Crypto firms including Robinhood, Kraken launch global stablecoin network
cryptocurrency companies including Robinhood, Kraken and Galaxy Digital on Monday introduced a joint stablecoin pegged to the U.S. dollar.
The aim of the newly formed Global Dollar Network is to accelerate usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners, the companies said.
WHY IT'S IMPORTANT
Stablecoins are digital tokens designed to keep a constant value. They are backed by traditional currencies such as the U.S. dollar or euro.
As cryptocurrencies like bitcoin have rocketed in value this year thanks to forecasts for lower U.S. interest rates and the introduction of new crypto exchange-traded products, more companies have devoted resources to promoting stablecoins.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»Stock Trading
Stock Markets Made Easy
By — elearnmarkets, Financial Education by StockEdge
Stock Trading
Markets 102: Mastering Sentiment Indicators for Swing and Positional Trading
By — Rohit Srivastava, Founder- Indiacharts.com
Stock Trading
Ichimoku Trading Unlocked: Expert Analysis and
