It seems the stablecoin industry will have to accept another contender in the scene, as Alchemint hints on introducing a new stablecoin, utilizing the NEO blockchain.
This is a fairly interesting development, as the digital stablecoin will not be utilizing Ethereum or OMNI. Alchemint team calls it the SDUSD, currently pegged to the US dollar. However, the team would be taking up a strong hurdle by doing so. Not to mention that the challenge of maintaining a 1:1 ratio with the US dollar is something that even the most renowned stablecoins struggle with.
According to the team, SDUSD will be available by the end of 2018. If conditions are favorable, they might be able to do so. This will have a significant impact on the market, since many are expecting for the supply of stablecoins to exceed 10 billion after a year. However, the crypto community has to see if things would actually happen as expected.
Currently, Tether is still the top stablecoin in circulation, with TrueUSD catching up rather quickly. If Alchemint’s upcoming stablecoin SDUSD joins the fray, the world would just have to see if it would challenge the dominance of the aforementioned stablecoins.
Regardless of the competition, having more stablecoins means that there is a greater possibility for more people to become aware of the technology and the benefits that they could reap from utilizing it.