Days After a Crypto Stablecoin Crashed, a Clone Is Growing Rapidly
— Market incentives, Traditional, Market, Treasuries, Stablecoins, Growing, Price, Version, Volatile cryptocurrencies like bitcoin, Equivalent amount — 1 min read
Stablecoins are supposed to be the boring cousins of volatile cryptocurrencies like Bitcoin. The largest stablecoins, Tether and USD Coin, maintain their value by keeping in reserves of traditional assets like bank deposits or U.S. Treasuries. But a newer version of the coins tries to keep the peg using algorithms and market incentives. The stablecoin that helped sink the crypto market in May has a fast-growing clone of the Bitcoin-sustained-in-the-market-to-be-one-one coin that has a stablecoin clone, according to a new report from the U.N. crypto-startle. The new stablecoin is based on a $1,000-a-day version of Tether. Source