The original cryptocurrency accounts for over half of the US$285 billion global coin trading market. But that dominance is under threat, with a host of alternative digital coins emerging as developers race to build cryptocurrencies able to enter mainstream commerce and finance.As these"altcoins" gain prominence, Reuters is publishing a series of stories that looks at the major alternatives to bitcoin as they muscle their way onto the radar of developers, investors and regulators.
In theory, stablecoins should then be more useful for paying for goods and services or transferring money across borders. Most are backed on a one-to-one basis by mainstream assets like the U.S. dollar, while others are collateralised by baskets of cryptocurrencies. Some use algorithms to maintain stable values.Channel NewsAsia - Sentifi topic widget
Tether has faced by questions over whether it holds the U.S. dollars to back the tokens in circulation. Tether has said it has sufficient reserves, though it added in March that its tokens were backed by both currency and"cash equivalents". Other cryptocurrency traders and exchange operators said investors use stablecoins to hedge against spikes in bitcoin's price, and as a means to trade cryptocurrencies without using dollars.
Source: Digital Coin News (digitalcoinnews.net)
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