Cosmos (ATOM) operating in the ecosystem Terra (Luna) and TOP, officially suffered a slump in May. After what happened to Terra, a stablecoin gap has emerged in the Cosmos network.
The stablecoin gap in the Cosmos network is the second largest stablecoin by market cap Circle (USDC) it’s filling up.
Circle officials announced today that they plan to add the USDC stablecoin to the Cosmos network in early 2023.
in the Cosmos network DeFi The ecosystem used Terra USD (UST) as a stablecoin to meet the needs such as borrowing, lending and providing liquidity. The collapse in the UST has deeply shaken the decentralized finance ecosystem in the network, and the perception of trust has been damaged. USDC, the market’s No. 2 stablecoin, seems to restore that confidence.
Once the USDC stablecoin is issued on the Cosmos network, it will be generated directly on the network without the need for any bridge brokers.
Testing of Authorities with Stablecoins!
USDT, BUSD, USDC as stablecoinsguarantees users that they have a guarantee equal to the amount of supply produced.
Stablecoins are now preferred even in international trade due to their ease of transfer. However, this is a problem for state authorities.
Since stablecoins are also cryptocurrencies, they have a decentralized structure. States cannot track stablecoins entering and leaving the country.
While cryptocurrencies can supposedly be banned by authorities because they are censorship resistant, enforcement is impossible at the end of the day.
Since a complete prohibition is impossible, states are able to establish a state owned by countries through their central banks. digital currency (CBDC) working hard to create
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