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eToroX adds gold and silver stablecoins to its, err, stable…

eToro’s blockchain division, eToroX, has announced the addition of two commodity-stablecoins – eToro Gold (GOLDX) and eToro Silver (SLVX), two further fiat-stablecoins – eToro Ruble (RUBX) and eToro Yuan (CNYX) – plus 17 pairs to its crypto exchange.

In a press release issued on Tuesday, Yoni Assia, Co-founder and CEO of eToro, said;

“The blockchain brings transparency and a new paradigm for asset ownership. We believe this is the future of finance and we’ll see the greatest transfer of wealth ever onto the blockchain.”

Stablecoins are a class of digital assets that seek to maintain price stability by being pegged to the value of a stable asset, like fiat currencies. Since 2014, over 70 stablecoins have been designed, and three sub-categories can be discerned: centralised IOU issuance, collateral backed, and seigniorage shares. Each of those have shown flaws and it is difficult to see which one, if any, will succeed in the longrun.

Referring to such limitations, Assia added;

“One of the key obstacles that cryptoassets need to overcome for mainstream adoption is price stability. Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain. By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenized assets.”

“The blockchain brings transparency and a new paradigm for asset ownership. We believe this is the future of finance and we’ll see the greatest transfer of wealth ever onto the blockchain.”

The new instruments added to the eToroX exchange are:

  • 2 commodity-stablecoins: eToro Gold (GOLDX) and eToro Silver (SLVX)
  • 2 new fiat-stablecoins: eToro Ruble (RUBX) and eToro Yuan (CNYX)
  • 17 pairs: USDEX-EURX, USDEX-GBPX, USDEX-JPYX, USDEX-CHFX, USDEX-AUDX, USDEX-NZDX, USDEX-CADX, USDEX-RUBX, USDEX-CNYX, EURX-GBPX, EURX-JPYX, EUR-CHF, EURX-AUDX, EURX-NZDX, EURX-CADX, GOLDX-USDEX and SLVX-USDEX.

    “The addition of 17 pairs and 4 assets to our exchange less than a month since we launched shows the commitment to grow our exchange and the huge possibilities offered by the blockchain.”

This is in addition to the existing 8 fiat-stablecoins (eToro New Zealand Dollar (NZDX), eToro Japanese Yen (JPYX),  eToro Swiss Franc (CHFX), eToro United States Dollar (USDEX), eToro Euro (EURX), eToro Pound Sterling (GBPX, eToro Australian Dollar (AUDX), eToro Canadian Dollar (CADX), 5 cryptos (Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), BitcoinCash (BCH) and Litecoin (LTC) and 43 pairs including BTC-USD, XRP-GBP etc.

The 2 commodity-stablecoins and 10 fiat-stablecoins are all ERC20 tokens.

Doron Rosenblum, Managing Director of eToroX, said;

“The addition of these fiat pairs means that people can now trade FX 24/7 as well as traditional assets such as gold and silver. We are continuing to open up markets and this step allows people for the first time to trade, hedge and close exposure whenever they want.

“The addition of 17 pairs and 4 assets to our exchange less than a month since we launched shows the commitment to grow our exchange and the huge possibilities offered by the blockchain. We don’t want to just add established cryptoassets. We want to push the boundaries and continue to innovate.”

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