We all might be aware that the digital assets collectively called the cryptocurrencies constitute the future of money with no doubt. By the way, stable coin development services are the new kind of digital currency development that is about to outpace the benefits of other similar currency types available in the market like bitcoins.
If we take the present scenario where the businesses all across the globe have been facing pitfalls right after the corona outbreak, the economy has gone down absolutely. One of the successful cryptocurrency bitcoin even has lost its market value now and this is one of the worst setbacks that bitcoin is experiencing. Bitcoin was never ever brought down this much as of now since its introduction to the market.
As the world’s economy slows down gradually with the pandemic, the crypto enthusiasts are found to worry about the further market moves of the currencies that they are utilizing right now for their businesses including bitcoin. With this fearing trend, a majority of entrepreneurs have already shifted their business operations towards stable coin development and this actually seems to be a great idea to go with.
If you are also one of them fearing about the fall of digital asset values but not yet planned for your next business move, then here comes an amazing suggestion: Just embrace our stable coin development services to address all the challenges that have been brought by the coronavirus pandemic outbreak.
How shamla tech is unique in stable coin development services ?
We can find a lot of projects operating out there in the market with stable coins. But ours is unique among them; let us see how…
Why choose stable coins over the other crypto coins:
The major decline in the value of cryptocurrencies in recent times has now insisted the investors find out a currency type that has low volatility. By the way, stable coins prove their worth in becoming the solution for the issues that the crypto industry is facing right now. Since the first-gen cryptocurrencies like bitcoins seem to be unfit for the present market scenario of making crypto investments, stable coins stabilize their store of value just to attract the investors, thus looking to have a high intrinsic value at present over their market counterparts.
Thus with the hedge provided by stable coins at this time of the pandemic, their demand goes up obviously and this is where our gold-backed stable coin development comes in. If you choose is for your asset-backed cryptocurrency development, then you would certainly end up with getting a reliable stable coin (with protected value holding) for your business and so that you will never ever have any worries in relation to the rise or fall of prices. Whatever the price might be, you will have stability in your business operations so that your business processes will be backed up with tight security ever.
Types of stable coins:
The following are the three broad classifications of stable coins:
- Crypto backed stable coins: These kinds of stable coins are backed by cryptocurrencies or assets. They utilize certain protocols to make sure whether the market price of the backed asset token doesn’t vary with time. The best example for this case is the DAI token, which is backed up either.
- Fiat backed stable coins: These kinds of stable coins are backed by fiat currency reserves and the best example here is the USDT.Â
- Asset-backed stable coins: These kinds of stable coins are underpinned by a variety of assets other than the crypto and fiat currencies. Though this category is absolutely new, it has a huge potential than the other two types. Digix is the best example for this case, and it is backed up by Gold.
How to develop stable coins:
In order to get done with stable coin development services, we need to follow the below-mentioned steps:
Step 1: Prioritize the type of stable coin that matches with your requirements:
The first and foremost aspect to be considered for the development of a stable coin includes the identification of the type that needs to be created. This means that we need to pick the best-suited type to go ahead with our stable coin development process. No matter what type you choose, but the thing is that you must have some considerable knowledge of the creation of the same. Also, keep in mind that no type is superior to the other at any cost.
Step 2: Platform selection:
This step furnishes the aspect of selecting the right platform needed for our stable coin development. services Ethereum was the most recommended platform for the development of stable coins, once before a few years. But now, the situation has changed and so that we need to analyze the right platform that suits them best for our business demands, and that’s purely up to you.
Step 3: Liquidity fix:
The entire plan will get collapsed if there is a loss in liquidity. Hence this step needs extra care when it comes to stable coin development. The liquidity of the coin can be enhanced either via inflation/value measurement or by protecting from demand/supply.
Step 4: Design and development:
Once we are ready with all the above-mentioned steps, then it’s time to go ahead with the design and development part. To get completed with this step, we need some special algorithms and technical knowledge, so that we can approach the right technology partner like us. If you do so, then we can take care of your stable coin development right from the initial to its final stage.
Final thoughts:
Thus with the present trend of cuts with the market capitalization of the cryptocurrencies, investors have started turning their eyes’ towards the adoption of stable coins to ensure safety for their investments. Of course, they are thinking that stable coins would be a safe haven for them to get multiplied profit with their investments.
With the crypto users going wild for stable coin development, companies like us feel glad to offer the clients with ultimate stable coin development services.
