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The price is equivalent to that of the US dollar, although there may be minimal fluctuations. They are a good way to store funds online.
Stablecoins combine the best of the worlds of fiat currencies and cryptocurrencies.
What is a fiat currency?
Investopedia (2021) explains that FIAT money is
a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies.
What is a cryptocurrency?
A cryptocurrency is
a digital or virtual currency that is secured by cryptography. Cryptography is a secure communications technology in which the contents of hte message can only be seen by the sender and intended recipient.
When a cryptocurrency is generated, transactions can be made online without counterfeiting or double-spending.
Benefits of Stablecoins
Since Stablecoins are tied to fixed currency, advantages include:
- low fees.
- fast transactions.
- increased transparency.