BTC Wires: India’s very first cryptocurrency exchange has come up with something exclusive yet again. The country’s premier crypto exchange introduced a new stable coin on its platform, on August 6(Monday). This stable coin has been named TrueUSD that is now available for users to deposit and withdraw on the exchange.
For those who are not familiar with the concept of stable coins, it’s a cryptocurrency term that defines those cryptocurrencies which have a stable value and are free from the undulating modulation of the crypto market’s trends. A good example of stable coins is Tether(USDT). The actual definition of a stable coin may be too complex for the masses to comprehend, however it can be simply understood as “a coin meant to hold a stable value”.
To simplify things a little more, the innate value of a stable coin remains to be $1 and is not subjected to the rise and fall of the crypto market. This means that the value of stable coins like TrueUSD will also constantly be $1, despite all uprisings and drops. Nevertheless, there is still no absolute finality of this values. This is being remarked based on the observation of TUSD’s chart over the last 48 hours. It was note that its value was $0.99 on August 4 and 5, respectively, and that it bounced back up to $1 on August 6. The good thing is that 1 TUSD can however be traded in for $1.
Such coins come in handy for inexperienced investors or crypto amateurs who do not wish to risk losing their investments due to the prevalent volatility in the market. Explaining their reason for introducing a stable coin, Zebpay revealed in their blog:
“We are amidst the phase where our industry in India is facing an unprecedented situation. The recent events led to pausing the INR transactions. Traders across India are curious to find an alternative to INR-crypto trading. At Zebpay, we are working to resolve any trading limitations. As one of the best possible solution, we welcome TUSD as an INR alternative on Zebpay exchange. Being a stable coin, TrueUSD is secure to invest and trade in the cryptocurrency market.”