stablecoin

A stablecoin is a type of cryptocurrency designed to maintain a steady value by being pegged to a reference asset, most commonly a national currency such as the U.S. dollar, and backed by reserves or other mechanisms intended to hold the peg. Stablecoins are used to move value within the crypto economy without the price swings of assets such as Bitcoin. Donald Trump’s family crypto venture, World Liberty Financial, created the stablecoin USD1 which received purchases from investors including foreign nationals. The United Arab Emirates committed $2 billion to Binance using USD1.