BiyaPay Analyst: Stablecoin is an important branch of cryptocurrency, with the US dollar previously pegged to gold

BlockBeats News, July 4th: As a vital branch of cryptocurrency, stablecoins have long been considered a "stable" payment tool, but their nature is not entirely as "stable" as the name suggests. The Hong Kong dollar maintains a stable exchange rate through the Hong Kong Linked Exchange Rate System, while the US dollar was also a "quasi-stablecoin" anchored to gold during the Bretton Woods system era until it was untied from gold in 1971, transitioning to a freely floating currency based on market supply and demand.

Stablecoins are usually backed by traditional currencies or assets such as the US dollar or US Treasury bonds. On May 20th, the US Senate passed the "Genomic Stablecoin Unified Standards Act" (GENIUS), marking a significant breakthrough in stablecoin regulation in the United States. Similarly, Hong Kong has also proposed a Stablecoin Bill to regulate the issuance of fiat-backed stablecoins. The introduction of stablecoins is not only an upgrade in financial technology but also a challenge and restructuring of the global financial system.

The BiyaPay platform supports the acceptance of USDT, USD, HKD, and other fiat currencies, providing global users with convenient payment and transaction services. With the rapid development of stablecoins and digital currencies, BiyaPay platform's transaction services offer users a more secure and efficient trading environment.