Monei Starts Conducting Euro Stablecoin Tests(https://i.imgur.com/AOrMG3qm.jpg)
European payment platform Monei has announced the start of the testing phase of EURM, a euro-pegged stablecoin, as part of the Bank of Spain’s national financial sandbox. The token will leverage Ethereum’s and Polygon’s blockchains... See more for yourself here (https://news.bitcoin.com/monei-starts-conducting-euro-stablecoin-tests/).
Your opinion is greatly appreciated.
They want to create another stablecoin, and this one will be backed by the Euro, i do not have any interest in stablecoins because i do not trust them, and that is why i don't use it. But i know traders use stablecoins and if Monei ensures the credibility of this stable coin and ensure that they are backed 1:1 to the Euro, then traders and people who are interested in stablecoins may use it, even though it will be so hard to break the usdt dominance.
I am using stablecoin usually USDT for the past many months when converting my coin into cash here in my country. And I find it effective, fast, efficient and really convenient. I am sure there is a big market for stablecoin all because it is answering to a demand and it is working alongside with cryptocurrency especially in exchanges.There is surely a big market for stablecoins, and traders use it a lot, but i don't recommend that you store udst for a long time. Usdt is a centralized coin that can lose its peg anytime and a lot of them are also printed out of thin air, usdt can also be frozen by the issuers in any wallet you store it in, if you trade with stablecoins, ensure you convert your funds back to BTC or fiat once you are done.
So can we expect that EURM, a euro-pegged stablecoin, to be one day be as popular as USDT?
I hope that we will soon see stable currencies linked to the most important major fiat currencies in the world.
Let's not mix apples and oranges, what the EU is doing is testing the CBDC (digital euro) central bank digital currency
Stablecoins linked to the Japanise Yen and the Swiss franc, two major fiat currencies, already exist.I must admit that i didn't know that stablecoins such as this existed, but i am sure they do not have a big market or community, neither do they have liquidity in major exchanges, but yeah, good you shared it here.
For example GYEN and jJPY for the former, jCHF, CCHF and XCHF for the latter
To break out of the dominance of the dollar and the United States, it is very healthy for crypto to see stablecoins that are not tied to the dollar, because the United States still controls and enforces its strict laws due to this link to the dollar.Take note that the u.s. and its market is so important for the crypto industry. It is also worth mentioning that EURM would likewise be controlled by Spain and they would enforce their laws on it, stablecoins operate in this way, because they are all centralized.
Let's not mix apples and oranges, what the EU is doing is testing the CBDC (digital euro) central bank digital currency
There is no mixing apples and oranges Lucius
EURM is in Europe what GYEN and jJPY are in Japan and what jCHF, CCHF and XCHF are in Switzerland
A CBDC is implemented by a Central Bank
EURM is implemented neither by the European Central Bank nor by Spain's CB
Let's not mix apples and oranges, what the EU is doing is testing the CBDC (digital euro) central bank digital currency
There is no mixing apples and oranges Lucius
EURM is in Europe what GYEN and jJPY are in Japan and what jCHF, CCHF and XCHF are in Switzerland
A CBDC is implemented by a Central Bank
EURM is implemented neither by the European Central Bank nor by Spain's CB
You're right, if I had managed to open the link and read what it was about, I wouldn't have gotten confused. I have to admit that I have not heard of such projects before, which are actually completely private stablecoins, and I am really interested in what the ECB and Lagarde think about this project, given that she has a very bad opinion when it comes to stablecoins.