As Russia moves to develop a stablecoin settlement platform in conjunction with other nations, the stablecoin market across industries is likely to buzz. This motion was moved at the 7th Eastern Economic Forum at Vladivostok, an event in Russia. However, Alexey Moiseev, the deputy Finance minister of Russia, proposed that since stablecoins are pegged to an asset, the stablecoin will be pegged on an asset like Gold.
Despite the Russian stablecoin being pegged to Gold, the stablecoin market across other industries like the crypto market will experience an impact as attention will be drawn to the market. Additionally, crypto tokens with a stablecoin in their ecosystem will likely follow the trend and fire up the market. This surge would result from token utility consumption and active ecosystem interaction.
There are crypto tokens with stablecoins at the center of their ecosystem to explore as nations like Russia move in the market: Binance coin (BNB), Harmony (ONE), Adirize DAO (ADI). Let’s take a look at these tokens.
Binance Coin (BNB): The Binance Token
200 million Binance Coins (BNB) were initially distributed as an Ethereum-based ERC-20 token. In the Binance coin (BNB) ICO, 100 million BNB was made available. However, due to recurring burning events and a real-time burning mechanism, the total supply is now less than that. On the BNB ecosystem is Binance USD (BUSD), the Binance stablecoin.
In addition to being the native coin of the BNB Beacon Chain and BNB Smart Chain, BNB fuels the economy of the BNB Chain. Payment for transactions, community utility tokens on the BNB Chain ecosystem, and participation in token sales held on the Binance Launchpad are just a few aspects of the various use cases for BNB.
Harmony (ONE): A Proof of stake Layer 1 Blockchain
Harmony (ONE) a layer 1 blockchain uses sharding and effective Proof of Stake, to promote scalability, security, and decentralization. The network was introduced in 2019 and has four parallel transaction-processing shards and trustless cross-chain bridges. Dai, a stablecoin, is tagged to the harmony ecosystem according to Coinmarketcap.
For transaction costs, governance, and staking, it uses its native currency, ONE. Once purchased, ONE can be kept in wallets that support EVM, such as MetaMask and Binance Chain Wallet.
Adrize DAO (ADI): Bringing Innovation to Stablecoin
The Adirize DAO (ADI) decentralized algorithmic reserve currency seeks to improve financial systems and offer a more effective DeFi incentive scheme. The team is building ADI to match Gold in standard as a free-floating value for users. By working to break free from the unhealthily excessive dependency on USD that most stablecoins have, the network aspires to provide a distinctive stablecoin.
The ecosystem provides the Adirize DAO (ADI) currency as a decentralized algorithmic reserve currency and wealth repository to support its community, spanning networks and platforms. Adirize DAO (ADI) is intended to offer various sought-after DeFi solutions in the cryptocurrency market. ADI could soar and emerge as the next market Buzz if users adopt and participate in the values created by the platform.
Digital currencies, known as stablecoins, are linked to the value of an asset. Stablecoins often have an ecosystem surrounding them, which is made up of other utilities. The native currency of this ecosystem also exists in addition to the stablecoin. Thus it is predicted that it (the native currency) will follow the trend as the stablecoin gains popularity.