Alchemist Issuing Stablecoin on NEO Blockchain
Stablecoins are hot right now and the industry is extremely competitive. Although there is no shortage of stablecoins, there are questions circulating in terms of the tokens’ future success. At this point, one of the main leading coins is Tether and it has the highest market cap as well.
One of the main open questions revolving around Tether USDT is whether or not it will be rivaled by TrueUSD over the long run. Binance recently launched and listed Tether, despite the concernins of the token’s liquidity. Further, the trading platform has recently decided to bring USDT and TrueUSD together to determine how users would respond.
Despite the competition, another stablecoin is gaining traction. Known as SDUSD, this stablecoin is a currency pegged to the US dollar and dissimilar from others, it will not be issued on top of OMNI or Ethereum. Rather, Alchemint aims to use the NEO blockchain for the project.
The NEO blockchain provides Ethereum with similar technology, despite the underlying technology being quite different. Still, it should be noted that the Alchemint team seems to be taking gamble by creating a stablecoin using the NEO blockchain.
The platform plans on launching the SDUSD currency in late 2018. Once the currency is introduced, the much-needed competition will enter the industry. Further, there is an expectation that the stablecoin will increase 10 billion after a year – the question is whether it will really happen.