens.
The team behind the invention of these stablecoins is very confident about the effectiveness and efficiency of the fiat pegged currencies.
Disparate to other stablecoins like Tether, the CEO of eToro, Yoni Assia, who also stressed the importance of the utility packed stablecoins, believes that they will anchor the market away from instability by pouring in more liquidity.
Read Yoni Assia’s comment below,
“Some exchanges have thin order books into fiat, although assets like Tether [USDT] are widely tradeable, they still suffer from high volatility because markets can’t provide sufficient liquidity. By issuing our own stablecoin we are therefore increasing liquidity.”
Stablecoins has received much needed solidarity since its emergence. In July 2018, Stasis launched a Euro-backed stablecoin. Stablecoins launch is expected to continue to dominate in the crypto space due to the utilities it offers to the cryptocurrency market.
In an interview with Crypto Briefing, Assia posited that even though eToro stablecoins will bring in more liquidity to the market, this would not be used cardinally for adoption, however, the eToor is highly dedicated to return on investmen.
“We spend money where we can to promote the space and increase our brand awareness. Marketing generates interest in our products and attracts potential customers,” Assia added.
Although, stablecoins could sometimes bring a bit of doubt to the aforementioned capability as it once dropped in market value. Tether (USDT), the world’s largest stablecoin, for example depreciated significantly late last year.