The traders and investors consider the year 2018 as one amongst the worst bear markets relating cryptocurrency. On the other side, development and adoption relating scenarios seems to hail 2018 as the year of stablecoin.
As Bitcoin falls below $4000, this makes it a worst month of losses starting from August 2011. The fluctuations of price anchoring stablecoins have become an alternative for developers. Especially, the ones willing to integrate cryptocurrency on any merchant project without involving price speculation.
Majority of traders are showing interest in Tether and USDT currency as it is currently the seventh largest cryptocurrency by market cap. On December 3, Li Xiaolai, a cryptocurrency billionaire reveals about the creation of a stablecoin project. This project will operate within Hong Kong blockchain fund- Grandshores Technology.
Instead of just paying off for this new project, Xiaolai decides to have a hand in currency development. This includes a launch of this new coin. Xiaolai is under an ongoing experiment of creating a DAG database with various blockchain products, apart from the stablecoin.
However, this announcement does not include the details about the value of stablecoin. Few things are not yet clear, like whether they choose for a traditional fiat currency or they will be same as other coins. Additionally, the press release mentions that they mainly focus on global, mainstream currencies.
Moreover, the currency by Xiaolai might possess a new entity amongst already existing projects. This news follows just after crypto billionaire investor decides that he will not invest in blockchain projects. He made this decision due to the lack of regulation with occurring criminal activity.