The world of cryptography is full of surprises. anonymous investors become billionaires; the bankruptcy of cryptocurrencies backed by the tech giant; Trusted cryptocurrency exchanges collapse overnight – anything is possible here. The only rule in crypto is: nothing is predictable when it comes to cryptocurrency.
Any inconsistency with this rule quickly turns into exceptions that only prove the rule rather than invalidate it. The industry has seen two major developments recently that reinforce this principle.
Iran and Russia launch a gold-backed stablecoin
The decentralizing forces of cryptocurrency have long posed a serious threat to the global dominance of bankers, governments, and special interests. Naturally, they have worked in tandem to restrict, stifle, and undermine cryptocurrencies at every step. Some governments have tried to portray cryptocurrencies in a bad light, calling them tools of international crime. Some other governments have banned them outright, citing their inability to track and monitor crypto payments.
Until recently, Iran and Russia considered themselves among the staunchest opponents of cryptocurrency. However, the relentless pressures of the pandemic, the ongoing international sanctions, and the war have culminated in the unprecedented collapse of the financial and trade systems in these countries. Therefore, the countries cooperated to launch a gold-backed stablecoin for international settlements. The countries hope to bypass international sanctions and monetary regimes with their new stable currency. It is unclear how the stablecoin will be linked to the price of gold yet, but details will be revealed in the coming weeks as its launch appears imminent.
The National Australia Bank launches AUD-backed Stablecoin
The National Australian Bank (NAB) is in the process of launching a fiat-backed stablecoin that will primarily be used by institutions as a settlement tool. The National Australia Bank also plans to offer AUDN, the stablecoin, in multiple fiat currencies for international transactions. Ultimately, the AUDN will be used for “green deposits” and bond market repurchase agreements. In fact, NAB has ambitious plans to make AUDN a full-fledged cryptocurrency with advanced features such as NFTs and carbon credits systems. AUDN would stand for real world assets and allow NFT trading on them.
Although NAB’s move is a nice development, it comes as no surprise to crypto industry watchers. NAB’s rival bank, Australia and New Zealand Banking Group (ANZ), recently launched a stablecoin, A$DC. It was only a matter of time before NAB jumped on the bandwagon.
Snowfall protocol (SNW) Stablecoin bridging peg
Snowfall protocol (SNW) is an interoperable bridge that connects several blockchains to allow the transfer of data, funds, and NFT between them. Snowfall protocol (SNW) is scheduled to Launching in February. Its white paper, which describes the roadmap for Snowfall protocol (SNW), stresses adding stablecoins to its bridge in the early months. After all major stablecoins are linked to the bridge, Snowfall protocol (SNW) will move to Add the rest of the popular currencies to its platform. Recently, Snowfall protocol The SNW Bridge will connect all major cryptocurrencies into a fully integrated metaverse.
Snowfall protocol (SNW) recently had its third and final pre-sale, which saw the token’s price jump 250% from its Phase 2 pre-sale price. Snowfall protocol (SNW) is currently valued at $0.191And Making it affordable for most retail investors.