Singapore, May 24, 2021 (GLOBE NEWSWIRE) – (via Blockchain Wire) Stablecoins, including Samecoin, have long been an important part of the cryptocurrency industry. They are built as a way to store digital currency with a stable value tied to fiat currency, in this case: USD. But the actual stability and security of some of the larger stablecoins has long been a gray area. Especially with the biggest stablecoin in the market, USDT (Tether).
Tether’s recent audit didn’t stop the critics
The USDT recently made headlines after undergoing a major “audit”, in part to stay in compliance with a recent settlement agreement reached between Tether and the New York attorney general’s office. But the veracity of this audit has been questioned by many crypto experts. Viewed as an attempt to answer criticisms of what actually supports USDT, the audit still left many questions unanswered.
While Tether released a range of different numbers, including that their reserves were made up of 65.39% “commercial paper,” no details were given – such as the individual ratings of these media or by whom they were. issued. Tether did not state who the loan borrowers were or what the collateral backing them was.
This still leaves a lot of uncertainty around the USDT and has not fueled the flames over rumors that Tether is printing tokens in order to save the market and keep the USDT price at $ 1.
Binance investigation is another blow to their stablecoin
A major Binance cryptocurrency exchange was recently the subject of a federal investigation for possible money laundering and tax issues. This casts more doubt on their own stablecoin, BUSD – one of the leading rapidly growing stablecoins in the market.
This recent news has prompted a lot of people to look for an alternative stablecoin option and has undoubtedly increased the prospects for the new Samecoin ecosystem. Samecoin has a family of stablecoins like SameUSD which offers a number of advantages in a congested stablecoin market.
Why SameUSD might be the answer
Fully audited (by CertiK) with fully transparent results and with a clear smart contract listing exactly what supports each part of the Samecoin ecosystem, SameUSD remains tied to the value of the dollar by being tied to a basket of other stablecoins – – making it resilient to fluctuations so that it always stays at $ 1.
Transparency is at the heart of Samecoin’s offering – unlike many other coins which have often been opaque. Samecoin stablecoins like SameUSD and SameEUR provide a completely stable environment for people to enjoy the benefits of digital currency with a usable currency they can understand, and a coin that they can be sure to keep its value stable. Samecoin’s ecosystem also comes with an easy-to-use payment app, SamePay.
If recent developments have shown us anything, it’s that there needs to be more transparency in the crypto world, especially when it comes to stablecoins. Samecoin’s SameUSD gives users extra peace of mind and a currency they can trust at all times, unlike other alternatives. This is why many experts are starting to recommend Samecoin for your stable needs.
To find out more, follow Samecoin on Twitter and Telegram.
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