USDT are the main trading pair for Bitcoin and most altcoins across the exchanges. This industry continues to grow and evolve whenever possible, which allows more companies to enter the market by exploring innovative concepts.
Dethroning Tether will be a monumental task, however. USDT Is the largest stablecoin by market cap, currently at just under $4bn. With over $17.75bn in 24-hour trading volume, it is also the most widely-used asset in the cryptocurrency industry. This is despite several thousands of markets trying to gain some form of traction today.
Money On Chain team aims to solve the volatility of cryptocurrency by using a three-party system for its stablecoin token. That token will “split” Bitcoin’s volatility into two separate assets and a derivative financial instrument. This approach should make the token more appealing and accessible to both experienced and novice cryptocurrency enthusiasts.
By stripping Bitcoin into separate tokens, an interesting scenario is created. On the one hand, there will be a Dollar on Chain, or DOC, which remains pegged to the US Dollar at all times. The other side of the medallion comes in the form of BitPRO. It is a new token for those who seek passive income in Bitcoin and are risk-inclined. BPRO holders earn on platform fees and an interest paid by traders using BTC2X, a 2x long position on the price of bitcoin against USD.
Tying everything together is the Money on Chain token, or MOC. It will provide holders with a discount when paying platform fees. Holders can also vote on platform updates, and even veto them if necessary.
All of the tokens and assets making up this ecosystem will be traded on a decentralized exchange, or TEX. That TEX allows users to trade any token on the Rootstock blockchain. This is a conscious decision, as utilizing the Bitcoin blockchain for that purpose would not be a viable option. Rootstock providers Turing-complete smart contracts for Bitcoin. It is also a sidechain of Bitcoin, with the native RBTC token being pegged to BTC. As such, the supply or RBTC is always identical to that of Bitcoin itself.