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A 100% reserve is a must for any stablecoin: Wemade CEO

Finance

forkast.news 27 October 2022 08:10, UTC
  
Reading time: ~2 m

A stablecoin that is not stable is an “oxymoron,” said Henry Chang, chief executive officer of South Korea-based blockchain game developer Wemade Co. Ltd., at the Blockchain Week in Busan (BWB2022) event on Thursday.

See related article: South Korea’s MIR4 maker Wemade launches stablecoin

Fast facts

  • “For the past six months, stablecoin was in fact taboo amongst the crypto and blockchain scene,” the Wemade CEO said during his keynote speech, alluding to the collapse of Korea-born Terra’s algorithmic stablecoin.
  • Stablecoins must have a stable reserve as a first prerequisite, Chang said. “If a stablecoin [project] says they have issued a hundred dollars worth of stablecoins, they need to have a hundred dollars.”
  • Wemade recently launched its own stablecoin WEMIX$ on the same week it revealed its latest blockchain mainnet, WEMIX 3.0. WEMIX$ is fully backed by USD Coin (USDC), which is pegged to the U.S. dollar, according to Wemade.
  • Chang stressed the importance of stablecoins as they could bring price stability to crypto-based assets such as non-fungible tokens (NFTs).
  • Chang also believes that within three years, over 50,000 games will have formed their own tokenomics, and that the WEMIX 3.0 blockchain will be the platform to help them make that transition.
  • Wemade, established in 2018, has launched about 20 blockchain-based video games, such as play-and-earn MMORPG MIR4 Global which recorded over 1.4 million concurrent users last year according to Chang.
  • BWB2022 held in Busan, South Korea’s second-largest city, takes place from Oct. 27 to Oct. 29 with guest speakers such as Changpeng Zhao of Binance and Justin Sun of Tron.

See related article: Wemade CEO expects South Korea to lift ‘absurd’ ban on P2E next year


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