stable coin for crude oil

[rewalker]

Hi there,

Is there any coin which its price is stabilized with crude oil? For example equal to a barrel of crude oil?

[poodle63]

Hi there,

Is there any coin which its price is stabilized with crude oil? For example equal to a barrel of crude oil?

There was only a stable coin that backed by oil and that's petro but it looks like a failed coin even that has already made by the president of venezuela. I think that we don't need such coin and it's better there was a coin that backed by stable commodity to make it becomes stable. There is no coin backed by crude oil right now.

[Python Master]

Hi there,

Is there any coin which its price is stabilized with crude oil? For example equal to a barrel of crude oil?

There was only a stable coin that backed by oil and that's petro but it looks like a failed coin even that has already made by the president of venezuela. I think that we don't need such coin and it's better there was a coin that backed by stable commodity to make it becomes stable. There is no coin backed by crude oil right now.

I have heard about petro coin last year. I don't see any news about it since that time, maybe Maduro gives up this coin because no one accept to use it.

[antsam]

The average coin and token is backed by Gold because gold is more stable and the price is not like oil. Just like the comment above it seems like only Venezuela has but it does not seem welcomed by the market

[Lizzylove1]

Any coin that was backed by crude oil will be a massive failure today like Petro of Venezuela, don't think it ever worked because the nation has been on a political crisis. It's better to back up stable coin with precious metal that is almost resistance to times like this and not even fiat that will experience sharp inflation and possible devaluation.

[Tipstar]

The problem arises on valuation of the coin as the value of a barrel of oil would depend on many things including where and how it's being traded.
Fiat is a widely accepted value from which every other asset are compared with. For any crypto to challenge it, it should not be based on just one asset but a multiple of them so as to have a stable value. Libra could have been one.

[Novatech8]

Having stable coins like USDC, TUSD and USDT plus other Dex stable coins like DAI and USDQ is enough, why would you need a stable coin that backed crude oil value? The only project that did this was Petro coin from Venezuela and it's a failure

[Furryball]

Not gonna work, this is another useless use case you are looking for, you are better off investing in crude oil through stock market not on crypto, even if there is any the price will suffer alot and eventually end up dead, look at the situation of the world today, the last thing you want is a token backed by crude oil