Stable coins backed on Ethereum is bearing results. Will other block chains opt for this?

Stable coins often termed as the stabilized, transparent and credible derivative for cryptocurrencies in now on a different pedestal. Stable coins don’t want to be left behind in the race of widely reaching to the ample number of audiences globally!

And, these have chosen a medium to become more efficient, transparent and available by being backed on Ethereum protocol. This is so wise not only for the former’s unrestrained functionality but even for the leader block chain’s string of catered audiences. Don’t you think?

Apart from Tether; TUSD, USDC, GUSD, PAX and as such stable coins have taken a big leap and have agreed to be supported by Ethereum’s comprehensive protocol. This totally is a revolutionary step in the face of powering the market of stable coins.

All these efforts are not in vain! Some seriously booming results are arising out of this. Let’s take a look.

  • By compiling with the ETH protocol framework, stable coins enjoy easy, quick and lucid buy and sell.
  • The respective deposits and withdrawals in these stable coins takes place in the coalition with the ERC-20 tokens (as in the case of GUSD; Gemini stable coin).
  • Consumers or simply put users largely benefit from this mutual relationship as they can easily enjoy the trading in these stable coins as well as in the ETH ecosystem! Treat for users!
  • A total improvised mechanism for buying and selling of stable coins is wheeled at anytime, anywhere and in any quantity (let’s say)!
  • Stable coins are very easy to be traded from the exchange platforms as the chances to reach to a wider public opens up and undoubtedly, market capitalization boosts up! Quite amusing, isn’t it!
  • The concerned corporations, companies as well as along with the developers seems to process transactions in these stable coins in a lightning speed, if backed on the host i.e., ETH block chain.
  • More to the story is that the users can easily, quickly and grossly take note of circulation or say transfer of stable coins (tokens) when supported on the Ethereum block chain framework.
  • Users can have a grave idea when it comes to reflect on the US $ value weighing the respective stable coins. Offer is valid only when these coins are supported on the ETH framework itself!

What we can really extract from the above information is that the work of stable coins becomes much easier, pacer and visible when supported on a bigger framework likely as Ethereum? The respective transactions go smoother, trading reaches a higher notch and guess what, credible and transparent behavior of stable coins opens up to the public in a broader scenario.

What’s really fascinating is that Ethereum’s own infrastructure benefits from this advancement in the face of stable coins?

But here the question pops up that does ETH even backs the capital needed to process stable coins on its platform! Or, is it the latter own individual contribution in it!

One more thing, has other capable block chains or architecture has yet decided to support stable coins on their thriving networks! Or are they still analyzing other capable ecosystem to come up with unexpected results and then, they will think to take a step further on this road less traveled!

For now, we have a result which promises us bountiful transactions in a thundering speed, only if, stable coins are supported on the host network likely as Ethereum.

Further possibilities lie in the future ahead!

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Views expressed here are open to research and analysis from the reader’s side

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