PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar

James Martin Duffy, the co-founder of Loom Network, announced PlasmaChain integration for the top 100 ERC20 tokens via an official Medium blog post. The integration includes leading stablecoins in the market such as USD Coin [USDC] and Maker Dai [DAI]. The integration allows for “Lightning-Fast layer 2 Stablecoins payments with multi-currency support”. This news comes days after it was announced that BNB was added to Loom PlasmaChain as a payment method.
The announcement read,
“Since BNB is an ERC20 token, adding support for one token on PlasmaChain meant we were easily able to abstract the logic and apply it to any ERC20 token […] As of now, we’ve officially added support for the top 100 ERC20 tokens by market cap on PlasmaChain.”
PlasmaChain is one of the three sidechains of the Loom Network, the others being GameChain and SocialChain. This DPoS sidechain is noted to be a revamp of ZombieChain, and is also one of Loom’s most significant sidechains. This sidechain is going to be the main point of transaction for tokens that are linked to Ethereum through Plasma Cash.
Plasma Cash is a scaling solution proposed by Vitalik Buterin, the co-founder of Ethereum, and Joseph Poon, the co-creator of Lightning Network. It is a built-in decentralized exchange that is going to “act as a bridge to Ethereum mainchain and other sidechains”. This not only ensures faster transactions, but also cheaper transactions.
Another prominent feature of PlasmaChain is that it would act as a main chain, in order to connect Plasma Cash to Layer 3 chains. It enables fee payment in ETH and Loom Token. In the future, it would also pave path for Bitcoin [BTC] payments. Crucially, since the chain was connected to the mainnet, it enables ETH, ERC20 and ERC71 token transactions.
The blog post stated,
“It enables zero-fee and near-instant transfers of tokens, while allowing users to easily transfer their tokens to and from Ethereum mainnet at any time […] But since PlasmaChain offers much shorter time-to-finality (typically 1–3 seconds), it allows for an online payments experience using crypto that is comparable to using a credit card.”
Among the top 100 ERC20 tokens integrated to PlasmaChain, six are stablecoins. This includes USD Coin [USDC], TrueUSD [TUSD], Maker Dai [DAI], Paxos Standard Token [PAX], Gemini Dollar [GUSD], and EURS.
The co-founder said,
“Layer 2: Enabling Lightning-Fast Stablecoin Payments with Near-Instant Settlement
Stablecoins by themselves are great. But integrating them into a Layer 2 like PlasmaChain is like putting stablecoins on steroids — bringing them even closer to a potentially disruptive form of online payments.”
The post PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar appeared first on AMBCrypto.
Source: AMB Crypto

Dollar-Pegged USDT is Not Really Pegged by Dollar? Here’s How Tether Explains This

CoinSpeaker
Dollar-Pegged USDT is Not Really Pegged by Dollar? Here’s How Tether Explains This
The crypt-community awakened with the revelation that the USDT is not really backed by the dollar and commentators allege that it could in future pull an exit scam stunt.
Dollar-Pegged USDT is Not Really Pegged by Dollar? Here’s How Tether Explains This

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Source: CoinSpeaker

Yet Another Cryptocurrency Wins Listing on Coinbase Pro

CoinSpeaker
Yet Another Cryptocurrency Wins Listing on Coinbase Pro
Coinbase adds Stellar Lumens to its professional trading service Coinbase Pro. Initially, XLM trading will be only available for customers in Coinbase’s supported jurisdictions, expect the state of New York.
Yet Another Cryptocurrency Wins Listing on Coinbase Pro

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Source: CoinSpeaker

Coinbase ‘Exploring’ Support for XRP and 30 Other Cryptocurrencies

CoinSpeaker

Coinbase ‘Exploring’ Support for XRP and 30 Other Cryptocurrencies

Coinbase is exploring a possibility to add support for a list of 31 coins, including XRP that is currently the second-largest cryptocurrency by market cap.

Coinbase ‘Exploring’ Support for XRP and 30 Other Cryptocurrencies

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Source: CoinSpeaker

Game On For Stablecoins as Volatility Returns to Crypto Markets

Stablecoins were introduced to protect traders and investors against the volatility of crypto markets. But the stability of the markets over the past few months had put them on the backburner. But as the volatility returned to the markets after the BCH fork, volumes in nearly all Stablecoins shot up multifold bringing them back to the limelight.
Volumes in most Stablecoins rise more than 100%
The meltdown just before the Bitcoin Cash fork bought back trademark volatility to crypto markets. Most of the coins in that meltdown took a 10% beating exposing a lot of open positions for traders. The only hiding place for these traders was stablecoins and they utilized it well. According to the data that is available in markets most stablecoins volumes rose by over 100% as traders and investors took shelter by moving their monies to stablecoins.

