USDX Wallet has managed to secure two trading pairs for its LHT token on ExMarkets. Holders of the USDX Wallet can enjoy near instant crypto between users as well as enjoy the ability to hedge against crypto risk using its new breed of USD stablecoin. USDX Wallet is based on the BitShares protocol and can handle up to 100,000 transactions per second, making it ideal for crypto traders who don’t have time to wait for the next block and confirmations.
Fee Free and User Friendly
USDX Wallet touts itself as a fee-free platform, making it ideal for transactions of all sizes. On top of this, its intuitive user interface and intelligent layouts make it so easy to use, that even grandma could get into the crypto world. USDX Wallet also gives users the power to make use of its native stablecoin that’s pegged to the USD at a ratio of 1:1, but it’s a rather complicated stablecoin to understand.
The Complicated Stablecoin
Stablecoins are traditionally backed by reserves of top cryptocurrencies or the fiat currency itself, but USDX is instead collateralized by yet another token from the company – LHT. On the average day, USDX is collateralized 200% by LHT tokens, but this value is prone to change as the market value of LHT moves. A smart contract allegedly controls the supply and balance of the stablecoin, but it sounds a lot more complicated than simply storing enough USD in a bank account.
Stablecoins Are All the Rage
As crypto markets continue to boom, there is an increasing demand for stablecoins. Chinese investors are particularly excited about stablecoins as they are the only way to get any crypto action thanks to China’s anti-crypto laws. However, as the Tether scandal continues to unfold, more and more people are opting to use regulated and transparent stablecoins such as the Gemini dollar. The news that Tether might be backed by cryptocurrencies has caused uproar, so USDX claiming its backed by its own token could cause some issues with crypto traders.
The LHT token is now available in Bitcoin and Ethereum trading pairs over on ExMarkets. Exactly what the token does other than collateralizing is still not completely clear, so invest at your own risk. If LHT can prove to be a reliable token to pin up the value of a stablecoin, it could become a good token to own in the long run. Until then, there is still much to be seen.
