Sarah Olsen, head of business development at Gemini, penned an interesting white-paper on stablecoins readers should check out. Olsen, who joined the firm from the Wall Street world in June 2017, outlines the importance of stable coins in the digital asset ecosystem. Notably, Gemini launched its own stablecoin, joining a long-list of firms looking to break into the market. A stablecoin tracks an existing asset, such as USD.
"If you’re one of the estimated ten million Americans who owns cryptocurrency or who simply follows the evolution of the digital economy, you’ve probably noticed a proliferation of a new kind of digital asset, referred to as a “stablecoin”, entering the market," Olsen wrote. "Avid crypto-traders, trading bitcoin, ether, and countless other cryptocurrencies globally, understand the need for these stable-value digital assets; however, to the average person, a stablecoin may be as foreign as the concept of cryptocurrency itself."