eToro unveils gold and silver-backed stablecoins

By Oliver Smith on 14th May 2019

Crypto and Blockchain

Yoni Assia is pushing to make eToroX the trading capital of crypto.

eToro unveils gold and silver-backed stablecoins
Image source: Yoni Assia/eToro

The crypto arm of trading giant eToro this morning launched a handful of new stablecoins to its eToroX offering, including gold and silver.

“One of the key obstacles that cryptoassets need to overcome for mainstream adoption is price stability,” said eToro’s CEO and cofounder Yoni Assia.

“Stablecoins largely eliminate this hurdle, creating a more user-friendly way to interact with the blockchain. By adding eToro Gold and eToro Silver and expanding our fiat-stablecoin range to 10, we are demonstrating the vast potential offered by tokenized assets.”

Along with gold and silver, the platform also added two new fiat-linked stablecoins, the eToro Ruble and eToro Yuan.

Stablecoins rose in popularity during 2018 as the volatility and erratic price movements in traditional tokens like Bitcoin and Ethereum grew.

eToroX already includes 8 fiat-stablecoins for the New Zealand Dollar, Japanese Yen, Swiss Franc, US Dollar, Euro, Pound Sterling, Australian Dollar and Canadian Dollar.

By listing all these tokens (which are ERC20 tokens) on the same platform, traders can move between traditional crypto, fiat-stablecoins and commodity-backed stablecoins in a few clicks.

“The addition of these fiat pairs means that people can now trade FX 24/7 as well as traditional assets such as gold and silver,” said Doron Rosenblum, Managing Director of eToroX.

“We are continuing to open up markets and this step allows people for the first time to trade, hedge and close exposure whenever they want.”

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