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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW:

Gemini Dollar: https://gemini.com/dollar/
Havven Chart: https://coinmarketcap.com/currencies/havven/ Havven White paper: https://havven.io/uploads/havven_whitepaper.pdf
Crypto Q&A Episode 2: https://www.youtube.com/watch?v=S01N0gQe-lw
Crypto Cast Network: https://www.youtube.com/channel/UCHFL9uTsDbOuBtkhfabU38w?pbjreload=10

First up, let’s go ahead and take a peek at one of the new tokens that has been gaining a lot of media attention and that is the token brought to us thanks to the Winklevoss twins and the Ethereum blockchain: the Gemini Dollar (GUSD).
* The Gemini Dollar achieves their peg and price stability due to the tokens being “strictly” pegged to the reserves of USD held in a US bank. This USD deposit balance will be checked monthly with the results being made public as well.
* Gemini Dollars are the first stable coin to receive a form of regulatory backing thanks to the New York Department of Financial Services. The GUSD tokens are issued by the Gemini Trust Company
* Since these tokens are of the ERC20 variety, you can expect to trade them on any Ethereum based decentralized exchange, like IDEX for example as well as the Gemini exchange.
* With the kind of consistent and transparent auditing that this stable coin will undergo, it begs the question: As Gemini Dollars grow, how will Tether change or will it change at all to account for this difference in trust.

Next let’s take a look at another new token, this one is called Havven (HAV).
* Instead of going the regulated route like Gemini Dollars, Haaven issues tokens based on a distributed collateral pool. This pool is grown from the transaction fees. With a growing number of transactions brings the ability to issue more HAV tokens, this is what allows the token supply to increase as demand increases.
* Like Gemini Dollars, Havven is also an ERC20 token. As such, you can expect to be able to trade it on Ethereum based exchanges.
* It’s been in circulation for 6 months now and it’s worth it to note that this token has seen fluctuations that span from $0.77-$0.08.

I wanted to cover TrueUSD in this video as well, but it didn’t take me long to realize that this stable coin and the TrustToken platform itself warranted much more time spent explaining how it works and its benefits. So keep an eye out for that video coming in the next week or so.

Each Thursday evening (if you are in the U.S) I host a show on the YouTube channel: Crypto Cast Network, the show is called Crypto Q&A. It’s an hour long livestream show where I host two cryptocurrency or blockchain experts and we answer questions posed by the audience. It’s a great show if you’re looking for ways to voice your questions to experts. But I’m bringing this up because today Blake Anderson and Vortex spoke about pegged cryptocurrencies and explored why it’s realistic to view them more as tools that will help new users become familiar and comfortable with this concept of cryptocurrencies. Most likely these type of coins or tokens will be most beneficial to business to business transactions, and bringing new people into cryptocurrency, but after time, will there still be a demand for a cryptocurrency that is pegged to a fiat currency that has itself diminished in value, perhaps dramatically? I’d like to extend these questions to you the viewer, what do you think the future of stable coins will be and how do you see them being utilized best?

The irony here, is that cryptocurrencies like Bitcoin will one day prove to be quite a bit more valuable than the fiat currencies these stable coins are trying so desperately to saddle up to. That being said, for now, they can prove to be quite useful for those searching for some price action relief and for those who are timid to dip their toes into the ocean of cryptocurrency.

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30 COMMENTS

  2. a lot of new stablecoins are coming to the market with the idea of something new however all the stablecoins are repeating one idea of being backed up with the USD. also there are a lot of scam projects on the market like USDC token

  7. Maybe check back in ANOTHER 6 months. Lofl!!! Ok, so how’s that bitcoin going for ya? Oh, let me guess, it’s a buy opportunity. What a joke. You sure are setting a lot of folks up for a disappointing outcome. Crypto is just a sure way to lose your cash.

  9. I first read about Bitcoin in a business insider magazine in August of 2010 and thought about investing 200 dollars. They made it sound like it was for the criminal black market and dark web and I also thought it was just a stable coin so I didn't invest. I think all the world's fiat system would have to fail in order to see crypto as a currency system an not a speculative investors market in which we will need to rely on stable coins until that time arrives. People may price a candy bar as 10 satoshis and once every market has adopted it, it will all seem stable. We just lack the non electric means of exchanging cryptos.

  10. So on the question of the future of stable coins, I think we should consider them as transitionary coins. Lets face it FIAT isn't going away anytime soon, and most of the world doesn't follow Crypto the way this community does. Unfortunately, for certain use cases I think launching a new coin doesn't make sense because there just won't be enough liquidity to stop a whale or a pump and dump group from messing with the price far too easily. So if you have a serious project like for example a charity coin.. (Aid coin comes to mind) there is no way anyone in their right mind is going plan their charity around a currency where the price rises and falls massively on a daily basis. Thus a stable coin could really help here esp. if you want to take advantage of things like tracebility .. follow the money kinds of things. but don't want the volatility. As well with a volatile crypto currency you are going to be burdened with the investors who want to see the coin lambo and they'll be very angry when it falls. That said, what I think is a better proposition for some projects is a security token that gives investors a slice of the business… let them trade those, but for the ongoing functions of the currency of business often I think a stable coin would work really well.

  13. Heidi, I don't think you have done MakerDao yet. It get a fair bit of attention as a stable coin you might want to do something on it. I admit their system gives me a headache trying to understand it.

  16. Havven (HAV) is a stable coin and its partnered with Localcoinswap (LCS), which keeps LCS very strong. You can use the newly launched exchange Localcoinswap to buy which is a wallet at the same time.

  18. I like the ability to switch to GUSD having a Gemini acc't, only concerned that a trade into them as a retail investor costs a 1% commission on each end. Please correct me if this is inaccurate. Trading with Gemini has become price prohibitive in the last 3 months with commissions increasing from 0.25% to 1%.

  19. Well many projects out there. I have my concerns on Gemini and those twins guys, just seems to be a ploy to centralized and control the system, just make take, anyways good video as usual sincerely JR of Exciting World Cryptos

  20. Only "good" thing about stable coins is for trading purposes imo. And some exchanges support fiat to crypto trading. Like coinbase,so yea not sure why people trying so hard to get fiatcryptos….

  22. Heidi, I'm struggling to understand how a US pegged coin would benefit anyone outside the US. As you state if the dollar drops 10% to UK Sterling does the value of the Gemini coin go up for the UK owner and down for the US owner? If BTC goes up in value ( US ) at the same time ( as I would expect ) does the UK owner of Gemini now have more BTC buying powerr? I think I need a whiteboard and a math major to dumb this down for me.

    Also anyone else worry about that monkey? 🙂

    Thanks for the video as always …I have more pondering to do.

  26. The problem with actual stable coins is their will to keep being pegged to the future past financial system: FIAT or gold or something which demands a consensus. Why not a coin pegged directly on energy, electricity? Money could become energy and energy become money.
    We could buy things with kWh. Today even an individual can produce electricity. A smart contract that allows you to have electricity in return for your coin.

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