Bitcoin is highly volatile and influenced by global mood and regulation factors. Bitcoin and other cryptocurrencies may not be suitable for use as a daily currency due to their high volatility.
Its value fluctuates substantially from one day to the next, making it unsuitable for transactions where the price of products or services fluctuates often. Stablecoins have grown in popularity in recent years as a result of this.
A stablecoin is a cryptocurrency linked to a fiat currency, such as the US dollar. This peg keeps the coin’s value stable and reduces its volatility compared to other cryptocurrencies.
The value of the stablecoin Tether in Ukraine has risen to $1.10 due to the Ukraine-Russia crisis. On the other hand, as the United States and other nations impose sanctions in response to Russia’s actions, ordinary people abandon the Russian ruble in favor of stablecoins.
It is easy to see that stablecoins act as a more stable alternative to bitcoin and other volatile cryptocurrencies. People use stablecoins for transactions where price stability is essential.
Phemex announces stablecoins listing
Phemex understands that the volatility problem is essential to solving if crypto is to achieve widespread adoption. Phemex offers crypto trading 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.
PAX Gold (PAXG) is an ERC-20 token representing one troy ounce of gold on the Ethereum blockchain. PAX Gold offers a more secure, liquid, and accessible way to invest in gold.
TrueUSD (TUSD) is an ERC-20 token pegged 1:1 to the US dollar. The TUSD token was created to create more financial opportunities and support frictionless global trade infrastructure.
The Pax Dollar (USDP) issues tokens as ERC-20 tokens on the ethereum blockchain. USDP is pegged 1:1 to the US dollar.
The DAI is a stablecoin collateralized by ether. MakerDAO’s DAI employs a system of smart contracts that allow holders to generate or purchase DAI tokens using ether.
Phemex launches a campaign
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 unique campaign for new and existing users to earn these new stable coins with a prize pool of up to $20,000. Visit the Simply Stable campaign announcement to join and earn your favorite stable coins.
Phemex is committed to nourishing and growing a community of traders who demand the best in digital asset security and stability. Phemex offers margin trading for these stablecoins so that you can take advantage of price swings in either direction.
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.