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06.01.2020

Interest in cryptocurrency has been growing since the hype year 2017. Attention is shown not only by users, but also by Central banks, some of which are developing their own stable coins.

All sorts of stablecoins flooded the market, although in reality, experts believe, a pair of coins tied to the dollar is enough.

There will be fewer stablecoins

Circle CEO Jeremy Aller believes that only a few of these stablecoins will survive. Among those who will remain is the USDC token from Circle itself, whose turnover exceeds half a billion dollars.

The dominant force in the market remains Tether USDT, which is growing in popularity in the Asian region.

The year 2020 will be a turning point for the market of stable coins, Aller believes, with the main role to be played by state digital currencies.

Cryptocurrency from Central banks

ECB governing Council member and Bundesbank chief Jens Weidmann has called on government bankers to develop their own digital currencies in opposition to Facebook’s Libra project. At the same time, Weidmann believes that with the modernization of traditional banking systems, the need for state-owned cryptocurrency will disappear.

Central banks around the world see Libra, USDT and bitcoin as a threat to the traditional financial system. The number of Central banks engaged in research and development of electronic currencies is growing. In this segment, China is the leader, which has already successfully completed the testing of the digital yuan.

The Central banks of Japan, South Korea, Sweden and other countries have also joined the cryptocurrency race, developing their platorms. It is very likely that new players will join them this year, and user awareness of digital assets will grow.