Neo is a blockchain powered platform that manages digital assets using smart contract. Alchemint is a cryptocurrency stabilization system that operates on the public chain of NEO and it relies upon the ledger technology to undertake its functions.
Current state of affairs
Currently, great competition continues to be witnessed in the digital stable coins segment. Reports indicate that there is an acute shortage of stable coins in the world of cryptocurrency and blockchain. That is not to downplay the positive development that is being witnessed at the moment.
However, we will just have to wait to find out how successful the tokens turn out to be in the long run. Tether is still upholding leadership in the stablecoin in this industry and that is considering that it bears the highest market cap of all stablecoins currently in the market.
But will Tether’s USDT be able to beat TrueUSD by the end of the day? Great uncertainty continues surrounding the above question. It is worth mentioning that the unveiling of TrueUSD was conducted just a short while back.
The surprising aspect is that it is already listed on Binance despite some liquidity concerns being cited. Asides from that, the largest trading platform around the globe has taken to pairing TrueUSD with USDT in an effort to establish exactly how the various users will respond.
An outlook into the future
Competition continues escalating on a daily basis and several market analysts are making projections that there might be another stablecoin waiting in the wings. SDUSD is basically a new stable currency whose pegging is on the US dollar. Contrary to the case with the rest, this stablecoin won’t be issued on top of Ethereum and OMNI.
In its latest statement, the Alchemint team disclosed that it was considering using the NEO blockchain for the venture. A person familiar with the latest developments has disclosed that the unveiling of the SDUSD currency might be conducted later this year.
At that moment, the stablecoin might be unveiled on the various partner exchanges as a result taking the competition in the industry a notch higher.