Within the past 12 months, stablecoins have transformed from a niche idea to tackle the issues of a volatile market into methods of payment championed by some of the world’s biggest and most powerful tech companies.
Facebook’s announcement that it would be supporting the launch of a reserve-backed stablecoin played a vital role in turning around the so-called “crypto winter” by boosting Bitcoin (BTC) prices above $10,000 for the first time in over two years. Since then, the world’s number one cryptocurrency exchange, Binance, has thrown its hat into the ring with its own stablecoin development project, “Venus.”