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The current state of affairs in the cryptographic market has increased the need for more stable and less volatile cryptocurrencies, hence Stablecoin. 2018 saw the launch of several Stablecoin, most of which are anchored to the dollar. Even if the year is about to end, it does not seem that the news of new stablecoin will soon shrink. In light of this, Chinese cryptocurrency billionaire Li Xiaolai recently announced the launch of a new stablecoin project.
New Stablecoin
According to the announcement, the Stablecoin project will operate through the Hong Kong blockchain fund, Grandshores Technology.
Based on a recent report, Xiaolai himself will be very active in the development of the currency. He plans to take part in all the phases that involve the creation of the currency until its launch. The report also announced that Xiaolai also plans to create a database based on DAG and other blockchain products.
Xiaolai has not yet commented on how the value of stablecoin will be anchored. So it is still unclear whether the currency will be anchored to a traditional fiat currency or will be anchored to a precious metal well known as gold or silver. However, it should be noted that the Xiaolai press release made it clear that the coins will be focused on serving a global mainstream audience.
This is not the first time that Grandshores technology will be involved in a stablecoin creation project. So far, companies have collaborated to create three stablecoins ", with values related to the Japanese yen, the Hong Kong dollar and the Australian dollar".
Turning to this, the Stablecoin initiative of Xiaolai is likely to be anchored to a traditional Fiat currency.
Xiaolai changed his song
This report will arrive months after Xiaolai publicly announced through his social media accounts that he would no longer invest in any form of encrypted project. Thus, he stated "the lack of regulation and regular criminal activity, including hacking, associated with industry," as the reason behind its decision.
