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Author Topic: Saga Stablecoin Goes Live Backed by Basket of Fiat Currencies  (Read 81 times)
derdemo
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December 10, 2019, 08:24:57 PM
 #1

Saga Monetary Technologies has finally launched its SGA stablecoin, and it's already planning to break away from its pegged basket of currencies.

https://www.coindesk.com/basket-backed-saga-stablecoin-goes-live-in-the-uk
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December 10, 2019, 09:46:07 PM
 #2

It is a trend to create more and more stablecoins, but what is the reason behind it? How they profit on it? Maybe all stablecoin creators are using a small amount of unbacked tokens for their own needs? That would be very very dangerous!  Roll Eyes

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December 11, 2019, 03:15:05 AM
 #3

It is a trend to create more and more stablecoins, but what is the reason behind it? How they profit on it? Maybe all stablecoin creators are using a small amount of unbacked tokens for their own needs? That would be very very dangerous!  Roll Eyes
With the stable coin you can create various service and you must take a look at DAI and that has made its own lending service use DAI as the main coin to be used as a payment system on its platform.
What they need to prove the reserved funds and that's enough to show the credibility of the company. that's a new stable coin and we will see how much stable coin that owned by the company.
It's just an early step to promote its stable coin.

Dude, that needs a lot of time. That's why a new stable coin must be audited.

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December 11, 2019, 03:21:36 AM
 #4

Same was purpose of libra stable coin right (backed by basket of currencies), apparently libra got nuked by regulations, someone else had to take the initiative  Grin

Edit: oh nvm, "the basket-backed stablecoin envisioned last year by the Saga Foundation" — they were ahead of libra then.

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December 11, 2019, 07:01:00 AM
 #5

There are already a boatload of stablecoins put there and now another basketful has been added, the stablecoins in the market works just fine for me and I don't think I would want to add more to my collection, I am especially partial to the ERC-20 USDT and the USDC stablecoin and TUSD, haven't used any other stablecoin though, those ones are listed in most top exchanges.
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