LBXPeg is another stablecoin but the first to be pegged to the Great Britain Pound. LBXPeg was founded by The London Block Exchange (LBX), an OTC trading service.
What’s your view on the firm moving towards launching stablecoins?
Stablecoins will only help bring more traders into game. It’s difficult enough to keep track of a handful of cryptocurrencies (BTC or ETH obviously), and the more options that traders have to move in and out of currencies, especially if there’s isn’t a local fiat pair available to them, the stablecoin becomes that much more beneficial. Selling out of some altcoin into BTC or ETH still means you’re at the mercy of the fast moving price of those two currencies, and so you’re never truly in a safe place until you get back to fiat.
And I think people find safety and security in moving their funds to something that is pegged to fiat. I think, however, that is why regulation is important. Early on I thought too much regulation would put cryptos into the same sphere of other national currencies, and then you’d ask, “What’s the point”, but a regulated entity, regulated by an authority you can trust, just helps add another layer of legitimacy to entire crypto world.
I don’t know much about LBX. Hopefully they’re trustworthy. But Gemini Exchange has a stable coin - Gemini Dollar.
And Coinbase is backing something in the works called Reserve, that has a team made up of ex Google folks, a former SEC commissioner, some of the founders of Paypal, and many other smart people.
Lots to keep track of, but progress!