When Bitcoin was first created, it was considered a great way to make peer-to-peer transactions. It was touted as a payment method that would allow for more privacy transparency and a way to ease the difficulty of cross-border transactions. However, it is also highly volatile and is affected by factors like global sentiment and regulation. Due to its high volatility, Bitcoin and other similar cryptocurrencies may not be ideal for use as a day-to-day currency. Its value can swing dramatically from one day to the next, making it impractical for use in transactions where the price of goods or services may change frequently. This is why stablecoins have become more popular in recent years.
Phemex Announces Stablecoins Listing
A stablecoin is a cryptocurrency that is pegged to another asset, usually a fiat currency like the US dollar. This peg helps to stabilize the coin’s value and makes it less volatile than other cryptocurrencies. The Ukraine-Russia conflict has caused the value of the stablecoin Tether in Ukraine to go up to $1.10. On the other hand, as the US and other countries unite against Russia’s aggression with sanctions, the common people are ditching the Russian ruble for stablecoins.
It is easy to see that stablecoins act as a more stable alternative to Bitcoin and other volatile cryptocurrencies. They can be used for transactions where price stability is important.
Phemex understands that the volatility problem is important to solve if crypto is to achieve widespread adoption. This is why Phemex now offers to trade for a variety of stablecoins. You can now trade FEI, TUSD, USDP, DAI, and PAXG on the Phemex platform.
FEI is collateralized by an algorithmic reserve of protocol-controlled value (PCV) and emphasizes liquidity over collateralization.
TrueUSD (TUSD) is an ERC-20 token that is pegged 1:1 to the US dollar. The TUSD token was created with the intention of creating more financial opportunities and supporting frictionless global trade infrastructure.
The Pax Dollar (USDP) tokens are issued as ERC-20 tokens on the ethereum blockchain. USDP is pegged 1:1 to the US dollar.
The DAI is a stablecoin that is collateralized by ether. MakerDAO’s DAI employs a system of smart contracts that allow holders to generate or purchase DAI tokens using ether.
PAX Gold (PAXG) is an ERC-20 token that represents one troy ounce of gold on the Ethereum blockchain. PAX Gold is designed to offer a more secure, liquid, and accessible way to invest in gold.
Phemex’s Commitment to Growth
These coins represent some of the most popular and well-established stablecoins in the market and offer traders a variety of options when it comes to price stability. To encourage trading and give back to the community, Phemex is hosting a special campaign for new and existing users to earn these new stable coins. Visit the Simply Stable campaign announcement page to join and earn your favorite stable coins! Prize pool up to $20,000.
Phemex offers margin trading for these stablecoins, so you can take advantage of price swings in either direction. Phemex is committed to nourishing and growing a community of traders who demand the best in digital asset security and stability. Through feature updates, community feedback, and working with some of the most reputable crypto projects in the market, Phemex will continue to provide a world-class trading experience.
Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency.
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