The world has been slowly recovering from the COVID-19 pandemic, while some countries are bracing themselves for a potential second wave, but the economic downturn in many fields is imminent. This has spurred debates on the current model of a cash-based society, which claim that it had become outdated long before the crisis struck the world. The coronavirus has arguably accelerated the transition to digital cash and cryptocurrency adoption across the globe.
The tradition of using fiat currency has been on a path toward becoming obsolete, and cash as a financial instrument is about to become a relic of the past. While the new digital e-commerce powerhouse is in need of a better foundation layer, stablecoins may become the definition of a new kind of asset in the world of emerging crypto use cases.
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