Iran and Russia to Launch Gold-Backed Stablecoin
Iran and Russia have announced plans to issue a gold-backed stablecoin which could be used for global payments. The gold-backed stablecoin, called the “Stablecoin Ruble”, aims to facilitate payments over the Ethereum platform and could eventually be adopted by other blockchain platforms such as EOS and Ripple.
What Is Stablecoin?
Stablecoins are cryptocurrencies designed to maintain a steady value relative to a fiat currency, like the US Dollar or Euro, and backed by underlying assets. As such, they provide a much more reliable form of monetary exchange compared to traditional Cryptocurrencies, which vary in value depending on market speculation.
What Makes the Stablecoin Ruble Unique?
Unlike other existing stablecoin, the Stablecoin Ruble will be backed by gold reserves, which gives it a unique advantage over its competitors. The fiat currency backing of traditional stablecoins makes them vulnerable to changes in their value as the market fluctuates. This is why the gold-backed Stablecoin Ruble is being seen as a more secure option.
What Are The Benefits of The Stablecoin Ruble?
The Stablecoin Ruble is set to provide a number of benefits, including:
- Lower transaction fees: Using gold-backed stablecoins can become much cheaper than traditional bank transfers.
- Faster transfers: Transactions using the Stablecoin Ruble could take place in a fraction of the time of a traditional bank transfer.
- Secure transactions: With the backing of gold reserves, transactions are much more secure than those of traditional currencies.
- Transparency: With its backing in gold, the Stablecoin Ruble will be subject to more thorough auditing and transparency than traditional currencies.
What’s Next for The Stablecoin Ruble?
The Stablecoin Ruble is currently in the early stages of development, however, Iran and Russia are hoping to launch the stablecoin in the near future. In what is a groundbreaking move, Iran and Russia are hoping to revolutionize the global payments system and make it more secure.
Conclusion
In an admirable technological achievement, Iran and Russia are set to spoil the market with a gold-backed stablecoin. Not only will the Stablecoin Ruble bring security and transparency to the global payments system, but it will also boast lower transaction fees and faster transactions. Now all we need to do is sit back and wait for the gold rush.
