Blockchain News

Wemade says, any stablecoin needs a 100% reserve to function

Henry Chang, CEO of South Korean blockchain game developer Wemade Co. Ltd., said at the Blockchain Week in Busan (BWB2022) event on Thursday that a stablecoin that is not stable is a “oxymoron.”

The Wemade CEO made an allusion to the collapse of Korea-born Terra’s algorithmic stablecoin during his keynote address, stating that over the previous six months, stablecoin was in reality forbidden among the crypto and blockchain community.

Chang stated that a stable reserve is a requirement for stablecoins. If a stablecoin [project] claims to have issued stablecoins worth $100, they must actually have $100.

The same week that Wemade unveiled its most recent blockchain mainnet, WEMIX 3.0, the company also released its own stablecoin, WEMIX$. According to Wemade, USD Coin (USDC), which is pegged to the US dollar, fully backs WEMIX$.

Chang emphasized the significance of stablecoins, saying that they might help non-fungible tokens and other crypto-based assets maintain a stable price (NFTs).

Additionally, according to Chang, over 50,000 games will have developed their own tokenomics in three years, and the WEMIX 3.0 blockchain will serve as the framework for this change.

Wemade, founded in 2018, has released over 20 blockchain-based video games, including the play-and-earn MMORPG MIR4 Global, which, according to Chang, had over 1.4 million concurrent users in 2017.

From October 27 to October 29, BWB2022 will be hosted in Busan, the second-largest city in South Korea, and will feature speakers including Justin Sun of Tron and Changpeng Zhao of Binance.


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