JAKARTA - Stablecoins, or cryptocurrencies whose value is pegged at stable asset values such as the dollar or yuan, are increasingly popular in the crypto world. One of the newest stablecoins is CNHC, which is pegged on the yuan.
Recently, the leading crypto exchange KuCoin has led a funding initiative of US$10 million (Rp154 billion) to support the adoption of China's offshore yuan stablecoin, CNHC.
This investment is part of a broader scheme to support stablecoins and involves participation from other leading industry investors, including Circle and IDG Capital.
The head of stock exchange investment and the head of KuCoin Ventures, Justin Chou, explained that this new investment marked KuCoin Ventures' first investment in a project related to stablecoins.
Chou also added that "To ensure financial market stability, stablecoin designers need to find a balance between excessive guarantee and efficiency. We are pleased to see more algorithm-based stablecoins, but they need to prove their resilience."
CNHC, as a stablecoin publisher pegged to foreign yuan, also operates as a blockchain-based payment service provider. Although currently only listed on TruBit Pro Exchange, founder of CNHC, Joy Cham, states that there will be more lists of centralized and decentralized exchanges in the future.
KuCoin CEO Johnny Lyu claims that the Silicon Valley Bank (SVB) bankruptcy has no impact on the crypto exchange, and according to him, KuCoin has no exposure to Silicon Valley, Silvergate, or Signature Bank. Lyu also noted that the crisis that occurred could be an opportunity for cryptocurrencies to achieve mass adoption.
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