SealBlock has just announced that SealBlock.PRO, its hot wallet for cryptocurrency, will support the stablecoins Tether (USDT) and the US Dollar Coin (USDC).
Hot wallets are digital cryptocurrency wallets that are connected to the Internet. They thus make it easier to set up and trade tokens and are usually free to use. They are, however, more vulnerable to hackers, especially compared to cold wallets, which are not connected to the Internet and cost money to use.
SealBlock.PRO currently supports most mainstream cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). It also supports the main ERC20 tokens that are built on the Ethereum platform such as BAT, BNB and OMG.
USDT and USDC are the only stablecoins that are available on the wallet. Currently, though, they are the top two stablecoins in the market. They make up about 89% of the total stablecoin market, which is worth a whopping $4.99 billion.
Stablecoins are fiat-backed cryptocurrencies that are designed as such in order to be subject to less price volatility. For instance, Tether was founded to be a utility token that represents fiat currency and can facilitate cross-border payments through blockchains. It is is linked to the US Dollar at a 1:1 ratio. Every Tether token that is ‘minted’ has to be backed by a US Dollar.
What is SealBlock?
SealBlock is a crypto asset management firm which supplies its own utility token called SKT. It is currently registered in the Cayman Islands in the Caribbean but originated in Silicon Valley in the United States of America. It provides digital asset security management services for major exchanges and mining consortiums.
The project aims to contribute to and build the cryptocurrency and blockchain ecosystem. It provides a high level of security and has convenient real-time online transactions. It was the first to release an enterprise-grade digital asset hot wallet in the cryptocurrency industry.
The organisation’s utility token, SKT, is listed on EtherFly and Bilaxy.