When Bitcoin (BTC) first launched in 2009, critics were quick to raise questions about the impact of the lack of backing on the asset. This negative view was maintained even with the abandonment of the U.S. gold standard in 1971. Although fiat currencies offer no inherent value, this thought process has been enough to deter risk-averse investors from avoiding investing in cryptos altogether and others to abstain from using it in their day-to-day transactions.
While cryptocurrency is volatile, it still offers benefits from traditional fiat currencies. As a result, finding a more stable option for cryptocurrencies could prove advantageous for areas where local currencies are highly uncertain.
In part, this is what has led to the creation of the
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