Many are fleeing the failing U.S. Banking system, with over $800 billion in US bank withdrawals in the last 8 weeks alone, which has led to the early launch of BRICSTether, a newly launched 100% asset backed digital stable coin,to be an alternative to the USD, and USDT.
Plus PayPal’s record $1 billion in crypto transactions for Q1, up 30% and USDT announcement that they will invest 15% of their profits into Bitcoin is good for the industry says BRICSTether spokesperson.
BRICSTether, a newly launched 100% asset backed stable coin,to be an alternative for those fleeing from the failing U.S. Banking system, and an alternative to the USD, and USDT, says PayPal’s record $1 billion in crypto transactions for Q1, up 30% is good for the industry, said one of its spokesperson via a recent release.
BRICSTether.com has also announced it’s plans to launch a mobile payment app,similar to PayPal and WeChat, to increase mainstream adoption of cryptocurrencies.
BRICSTether is a new stablecoin,100% asset backed, that’s paying holders 10% per annum if they hold it for a minimum of 12 months, or 5% pa,if held for 90days.
It’s listed on several exchanges already, in Azbit.com and Coinsbit.io and plans listing on larger exchanges this year.
They said they are also open to partnering with companies like We Chat and AliPay, and also PayPal.
With many wanting to get their money out of USD and what many fear in more collapsing US banks, a 100% asset backed stablecoin not exposed to the U.S. banks like USDT and USDC are, that pays 10% pa,is very attractive to many, especially those new to crypto, that are concerned about Bitcoin’s volatility
Paypal crypto holdings have grown by 30% quarter-on-quarter (QoQ) to stand at nearly $1 billion in Q1 2023.
An analyst for stablecoins commented,”PayPal’s entry into the crypto space was seen as a major milestone for mainstream adoption. The staggering increase of their crypto holdings in Q1 2023 shows just how committed they are to building out the necessary infrastructure and resources to make digital currencies more accessible to all.”
PayPal’s foray into the cryptocurrency market is part of its larger strategy to focus on innovation, particularly when it comes to payments. This is underlined by their partnerships with leading crypto companies such as Paxos and now MetaMask.
The partnership between MetaMask and PayPal will allow users in the US to use their PayPal accounts to purchase ETH on the platform. This will open up a new access door for Ethereum users looking for a more convenient way to buy, store and transact digital assets.
More countries are registering interest to join the BRICS, an economic alliance of Brazil, Russia, India, China, and South Africa and accept a new currency.
South Africa’s top diplomat to BRICS, Ambassador Anil Sooklal has hinted that the grouping is set to grow bigger this year with more than 30 countries wish to join the alliance.
The latest report indicates that the countries ready to join the BRICS alliance are Afghanistan, Algeria, Argentina, Bahrain, Bangladesh, Belarus, Egypt, Indonesia, Iran, Kazakhstan, Mexico, Nicaragua, Nigeria, Pakistan, Saudi Arabia, Senegal, Sudan, Syria, the United Arab Emirates, Thailand, Tunisia, Turkey, Uruguay, Venezuela, and Zimbabwe.
The BRICS plus nations have often spoken about creating an alternative currency.
BRICSTether recently launched to be considered as one of these digital currencies.
It will be pegged to 7 Chinese yuan (approximately $1 USD currently).BRICSTether.com