ETC Network Searches For A Stablecoin Project To Host

The Ethereum Classic ETC network searches for a stablecoin project to host and the team at ETC Labs is looking for a project to support and to establish a new partnership with as we are reading in the following Ethereum Classic news.

Most of the stablecoins in the crypto market run on the ETH network. This includes TUST, Paxos Standard (PAX), Tether (USDT), USD Coin, and the Gemini Dollar. The Tron network also became a home for the TRC-20 version of Tether and launched the USDJ that is created on the Just platform, which is supposed to bring DeFi to the TRX ecosystem. Also, we have Binance USD that uses the Binance Chain blockchain network.

James Wo, who is the founder at ETC Labs, explained that ETC labs are looking for a stablecoin project to support or to make a new partnership with. Wo identified the huge benefits Tether has on Ethereum since the platform started providing support for the stablecoin. He implied that ETH can benefit from issuing stablecoins such as Tether then Ethereum Classic will have the same benefits.

Great question. @etclabs is looking for stable coin projects to support or establish partnership! https://t.co/tZxFudxhLN

— James Wo (@realjameswo) May 1, 2020

When USDT was initially launched in September 2017 on the Ethereum network, ETH reached a value of $260 at the time. This happened before the 2017 crypto bull run that led the price of Ethereum to reach a price of $1,400 in January 2018. That means, for Ethereum classic to experience such a drive on the market after launching a stablecoin, it will take the right type of trading conditions for ETC to exhibit such gains.

Looking at the situation from a different perspective, there is also the aspect of additional exposure of the Ethereum Classic network by issuing a stablecoin. This might result from the launch of a stablecoin on the network, which is that more projects choose to move there and boost the entire Ethereum Classic ecosystem.

As previously reported in the Ethereum classic news, ETC outlined new policies and procedures based on its core principles, as it enters a new era in development. The organization expressed their problem with modern money, property, and agreements and how it is all about them running largely on centralized systems such as financial institutions, tech companies, and several other types of industries that are controlled by the trusted third parties.