There will be more stablecoins than world currencies by 2024!
What is a stablecoin?
A stablecoin is a digital currency that is pegged to a “stable” reserve asset like the U.S. dollar or gold. Stablecoins are designed to reduce volatility relative to unpegged cryptocurrencies like Bitcoin.
Guess how many stablecoins exist currently! Take a guess! ie. USDC, USDT, DAI, USDD etc
Answer: MORE THAN 100!
There are currently more than 134 stablecoins that exist.
Guess how many worldwide currencies exist currently! Take a guess! ie. Dollar, Yen, Won etc
Answer: The United Nations recognizes 180 worldwide currencies!
World currencies are tied to a state or territory, but stablecoins are pegged to a currency, making it more stable (less volatile) than non-pegged cryptocurrencies.
The issue is that many stablecoins can be pegged to each worldwide currency. For example, the US Dollar alone has many pegged stablecoins such as USDC, USDT, and UST. At this rate, there will be more stablecoins and growing than worldwide currencies by 2024.
Are all stablecoins regulated and audited to be pegged to a currency? Not currently, but hopefully that will improve as the cryptocurrency space grows.
Even FTX is planning on releasing a stablecoin soon... https://decrypt.co/112975/ftx-chief-teases-native-stablecoin-launch-not-too-distant-future
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