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What are Centralized and Decentralized Stablecoin Development and their Key Features?

July 1, 2022

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What are Centralized and Decentralized Stablecoin Development and their Key Features?

Stablecoins appear to be taking the forefront position in the crypto market. It is another mode of electronic currency to perform a steady flow of electronic trades between parties without any need for a central authority. It protects traders and investors from instability in the crypto market.

Pegged to the US dollar or any other currency, Stablecoins have a fixed value. This feature helps in reducing volatility and works as digital money, which is easy to move from one exchange to another. Stablecoin development has been at the top place of bringing crypto trading to a new level.

The idea behind Stable coin development is to imitate traditional, stable currencies. Stable coins are cryptocurrencies that are backed by collateral assets. The market is mainly dominated by two types of Stablecoins known Centralized Stablecoins and decentralized Stablecoins. Each of them has its own selling points. Hence, to help you understand better, we explain centralized vs decentralized Stablecoins.

What are Centralized Stablecoins?

Centralized Stablecoins are usually fiat collateralized off-chain. They are usually backed by a third-party custodian, such as a bank.

In centralized Stablecoins, stability is achieved via the 1:1 backing of tokens liabilities with the corresponding asset.

These cryptocurrencies are deployed in blockchain via Ethereum. The mechanism of centralized Stablecoin maintains the supply and demand while minting. Users have to mint Stablecoins by depositing the fiat currency of equal value to the custodian. Well-recognized centralized Stablecoins in the market are listed below.

  • Tether (USDT)
  • TrueUSD (TUSD)
  • Gemini USD (GUSD)

What are Decentralized Stablecoins?

Decentralized Stablecoins are non-custodian coins that mean no one can control Stablecoins. These coins are fully transparent and non-custodial. All collateral backing is visible as funds are on a publicly verified blockchain.

The feature of noncustodial allows Stablecoin to be trustless, secure, and transparent with a single entity having complete control of the funds. Decentralized Stablecoins can be further categorized into subparts; crypto-collateralized and algorithmic.

  • DAI Token
  • EOSDT
  • Defi Dollar (DUSD)

Notable Features of Stablecoins

Stablecoins are basically stable cryptocurrencies with the added advantage of a stability mechanism. Now, let us unlock some of the general features you can find with algorithmic Stablecoin development.

● Privacy

You cannot associate the ownership of a Stablecoin or related contracts with organizations or individuals because these coins can only be accessed through the owner.

● Security

Security is one of the enticing features of a stable coin. Private keys ensure the security of your virtual as well as a hard wallet. After this step, only the owner of the key can access the wallet.

● Ease of Usability

The emerging technologies and tools allow Stablecoin holders to perform faster conversion and exchange of Stablecoins into fiat currency. This assists them as a funding currencies directly through a user’s virtual wallet by using conversion and exchange solutions.

● No Intermediaries

The most prominent feature of Stablecoin is no intermediary role. The owner does not have to rely on any central authority to perform transactions of assets.  However, unlike cryptocurrencies, Stablecoin owners have the assurance of protection due to backing against stable assets like fiat currencies.

● Decentralization

Decentralization is one of the basic highlights of a Stablecoin creation design. You do not have any authority over the flow of Stablecoins. Furthermore, Stablecoin exchanges are not restricted to one location. So, there is no chance of disruptions in the Stablecoin event of malicious hacking attempts.

● Liquidity

Stablecoins are supported by fiat currency due to their nature of stability. As a  result, we may create more tokens in case of a price surge.

● No Volatility

Due to the fact that Stablecoins are asset-backed, they can withstand fluctuation in the monetary environment.

What you can do by having Stablecoin?

Having Stablecoin in the fluctuating market of cryptocurrencies is highly incredible due to its stability feature. Stablecoins can be used for global transactions and payments due to their stability and reliability. Stablecoins pegged to fiat are convenient for international transactions, as they have low transaction fees and can be converted to and converted back to fiat easily.

  • Minimize Volatility
  • Trade or Save Assets
  • Earn Interest
  • Send Internationally
  • Transfer Money Cheaply

Concluding Thoughts

As we’ve seen, Stablecoins prove to be a breakthrough for users who want to secure their capital and operate without high fluctuation risks or losses from fees.

Since Stablecoins came to market, a huge interest has developed in the features and functionality of Stablecoins. They introduced the much-needed stability in crypto to demonstrate that they can also serve as a vital instrument in financial exchanges.

If you want to get benefited from the Stablecoins, you can avail the Stablecoin Development Services from Hashlogics. We offer our services to give you a remarkable profit-making experience.

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