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According to a report published by marketing intelligence firm TokenAnalyst, the on-chain activity for Stablecoins has increased 800% from April 2019 – 2020.

The growth might sound surprising. However, the fact is that the cryptocurrency space always had the need for alternative stable currencies or Stablecoins.

If you look at the recent economic crisis, hyperinflation devastated countries like Argentina and Venezuela. While cryptocurrencies act as a safety net during such situations, one cannot ignore the fact that they tend to be highly volatile. To provide the desired stability and to reduce the volatility, Stablecoins were designed.

Makes you feel safe

A stablecoin is generally pegged to an asset that has proved its stability in the market. The stablecoin owners feel safe that their assets have a store of value that is more secure. Therefore such currencies are fit to be used as digital cash.

Recently, the stablecoin USDT (Tether-pegged to USD) outranked the market cap of Ripple’s XRP.  Now trending at #3, USDT has become the most popular cryptocurrency after Bitcoin and Ethereum. Recently, Tron also introduced another US dollar-pegged stablecoin called USDJ.
USDJ is similar to USDT. But is issued through a decentralized lending platform in order to create collateralized debt positions (CDPs) backed by cryptocurrencies. Its design counters the volatility associated with cryptocurrencies. 
Vison behind USDJ

Lately, Tron has been working to democratize access financial services for everyone. That is why it introduced USDJ. To take the mission forward, Tron launched it’s first decentralized financial project – JUST.

JUST is a decentralized stablecoin lending platform. It uses JUST protocol and JST governance tokens. Additionally, it allows TRX holders to participate in the issuance and governance of USDJ.

Both JST and USDJ are available for trade on leading exchanges like Poloniex. USDJ is Tron’s first natively developed stablecoin. This makes it a part of Tron’s premium digital asset list.

USDJ is a quick to transfer asset with near-zero transfer fees. Hence USDJ will play a crucial role in the expansion of Tron DeFi.

Are your stablecoins secure?

The crypto-verse has very well understood the importance of stablecoins. But what about trading them in a secure manner. This is where P2P platforms like CryptoLocally play a pivotal role.

CryptoLocally currently supports trading of both USDT and USDJ. As a non-custodial P2P exchange, it never touches the user’s assets. Moreover, it ensures that a user never loses custody of their assets.

To protect the interests of both buyer and seller in a Peer-to-Peer setup, CryptoLocally uses an enhanced smart contract escrow service. All the transactions take place on-chain and the cryptocurrencies are sent directly to a smart contract. An escrow then secures these transactions until the completion of the trade.

Along with the highest grade of asset security, CryptoLocally offers:

  • A wide selection of fiat payments like Paypal, Transferwise, Revolut, and more.

Recently, CryptoLocally users started enjoying more trading options. This is because the platform diversified its cryptocurrency listing. On top of that CryptoLocally now brings an opportunity for the platform users to win 500 USDJ in a giveaway. The same began on June 15th and will end on June 22. To participate in the giveaway, one must follow CryptoLocally’s official twitter handle and trade USDJ on CryptoLocally.

We look forward to experiencing the new generation stablecoins and Peer-2-Peer trading platforms to combat volatility and ensure the complete security of our assets.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.

Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.

(Excerpt) Read more Here | 2020-06-18 12:32:26

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