Henry Chang believes that stablecoins would possibly want to comprise a 100% reserve to kind definite that that particular person funds are protected.
Henry Chang, chief executive officer of South Korea-basically based entirely blockchain game developer Wemade Co. Ltd, believes that stablecoins must even comprise reserves that aid their payment.
He made this observation whereas talking on the Blockchain Week in Busan (BWB2022) event on Thursday, October 27th.
In accordance with Chang, a stablecoin that’s no longer stable is an “oxymoron.” he acknowledged that;
“For the previous six months, stablecoin was, basically, taboo amongst the crypto and blockchain scene,” regarding the give way of Korea-born Terra’s algorithmic stablecoin. The Wemade CEO added that;
“Stablecoins would possibly want to comprise a stable reserve as a first prerequisite. If a stablecoin [project] says they’ve issued a hundred dollars value of stablecoins, they settle on to comprise a hundred dollars.”
Chang’s feedback come quickly after Wemade launched its comprise stablecoin, WEMIX$. Within the same week, the South Korean blockchain challenge printed its latest blockchain mainnet, WEMIX 3.0.
The challenge claims that its stablecoin is fully backed by USD Coin (USDC), which is pegged to the U.S. buck.
In accordance with Chang, stablecoins are well-known within the web3 ecosystem as they would possibly perhaps well per chance suppose ticket balance to crypto-basically based entirely sources resembling non-fungible tokens (NFTs).
The Wemade CEO additionally believes that in just a few years, bigger than 50,000 video games would possibly perhaps well comprise formed their comprise tokenomics. He projected that the WEMIX 3.0 blockchain ceaselessly is the platform to again several video games kind the transition into web3.
Wemade has been around since 2018 and has launched roughly 20 blockchain-basically based entirely video video games, resembling play-and-comprise MMORPG MIR4 World.
Stablecoins comprise become the centre of consideration within the crypto arena following Terra’s shatter in Would possibly well also. Terra’s UST stablecoin misplaced its peg to the US Dollar, inflicting billions of bucks to be worn out from the market.
Regulators in diverse parts of the sector are in actuality searching to retain a watch on stablecoin. In Would possibly well also, US Securities and Change Commission (SEC) commissioner Hester Peirce, pointed out that more difficult stablecoin law is extremely shut.
