Global currency reserve crypto
Why decentralised stablecoins can protect users' rights in the Web3 era While the US has major allies in this particular piece of brinkmanship, the ability of the US to crush economies at the flick of a pen is an increasing concern for developing countries. In March, a coalition of Eurasian countries agreed on the need for a new, commodity-backed global reserve currency, while in June, the Brics group of Brazil, Russia, India, China and South Africa also called for the end of US dollar dominance.
In both cases, motions were unsurprisingly led by Russia, with Foreign Minister Sergey Lavrov repeatedly calling time on the dollar. Indeed, the only global fiat currency that has a chance of replacing the dollar is the euro, which currently accounts for about 20 per cent of global foreign currency reserves. Ironically, a lack of fiscal harmony across the region is the primary hindrance here. Crypto: decentralised, objective and free However, neither the yuan nor the euro would be an optimal solution for Russia or anyone outside of Europe or China.
In the short term, too, there are pitfalls. Terraform Labs didn't respond to a request for comment. They're a common medium of exchange and often used by traders seeking to move funds around and speculate on other cryptocurrencies. For example, it is much easier to swap tether - the biggest and most mature stablecoin - for bitcoin or other crypto, than it is to swap U. TerraUSD is now the fourth-largest stablecoin and, like its peers, is pegged to the dollar.
However, while the likes of Tether and USD Coin have reserves in traditional assets which they say match the value of tokens in circulation, TerraUSD maintains its dollar peg through an algorithm that moderates supply and demand in a complex process that involves the use of another balancing token, Luna. The bitcoin reserves theoretically add another level of reassurance, while keeping the Terra project decentralised.
FASTEST GROWING CRYPTOCURRENCY DECEMBER 2022
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