An Explainer on Why Stablecoins are a Better System for Moneyby@joshualelito
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An Explainer on Why Stablecoins are a Better System for Money

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Stablecoins are cryptocurrencies that are pegged to the dollar. They do not fluctuate in value like crypto such as Bitcoin and Ethereum do. They are typically backed by dollar balances in bank accounts. As these deposits grow, the companies backing the stablecoins issue more coins. This is a**6x increase in stablecoin supply in a little over a year. These coins are seen as a better alternative to traditional banking and are great for payments because they do not create a taxable event at the time of purchase.

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