Platinum company LTD announced the developing of USDQ coin, a one of its kind decentralized stable asset. The USDQ token is fully backed and correctable by bitcoin aiming it to match 1:1 with the U.S. dollar. USDQ has been designed as an Ethereum token written according to the ERC-20 protocol, now anyone with an Ethereum wallet will be able to send and receive USDQ tokens. Though Platinum is developing the currency, there is no central authority in charge of issuing the coin.
The Era of The Decentralized Stable Assets
Stable coins are well-known in the crypto space for their ability to link their value to a real-world asset. Their benefits include the stability of prices in the crypto market and the unlimited access to their value 24/7. While stable coins have gained huge ground in the crypto world, many of these lack in their main goal, the decentralization. These fiat-backed cryptocurrencies fail in their transparency regarding their reserves and their user-unfriendly procedures. These are the main reasons why Platinum’s technical team wants to provide a practical solution with USDQ.
Enhanced Custodian Option Offers Protection Against Volatility
As a digital asset, USDQ can move instantaneously anywhere in the world. Built on the Ethereum blockchain, it offers the benefits of crypto-assets such as immutability and decentralized accounting. Since it is fully collateralized by bitcoin, USDQ offers a liquid, digital alternative to cash that is available 24/7 for instantaneous transaction settlement and is fully redeemable. Bitcoin deposits are always held in segregated wallets under a bitcoin asset control system.
“USDQ empowers financial markets with the ability to transact in a completely Bitcoin-collateralized asset valued always at 1:1 ratio with USD keeping the benefits of blockchain technology and without the surveillance from financial regulators,” a member of Platinum team commented. He added, “We know that USDQ serves as an important advancement in digital assets, going beyond the oversight and stability of the traditional financial system and creating a frictionless global economy.”
There are two ways users would be able to achieve this, the first one is through exchanges and the second one is through bitcoin deposits. The same way current stable coins are used on exchanges to avoid volatility, users would be able to exchange other cryptocurrencies using USDQ trading pairs. They can also make bitcoin deposits to Platinum wallets in order to obtain USDQ.
“In the modern crypto market, the most significant barriers to massive digital asset adoption are volatility and trust. As a decentralized currency with a 1:1 dollar ratio bitcoin-collateralized stable coin, we assure we are contributing with an asset that boosts on the usage of money,” another team member added
Platinum company LTD is an international consulting, promotion, and fundraising company building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously 24/7. The company’s mission is to make people’s lives better and facilitate economic growth by developing cutting-edge products that provide trustworthy, safe, and seamless access to any virtual assets.
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