The proliferation in the launch and use of cryptocurrencies and the need for decentralized, trustless, and fast cross-border payments has brought forth the need for secure transaction and storage mechanisms. Opus helps businesses launch their crypto wallets integrated with their chosen blockchain to facilitate secure transaction and storage facilities.
Enable cryptographically secured digital payments on blockchain networks
A stable coin is a type of cryptocurrency that links its value to another asset, such as a currency or a commodity, to keep it stable. While intermediary-free peer-to-peer payments are increasingly becoming a necessity, the volatility of cryptocurrencies makes enthusiasts apprehensive. The backing of a reserve asset makes stable cryptocurrencies aka stable coins an attractive choice and an alternative to high-volatility digital coins. Opus facilitates the design and development of stable coin-related platforms and payment mechanisms.
Facilitate secure and regulated remittance with stable coin
As governments worldwide are catching the wind of the cryptocurrency revolution, they are planning to launch centrally issued, circulated, and monitored digital currencies equivalent to fiat currency. This new ‘regulated’ digital crypto will be used as CBDC. Smart contracts form an integral part of decentralized, trustless transactions of CBDC money. Opus offers smart contract implementation services to facilitate merchants to digitize their operations.
Develop and implement smart contracts for automated and secure transactions in digital currencies
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Frequently asked questions
While CBDCs belong to the same family as cryptocurrencies, their underlying idea of minting and adding to circulation is very different. Although Ethereum is considered the most evolved blockchain to support a CBDC, there is no clarity regarding how and on which technology will CBDCs be developed. The mechanism to calculate the CBDC coin price is still under deliberation.
Stable coins have been in use for some time now and have a reserve asset ( a fiat currency or a commodity) to peg their value to the asset. Central bank digital currencies are similar to fiat (regular) currency, the only difference being that they are digital. While CBDCs require the imprimatur of the issuing government, crypto-stable coins rely on the assets stored.
The stability of a stable coin is evaluated by how infrequently its value moves relative to that of the reference asset. As of August 29, 2023, Tether is the most stable coin, followed by Venus USDT and TrueUSD.
CBDCs are not aimed to replace stable coins, fiat may be, but in the distant future.
CBDCs aim to streamline the use of digital currencies in a controlled manner whereas stable coins offer peer-to-peer permission-less alternatives to digital money. Due to the fundamental difference in their functionalities, the two can coexist seamlessly.