This year has undoubtedly been a tough year for crypto with the recent ones Terra Disaster play a major role in establishing the current bear market. For those who may not know, the stablecoin TerraUSD (UST) had lost its peg to the United States Dollar (USD), meaning it was no longer considered a stablecoin and this sparked a massive sell-off that eventually ended the crypto market led to a major crash. Today, both UST and its sister coin LUNA are nowhere near as valuable as they used to be.
Still, all is not lost as there are several projects trying to improve the market situation, restore confidence and help it on the way to recovery and reaching the next bull run. Among them is Wallex, a platform that strives to be a viable alternative that encourages both freedom and creativity.
The meaning of EURST
Wallex – an asset and digital asset ecosystem, launched in 2021 EURST – Euro Stablecoin, a 100% fiat asset-backed Euro stablecoin based on Ethereum’s ERC-20 token standard. In essence, EURST is fully committed to providing a reliable stablecoin to the markets, with transparency being a top priority from the start. Many crypto investors lost their confidence in the market after the Terra situation and the launch of EURST is crucial if that confidence is to be rebuilt.
Furthermore, EURST was one of the very first stablecoins to introduce a live attestation system and third-party transparency. EURST relies on the Ethereum blockchain, live confirmation system and also on a full reserve model to ensure consumer redeemability. The full cash reserves, held in USD and held securely in an FDIC-insured account, are indicative of Wallex’s forward-thinking ability in relation to the formation of EURST, and while the market is indeed prone to extreme volatility and unpredictable behavior, EURST is over-hedged and more stable over time as a result of both the USD value and USD to EUR exchange rate rising as…
