eToroX, the blockchain division of global investment company eToro, has reportedly added two commodity-stablecoins, eToro Gold (GOLDX) and Silver (SLVX), along with two fiat-stablecoins – eToro Ruble (RUBX) and eToro Yuan (CNYX) and 17 pairs to its crypto exchange. In a statement, eToro Co-founder and CEO Yoni Assia stated that “The blockchain brings transparency and a new paradigm for asset ownership. We believe this is the future of finance and we’ll see the greatest transfer of wealth ever onto the blockchain.”
As a group of digital assets, Stablecoins are seeking to maintain price stability by being pegged to the value of a stable asset, such as fiat currencies. As per the report, more than 70 stablecoins have been designed since 2014, and three sub-categories can be detected, which include centralised IOU issuance, collateral backed, and seigniorage shares. However, each of those has shown errors and it is hard to see which one, if any, will succeed in the long run. Assia further noted that “One of the key obstacles that crypto assets need to overcome for mainstream adoption is price stability. Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain. By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenized assets.”
The addition of latest coin groups will be add in the existing 8 fiat-stablecoins, which include eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX), eToro Swiss Franc (CHFX), eToro United States Dollar (USDEX), eToro Euro (EURX), eToro Pound Sterling – GBPX, eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX); 5 cryptos – Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BitcoinCash (BCH) and Litecoin (LTC) and 43 pairs including BTC-USD, XRP-GBP etc.