In the Year of the Stablecoin, the differences between stablecoin projects have been hard to figure. In the beginning, there was Tether and perhaps two or three others and that was the extent of the stablecoin niche. Now, in less than a year, it has ballooned to the point where you cannot even count all of the applicable projects on two hands. Because this trend seems to show no sign of slowing down any time soon, the differences between stablecoins bear some explaining, where they exist. For this particular piece, we have chosen the Aryze ecosystem, due to some of its unique features that make it more than a simple peg between crypto and fiat currencies.
First and foremost, with Aryze, there is the fact that it is based in Denmark. Furthermore, a strong argument can be made for it having a special sort of utility.
Aryze is more than just a stablecoin with no usable platform around it. The chief reason this can be said is because of their multi-currency wallet called “The Mother of All Payment Apps,” or “MAMA.” In the team’s white paper, MAMA is described as actually being less of a wallet and more of a sort of payment ecosystem that will be easily usable for everything from spending and saving to exchanging fiat currencies as well. What actually seems to make this effort viable is the team’s clear business plan for MAMA, which involves getting banks and financial technology companies to buy into it as a good choice for their customers. If you are wondering how they plan to incentivize this, it all reportedly comes down to the idea of a customizable software development kit for each and every partner.
If these companies want to make MAMA more friendly to their existing systems and processes, then they can. This ability should take away some of the reticence on the part of banks and other financial services providers who see cryptocurrencies as a threat to their existing business models. Overarching all of this is the idea that stablecoins should be less volatile than any other cryptocurrencies, by definition.
Given that Aryze is still in its early stages and plans to develop several stablecoins, it will be interesting to see if this is the project that can finally drive adoption at a larger scale. Perhaps it will even unseat Tether.
By: BGN Editorial Staff