A 100% reserve is a must for any stablecoin: Wemade CEO

A stablecoin that is not steady is an “oxymoron,” mentioned Henry Chang, chief government officer of South Korea-based mostly blockchain sport developer Wemade Co. Ltd., at the Blockchain Week in Busan (BWB2022) party on Thursday.

See related posting: South Korea’s MIR4 maker Wemade launches stablecoin

Rapid points

  • “For the previous six months, stablecoin was in truth taboo amongst the crypto and blockchain scene,” the Wemade CEO reported throughout his keynote speech, alluding to the collapse of Korea-born Terra’s algorithmic stablecoin.
  • Stablecoins will have to have a stable reserve as a first prerequisite, Chang stated. “If a stablecoin [project] says they have issued a hundred bucks truly worth of stablecoins, they will need to have a hundred dollars.”
  • Wemade not long ago released its have stablecoin WEMIX$ on the identical week it revealed its most recent blockchain mainnet, WEMIX 3.. WEMIX$ is completely backed by USD Coin (USDC), which is pegged to the U.S. greenback, according to Wemade. 
  • Chang stressed the great importance of stablecoins as they could carry price tag balance to crypto-primarily based property these kinds of as non-fungible tokens (NFTs).
  • Chang also believes that within just a few decades, over 50,000 games will have formed their very own tokenomics, and that the WEMIX 3. blockchain will be the platform to enable them make that transition. 
  • Wemade, established in 2018, has introduced about 20 blockchain-dependent video game titles, this kind of as engage in-and-receive Mmog MIR4 World-wide which recorded around 1.4 million concurrent consumers last yr in accordance to
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