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Bitcoin [BTC] dominated by stablecoins with regards to market opportunity: Satoshi Capital research




Bitcoin [BTC] dominated by stablecoins with regards to market opportunity: Satoshi Capital research
Source: Pixabay

Stablecoins come into the picture at a time when the massive fluctuation of digital assets impedes their application. A recent report called ‘Stablecoins: The new bank account’ has revealed an optimistic time ahead for these stablecoins. The digital coins pegged with fiat or gold have contributed to the disruption of traditional payment space.

Satoshi Capital Research on its Twitter handle posted:

“[New Research] — Stablecoins: The New Bank Account

Stablecoins are digital tokens that represent national currencies and are issued using a variety of bitcoin-based technologies, representing an $18 trillion market opportunity.”

The research suggests that the total market opportunity for stablecoins exceeds $18 trillion while that of Bitcoin [BTC] stands at somewhere around 15 trillion. The colossal difference between stablecoin and conventional banking institutions is that it provides a payment processing channel that is time and cost efficient.

A significant edge that pegged currencies have over traditional banking accounts is that anyone can access and transfer funds in real time with no transactional fee involved.

The processing fee and time in terms of stablecoin is nil. On the other hand, the processing time for US domestic transfers takes around 24 hours at a fee of $20 per transaction and cross-border payment accounts for a processing time of 48 hours at a fee of $40 per transaction.

Tether [USDT] has been the stablecoin that has been around for the longest time, since its inception in 2014, and it continues to dwarf the newer stablecoins in the market. The research exhibited the numbers which backed Tether’s dominance over recent players [like TrueUSD, Paxos Standard Token, Gemini Token, among others] in the space.

The entire stablecoin space’s valuation despite the entry of new players in 2018 stood at more than $700 million while the traded volume totaled at more than $11.5 billion.

Tether [USDT] had an issued value of $2,036 million. The cumulative daily trading volume of the oldest stablecoin had been registered at $ 2,950 million and the trading volume for the year 2018 totaled at $1,080 billion.

The report also mentioned a whopping a $600 trillion transfer volume of stablecoins in 2018 via Domestic bank transfer, out of which Tether [USDT] scooped a significant $109 billion volume, a 624% increase in its share from its $15 billion volume the year before.

Stating that this breed of digital asset is efficient as a parallel currency mainly due to its digital nature, the report asserted:

“To people operating within parallel currency economies today, such as Venezuela, stablecoins offer meaningful competition to traditional bank accounts as there are no limitations on currency denominations or transfer amounts and frequency.”

Despite being a critical contender, stablecoins have a long way to go with respect to its offerings to compete with traditional banking establishments in a mainstream scenario.

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John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more





John McAfee says he will reveal Nakamoto's identity, Coinbase expands to 11 countries, and more
Source: Unsplash

Daily Crypto News – April 18

1. John McAfee on Satoshi Nakamoto: The Founder of McAfee Associates stated that he would narrow down on the identity of Satoshi Nakamoto until he reveals Satoshi himself, otherwise he would reveal his identity to the crypto community. He also spoke about how he knows about Satoshi, to read about it, click here!

2. Coinbase expands its services to more countries: The leading exchange platform announced that it expanding its services to 11 more countries, which includes India, South Korea, and New Zealand. People in these countries can avail services provided on, Coinbase Pro and its app on iOS and Android.

To know more about the countries Coinbase has expanded to, click here!

3. Craig Wright says the crypto-community want to silence him: Craig Wright, the self-proclaimed Satoshi Nakamoto, stated that the majority of the community was against him as they “desire to silence” him because they see someone who would bring an end to scams and pumps and dumps.

He also spoke about the next steps he would be taking in terms of the legal action concerning his defamation case. To read about it, click here!

4. Binance “marks the birth of a new genesis block”: The largest cryptocurrency exchange in terms of trade volume announced the launch of its Decentralized Exchange, and also stated that the mainnet swap would take place on 23 April 2019.

To read more about Binance DEX, click here!

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