The crypto world is full of surprises. Unknown investors become billionaires; tech giant-backed cryptos go bust; trusted crypto exchanges collapse overnight – anything is possible here. The only rule of crypto is: nothing is predictable when it comes to crypto.
Any contradictions to this rule quickly turn out to be exceptions that only prove the rule rather than nullify its validity. The industry witnessed two major developments recently that reinforce this maxim.
Iran and Russia Launch Gold-backed Stablecoin
The decentralizing forces of cryptocurrencies have always posed a serious threat to the global dominance of bankers, governments, and vested interests. Naturally, they’ve worked in tandem to restrict, stifle, and undermine cryptocurrencies at every step. Some governments have tried to portray cryptos in a bad light, calling them instruments of international crime. Some other governments have outrightly banned them, citing their inability to track and monitor crypto payments.
Until recently, Iran and Russia counted themselves among the staunchest opponents of cryptocurrencies. However, the unyielding pressures of the pandemic, sustained international sanctions, and the war have culminated in the unprecedented collapse of finance and trade systems in these countries. Therefore, the two countries have teamed up to launch a gold-backed stablecoin for international settlements. The countries hope to bypass international sanctions and monetary systems using their new stablecoin. It’s unclear how the stablecoin will be pegged to gold’s price yet, but details will be revealed in the coming weeks as its launch appears imminent.
National Australia Bank to Launch AUD-backed Stablecoin
National Australia Bank (NAB) is in the process of launching a fiat currency-backed stablecoin that institutions will use primarily as a settlement instrument. The National Australia Bank also plans to offer AUDN, the stablecoin, in multiple fiat currencies for international transactions. Eventually, AUDN will be used for “green deposits” and bond market repurchase agreements. In fact, NAB has ambitious plans to make AUDN a full-fledged crypto with advanced features like NFTs and carbon credits systems. AUDN would tokenize real-world assets and allow trading of NFTs on it.
Although NAB’s move is a pleasant development, it is not surprising to crypto industry observers. NAB’s rival bank, Australia and New Zealand Banking Group (ANZ), recently launched a stablecoin, A$DC. It was only a matter of time before NAB jumped on the bandwagon.
Snowfall Protocol (SNW) Bridging Connecting Stablecoins
Snowfall Protocol (SNW) is an interoperability bridge that connects multiple blockchains to allow the transfer of data, funds, and NFTs between them. Snowfall Protocol (SNW) is scheduled to launch in February. Its whitepaper, which describes the roadmap for Snowfall Protocol (SNW) platform, emphasizes adding stablecoins to its bridge in the initial months. After connecting all major stablecoins to the bridge, Snowfall Protocol (SNW) will proceed to add the rest of the popular altcoins to its platform. Eventually, Snowfall Protocol (SNW) interoperability bridge will connect all major cryptos into a seamlessly integrated metaverse.
Snowfall Protocol (SNW) recently had its third and final presale, which witnessed the token’s price shoot up by 250% from its stage 2 presale price. Snowfall Protocol (SNW) is currently valued at $0.191, which makes it quite affordable for most retail investors.