The list of added stablecoins includes True USD (TUSD), DigixDAO (DGD), Paxos (PAX), STASIS EURS (EURS) and USD Coin (USDC). This move comes during a time in which increasing volatility in the cryptomarket has many turning to risk-minimal investment otpions.
One of the core features of Freewallet as a custodial wallet service is fee-free instant transactions within the Freewallet ecosystem. In light of the recent additions, this means that any of Freewallet’s 25 dedicated cryptocurrencies can be exchanged now with the added stablecoins.
Stablecoins like TUSD, DGD and others from the list belong to a category of cryptocurrency that is intrinsically linked to a form of traditional financial value. While these coins can be traded on the cryptomarket and offer the same advantages as many other cryptocurrencies, they are each anchored by static material backing. The anchors ensure that stablecoins are relatively resistant to cryptomarket fluctuation.
The backing of the coin depends on the individual currency. Freewallet now offers its users stablecoins with a variety of backing, including crypto-collateralized (DAI), fiat-collateralized (USDC, USDT, TUSD, PAX and EURS), and metal-collateralized (DGD) options.
As none of these backing factors are connected with the current state of the cryptomarket, these coins have been relatively unaffected by the cryptohysteria of the last weeks, with some of them even seeing a rapid expansion of their market capitalization.
Freewallet is a digital currency ecosystem offering wallets with built-in exchange for web, iOS and Android devices. It features more than 30 cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Monero, and Bytecoin.
Freewallet’s team of developers released their first mobile cryptocurrency wallet on Android in January 2016. In 2018 the Freewallet family includes Multiwallet for iOS, Android and the web, as well as 8 single currency wallets for iOS and 22 for Android.