Distributed ledger technologies will continue their expansion in silent mode. Although this is not reflected in price charts, penetration of tech into real sectors, with new or enhanced use cases, is to be expected.
Source: Envision IP
Strong positive signals for the blockchain industry
Per Deloitte Global Blockchain Survey, 74% of respondents reported organizations saw a “compelling business case” for the use of blockchain. Almost the half say will invest $5 million or more in blockchain tech this year.
NASDAQ, the world’s second-largest stock exchange, partnered VanEck to launch Bitcoin futures in the first half of 2019. As reported, the intention of the partnership is to bring transparent, regulated and surveilled digital-asset products to market.
Stablecoins, the Graal of crypto-assets
Smart contract based stablecoins have emerged as a driving force and proof of concept for digital assets transformation. Even though USDT, the controversial king of stablecoins is still the first in terms of market capitulation ($3 billion as of May 26th), other serious stablecoins are set to challenge it in the long run.
USDC has become the second largest stablecoin by market cap and a top 30 crypto-asset as of May 26th. With over 360 million USDC in circulation at 1:1 parity with US dollar, it has nearly 100 ecosystem supporters. USDC has emerged as a preferred option for traders, crypto companies and institutions including market makers, liquidity providers, exchanges and OTC desks. As of January 31st, over 5.5 billion USDC had been transferred via the Ethereum blockchain with over 86 000 transactions completed on-chain.
J.P. Morgan designed its own digital coin called JPM Coin, representing a fiat currency to enable the instantaneous transfer of payments between institutional accounts.
On January 30th, it was announced that crypto e-commerce pioneer Chimpion will support automatic stablecoin settlement to Gemini dollar (GUSD), which holds the distinction of being the world’s first regulated stablecoin. This functionality will allow merchants to receive payments in popular cryptocurrencies without needing to worry about market volatility.
Considering the fact that stablecoins are closely linked to fiat, financial institutions will look for legal frameworks. Check the full version of Blockchain Quarterly (q1-2019) report for more Insights.