Cheaper and Faster Crossborder Payments

Stablecoins are a novel type of cryptocurrency that relies on a more stable asset as the basis for its value. Most of them are linked to the United States dollar and therefore maintain the value of that currency. These allow for a very cheap and stable global payment system. Many current stablecoins are built on the Ethereum network.

Ethereum and stablecoins simplify the process of sending money overseas. It often takes only few minutes to move funds across the globe, as opposed to the several business days or even weeks that it may take your average bank, and for a fraction of the price. Additionally, there is no extra fee for making a high value transaction, and there are zero restrictions on where or why you are sending your money.

If you are lucky enough to have multiple banking options through trusted institutions where you live, you may take for granted the financial freedom, security and stability that they offer. But for many people around the world facing political repression or economic hardship, financial institutions may not provide the protection or services they need.

When war, economic catastrophes or crackdowns on civil liberties struck the residents of Venezuela, Cuba, Afghanistan, Nigeria, Belarus, and Ukraine, cryptocurrencies constituted the quickest and often the only option to retain financial agency.1 As seen in these examples, cryptocurrencies like Ethereum can provide unfettered access to the global economy when people are cut off from the outside world. Additionally, stablecoins offer a store of value when local currencies are collapsing due to superinflation.

In 2021 alone, artists, musicians, writers, and other creators used Ethereum to earn around $3.5 billion collectively. This makes Ethereum one of the largest global platforms for creators, alongside Spotify, YouTube, and Etsy. Learn more.

Play to earn games (where players are actually rewarded for playing the games) have recently emerged and are transforming the gaming industry. Traditionally, it is often prohibited to trade or transfer in-game assets to other players for real money. This forces players to use black market websites that are often a security risk. Blockchain gaming embraces the in-game economy and promotes such behavior in a trusted manner.

Moreover, players are incentivized by being able to trade in-game tokens for real money and thus being truly rewarded for their play time.

Read more:

What is Ethereum? | ethereum.org