Remitt USD — A Stablecoin To Rival Others?

The crypto market is highly volatile, and although it is an advantage of the market, it is also a downside. After countless periods of crypto price swings, stablecoins were launched as a solution to this market problem. Stablecoins are digital assets that leverage the benefits of a decentralized, blockchain-based currency, albeit bereft of volatility. They are backed mainly by tangible commodities or fiat currencies. 

While they function like every blockchain-based currency, stablecoins do not experience price fluctuations. Currently, there are a ton of stablecoins, all claiming to be backed by real-world assets, but the Remitt USD stablecoin could be a better and more reliable alternative. 

The Remitt Platform 

Remitt is a collateralized stablecoin pegged to a traditional currency. This new start-up hopes to enhance the global remittance industry by deploying innovative, AI-based technologies. Remitt has launched a virtual, blockchain-based token backed by real-world currencies to achieve this goal.

Remitt offers faster, simpler, and cheaper remittance payments through its stablecoin—Remitt USD. The team constantly updates the conversion rates, guaranteeing users the best rates in the market. 

Remitt USD vs. Other Stablecoins 

Backed by Real-world Assets 

Remitt USD is a fully collateralized stablecoin built with an artificial intelligence [AI] powered exchange bot that provides a seamless swap of coins for fiat currencies. Unlike Tether USDT—one of the prominent stablecoins—Remitt USD is backed by real-world assets. It doesn't end there; Remitt USD introduces an AI-powered robot that matches remittance parties conveniently. 

Recently, there's been growing concern regarding Tether USDT’s false reserve amount, leading to even stricter laws and regulations by the US government. Remitt USD, as a developing project, aims to deliver a genuinely transparent, decentralized stablecoin pegged strictly at a traditional currency like the US dollar. 

Faster and Cheaper Transactions 

Remitt hopes to solve existing market problems like cost and speed of transactions. The emerging company introduces lower transaction costs and reduced transaction throughput. This is unlike USDC and USDT stablecoins. All Ethereum-based USDC transactions take at least five to twenty minutes, and some cost as much as $5, depending on market conditions. 

Remitt USD leverages the TRON network to deliver instantaneous transactions across parties, further cementing its position as a potential market leader. 

Increased Transparency 

Remitt boasts a genuinely transparent and secure network where fiat currencies peg all tokens in the Remitt Reserve. The company publishes daily records of total assets in the reserve as it further seeks to provide an additional layer of transparency and trust. 

Existing stablecoins are not as transparent as Remitt. According to a recent news report, USDC has lost over 20% of its market capitalization since the Tornado Cash Scandal. USDT’s newly imposed sanctions and court cases are a testament to the lack of a transparent reserve model. Remitt aims to restore trust to the market, rekindling interest in stablecoins while providing a sustainable, secure, fast, and low-cost remittance platform. 

Furthermore, Remitt prioritizes users, and its AI-powered exchange bot and responsive customer support team are proof. 

With its wide range of features, Remitt USD aims to revolutionize the remittance market, offering users a secure and cost-effective way to transact and providing an alternative to existing stablecoins. With its real-world asset-backed reserve model, increased transparency, and faster and cheaper transactions, Remitt USD looks to become a market leader in the global digital remittance industry.

This post was authored by an external contributor and does not represent Benzinga's opinions and has not been edited for content. This content contains sponsored advertising content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.