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Important crypto news for Stellar: amid the new coin creation initiative called “Useful Super Dad Coin” and an in-depth look at its current price and future forecast.
Below are all the details.
A new type of fiat-backed stablecoin: “Useful Super Dad Coin”
Among Stellar’s recent initiatives and ideas, news was shared on Twitter regarding the possible creation of a new type of fiat-backed stablecoin by the platform. We are talking about the so-called Useful Super Dad Coin, also referred to as USDad Coins.
As we know, creating a new type of token on Stellar is not difficult at all, as is explained on the platform’s own blog:
“You sit here with two accounts you created with a trust line for the token you want to mint (which doesn’t exist yet!) and you create a payout transaction on your distribution account for the number of coins you want to mint.
Here you are! You are in the asset token business. Now, since I personally back each of my USDad coins in circulation (e.g. my daughter’s wallet) 1:1 with USD, I would argue that this asset should be on the Stellar Development Foundation’s list of relevant assets.”
Moreover, the tool designed by Stellar, beyond solving practical problems, also presupposes financial and technological literacy education. In fact, by doing so, every transaction becomes a lesson in personal finance, with concepts such as saving, spending, and the value of money.
Finally, we see that when the Soroban platform will be operational, which is based on smart contracts and developed as part of the Stellar ecosystem, it will open up new opportunities to explore the DeFi options made possible by smart contracts.
Thus, what makes this initiative interesting is that it is not simply a personal project.
In fact, it represents a tangible example of the fact that the Stellar network is accessible to everyone and offers much more than just a solution for global payments or award-winning service projects.
So, whether it is an individual eager to launch his or her own stablecoin for educational purposes, a company looking to revolutionize its transaction methods, or an organization aspiring to create an entirely new financial ecosystem, it certainly seems that Stellar wants to put itself forward as the best solution for everything.
Focus on the price of the Stellar crypto: signs of recovery?
After a significant drop below $0.085, the price of Stellar Lumen has shown difficulty in regaining upward momentum against the US dollar.
Indeed, we see that the XLM/USD pair has continued to trade below the $0.0820 level, maintaining a bearish stance.
Moreover, last week a low was formed near $0.0786, followed by an upward correction. The price then rose above the $0.0800 and $0.0810 levels.
It also broke through the 23.6% Fibonacci retracement level of the recent decline, ranging from the high of $0.0890 to the low of $0.0786.
Further losses could bring the crypto price toward the $0.0785 level in the short term, and later even test $0.0765.
On the contrary, on the upside, the price runs into resistance near the $0.0855 level and the trendline mentioned earlier.
So, a clear break to the upside above the $0.0855 area could push the price toward $0.0880. Further gains could lead the price toward the $0.0900 level or potentially $0.0920.
In conclusion, a possible recovery could occur in the future if the price breaks above the $0.0855 resistance.