China’s Central Bank, the People’s Bank of China (PBoC), is planning to introduce its own digital currency, and this news has sent excitement and speculation rippling through the market. The market generally believes that it is PBoC’s response to the rise of stable digital coins, like Libra and other cryptocurrencies. Indeed, Facebook’s plan to launch its own stable coin globally had prompted many powerful institutions to go ahead with their own digital currency plans.
Asia Pacific Digital Bank (APDB) recently announced the preliminary launch of its stable coin USDA, which will be backed by U.S. dollars on a 1:1 ratio. It has been officially listed on BiKi exchange platform for providing support to USDA’s OTC trading service.
According to the official sources, USDA is strategically endorsed by the Wall Street Group. Its mission is to follow the concept of ‘freedom, equality, and sharing’, so that inclusive finance and digital finance can be widely used in the Asia-Pacific, and it would soon become the benchmark asset for the traditional financial world and digital financial world in the Asia-Pacific region.
The stablecoin ecosystem Is the new favorite of the market. Due to the nascency of cryptocurrency markets, volatility has remained a problem for both outside observers and users. In a market where the volatility of cryptocurrencies has reached its extreme point, Stablecoins are a welcome change.
Stablecoins, as a type of cryptocurrency that is pegged on real assets, can solve the problem of volatility and instability typical of traditional cryptocurrencies by providing a stable way to exchange and store values.
On June 18, 2019, the world’s biggest social media platform Facebook, together with 27 other top-tier e-commence companies, payment companies, and companies from other sectors, co-published Libra’s whitepaper. It is preparing to launch a blockchain digital currency supported by several major national legal tenders, and claims to “establish a simple, borderless currency that serves the financial infrastructure of dozens of people”. Once the white paper was released, it immediately created a huge impact on a global scale.