Digital Assets Industry Solutions

Fiat-backed Stable Coin Use Cases for Travellers

Creating Fiat-backed stable coin for travellers could access the P2P payment process across the world. Explore how we focused to create the USD pegged stablecoins for travellers under immutable blockchain technology.

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Overview

The context of the project is the development of a token for the traveler so that they can travel ease without paying their hardly earned money to the intermediates.

Problem

The major problem for the travelers is the currency conversion for different countries and they need to carry in hand, so it has many concerns on carrying and changing it to every country. As the conversion is also volatile day by day so there seems to be no stability. As well now the people are using digital cards for the transaction for that too we need to pay the commission’s to the centralized party who are maintaining it. Several cryptocurrencies came into the existence for solving this problem but since they possessed the solution for the peer to peer transaction with less commission but their volatility remains the main concern

Idea

The idea to solve the problem is to create a currency which can pegg the value of a currency which is used by most of the country. In that way USD is used in many countries as well it has the best value in other countries which are not using that as their currency. It can be exchanged globally.

The thing we did

We created a token on Ethereum ERC20 standard which usually peggs the value of USD. It will be a stable coin as the price much vary as well the conversion will not be much harder

Future Idea

In Future the company is planning to create an exchange where the travellers can change their stable currencies to different stable currencies with the low conversion fees. As well they are planning to get join many other service providers such as Mobile payment gateways and credit and debit cards so that they can change and withdraw their currencies whenever they need. It solves the problem of loss and paying a higher amount of commission to the middle agents

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