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

July 4th: As a crucial branch of cryptocurrency, stablecoins have long been regarded as a "stable" payment tool. However, their nature is not completely as "stable" as their name implies. The Hong Kong dollar maintains a stable exchange rate through the Hong Kong Linked Exchange Rate System. Meanwhile, during the Bretton Woods system era, the US dollar was also a "quasi-stablecoin" pegged to gold until it was unpegged from gold in 1971 and became a freely floating currency based on market supply and demand. Stablecoins are typically 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), which marks a significant breakthrough in the regulation of stablecoins in the United States. Similarly, Hong Kong has also proposed a Stablecoin Bill to regulate the issuance of fiat-backed stablecoins. The emergence 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, the transaction services offered by the BiyaPay platform provide users with a more secure and efficient trading environment.