According to the chart above, there has been a sudden spike in volumes for stablecoins. The dark blue graph is that of USDC, yellow resembles Dai, the light blue being that of BitUSD and Green being that of the Gemini Dollar.
Owing to the meltdown, the cryptocurrency market lost over USD 30 billion of its total market value last week, but during this same time period, the prices of certain USD-backed stablecoins have remained stable or have moved up slightly.
It now appears that stablecoins are proving to be the best shelter for crypto traders as the prices of leading cryptocurrencies continue their downward journey. Because of strict regulatory policies of exchanges and many countries, fiat currencies are hard to obtain via crypto exchanges – which leaves stablecoins as the best option to hedge against the volatility of crypto markets.
One thing worth noting here was the absence of Tether. As most crypto investors and traders were aware of the controversies surrounding Tether (USDT) and due to some high risks about Tether ’s banking operations, many crypto traders seem to have found more comfort in dealing with other alternative stablecoins now available.
For now, stablecoin seems to have played their stability role well and if Bitcoin does start striking back with its traditional volatility, there is every chance that the advancement of stablecoins will be rapid as an alternative.
Is the stablecoin craze justified with volatility returning to crypto markets? Do let us know your views on the same.
The post Game On For Stablecoins as Volatility Returns to Crypto Markets appeared first on Coingape.
Source: CoinGape

A flurry of Stablecoins find listing of COBINHOOD

The demand for stablecoins doesn’t seem to be ending as nearly all exchanges are adding them to take advantage of the stablecoin craze among its users.  The recent addition to the list of exchanges is Cobinhood which has added four stablecoins to its platform.
GUSD, DAI, PAX and TUSD now available on Cobinhood
Cobinhood, a cryptocurrency service platform, and exchange, in order to satiate the growing demand of stablecoins among the users announced that it is adding four (4) stable coins on its exchange: the Gemini Dollar (GUSD), MakerDao (DAI), Paxos Standard Token (PAX) and TrueUSD (TUSD). THe exchange believes that each of these stablecoins has a unique set of features that achieve same end result: increased market stability and user flexibility.
On this latest addition, the Co-Founder of Cobinhood, Wei-Ning Huang, was quoted saying    
“The biggest flaw in the market right now is uncontrolled fluctuations in the value of many customary cryptocurrencies. We are increasing the presence of stablecoins on the COBINHOOD exchange so the community understands that their voices have been heard and stability is being made possible. Our mission is to make the space more approachable for anyone who wants to participate.”
Stablecoins have been the recent trend among the crypto enthusiasts apart from providing stability they also seem to be a bridge between the traditional financial world and the cryptoshpere.
Over past month or so a lot of exchanges have added stablecoins. Last month Huobi also had announced it would list four U.S. dollar-pegged cryptocurrencies this week. In the announcement then, the Singapore-based exchange which currently has the fourth-largest by trading volume had said that it would open deposits and withdrawal for TrustToken’s TUSD, Circle’s USDC, and two regulator-approved stablecoins: the Gemini exchange’s GUSD and Paxos’ PAX, on Oct. 19.
Another exchange, Liquid, which known to be a trading platform that bridges fiat and crypto, this week had added a couple of stablecoins. The exchange had announced that it has added multiple stablecoins including Gemini Dollar (GUSD) and Circle’s USDC.
In early November Circle, in its official blog post, had said that not less than 12 exchanges  have expressed their plans of joining the ecosystem for the incorporation of the USD coin. Some of the exchanges that were named in the blogpost were The exchanges are BitMart, Fcoin, Gatecoin, Hanbitco, Hotbit, SWIFT, OCP Capital, DDEX and Bit-Z. Others that had shown interest for USDC also included Nexo a crypto loans provider and crypto wallets providers BitKan and Tokenary
Looking at the recent listings of Stablecoins one can definitely say their demand is at the peak now and if the inference of them being a bridge between the crypto world and traditional financial world is true, we can be sure that this money would soon be converted to cryptos.
What is your view on this Stablecoin frenzy. Is it a fad or are these coins here to stay? Do let us know your views on the same.
 
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Source: CoinGape