Amongst choppy market conditions and an uncertain macroeconomic environment, a new Ethereum-based token, Uniglo (GLO), is rapidly rising to prominence. This new social currency promises an improved store of value and has already risen by 35% in the last month. Part of its success comes from the wide array of digital assets accepted for the ICO (Initial Coin Offering).
Investors are using their Tether (USDT) and Binance USD (BUSD) to participate. This protocol offers a brilliant way for investors to diversify their portfolios. And position themselves to take full advantage of the incoming violent market reversal.
Uniglo’s remarkable performance comes following its smart contract audit from DeFi security specialists Paladin. The audit rallied early investors, and with so much stablecoin in the market currently, it provides an excellent outlet for investors to put their assets to productive use.
Uniglo introduces a value-backed token GLO in reaction to the decline of fiat’s value and the volatility present in the crypto markets. GLO represents a diversified portfolio by holding a unique blend of physical and digital assets, despite being a single token. Interestingly the Uniglo Vault will keep high-end luxury items, the type typically out of the ordinary investors’ reach, such as real estate, fine art, and gold. All of these have proved superb stores of value. Fine art specifically is a great hedge against market downturn because it is typically unaffected by how markets behave.
Tether was launched in 2014 and remains the largest stablecoin by market cap. With a total market cap of over $67 billion, USDT tracks the price of the US dollar, and Tether holds sufficient reserves to back every single USDT. Tether can be redeemed for dollars or minted with dollars.
It holds a blend of cash, commercial paper, and treasury bills to guarantee each USDT. For a long time, there have been negative rumours swirling around Tether and the validity of its reserves. But Tether has proven itself in the bear market with the Luna Crash, which saw a run on USDT and other stablecoins; with billions of dollars redeemed, USDT managed to maintain its peg. And thus prove its ability as a trustworthy stablecoin.
Binance USD (BUSD)
BUSD is the stablecoin of the centralised exchange Binance and soon be the only stablecoin that will be utilised on the platform, with the exchange converting investors’ stablecoin funds into BUSD. This will enhance liquidity and allow more efficient stablecoin trading across the platform.
With a market cap of over $20 billion, BUSD is the third largest stablecoin and one that is approved and regulated by the New York State and releases a monthly audit of its reserves. Widely considered one of the safest options to store digital dollars.
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