- The Ethereum Classic (ETC) network is yet to host a stablecoin project.
- The team at ETC Labs is looking for stablecoin projects to support or establish a partnership with.
Majority of the stablecoins in the crypto-verse run on the Ethereum (ETH) network. They include Tether (USDT), True USD (TUSD), Paxos Standard (PAX), Gemini Dollar (GUSD) and USD Coin (USDC). The Tron network is also home to the TRC-20 version of Tether (USDT). Tron recently launched USDJ that is generated on the Just (JST) platform that brings DeFi to the TRX ecosystem. Additionally, we have Binance USD (BUSD) that runs on the Binance Chain blockchain network.
Ethereum Classic (ETC) Labs is Looking for Stablecoin Projects
It is with the above brief history of stablecoins in the crypto-verse that James Wo replied, via Twitter, to a question as to when the ETC network will support a stablecoin. Mr. Wo is a founder at ETC Labs and he responded by stating that ETC labs was looking for stablecoin projects to support and/or partner with. His reply and the initial tweet asking the question can be found below.
— James Wo (@realjameswo) May 1, 2020
Can Tether Be a Boost for ETC in the Crypto Markets?
In his response to Mr. Wo, Twitter user @crypto_espresso was quick to identify the benefits Tether has had on Ethereum since the latter platform started supporting the stablecoin. He implied that if Ethereum could benefit from issuing stablecoins such as Tether, then ETC would also reap the benefits of such a move.
#Ethereum has done well since it started to issue #Tether….so why not #EthereumClassic?
When USDT was launched in September of 2017 on the Ethereum network, ETH was valued at approximately $260 at the time. To note is that this was right before the 2017 crypto bull run that would find Ethereum trading at $1,400 in January of 2018. Therefore, for Ethereum Classic to experience such a drive in the markets after launching a stablecoin, it would take the right type of trading environment for ETC to exhibit similar gains.
Viewing the situation from another angle, there is also the aspect of additional exposure of the Ethereum Classic network through the issuance of a stablecoin. What might result from the launch of a stablecoin on the ETC network, is that more projects will migrate over and boost the Ethereum Classic ecosystem.
(Feature image courtesy of Ran Berkovich on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.