Stablecoins were once touted by some as a fix for cryptocurrency’s volatility.
Thing is, it seems they’re not as stable as their name would suggest.
Most of the stablecoin projects announced since 2017 are still yet to launch, and two-thirds of stablecoin projects that have failed were backed by gold.
Since the beginning of 2017, 119 stablecoin projects have been announced and are still yet to be rolled out to the public, there are currently 66 active stablecoins, according to research from blockchain analytcis firm Blockdata.
To date, 24 stablecoin projects have closed down and ceased operations.
Around two-thirds (16) of these now defunct stablecoins were backed by gold reserves.