WhiteBIT Stablecoins Explained: Key Features and Advantages

WhiteBIT
Published 27 June 2024
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WhiteBIT Stablecoins Explained: Key Features and Advantages

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WhiteBIT stablecoins, including WBGEL, WBUSD, and WBEUR, are digital assets pegged to their respective fiat currencies—the Georgian lari, US dollar, and euro. These stablecoins were developed using the Whitechain protocol and are designed to provide stability in cryptocurrency transactions by reducing volatility and offering efficient payment solutions on both local and international scales. They aim to promote financial inclusion, hedge against inflation, and streamline international transactions, granting users access to modern financial services.

WBGEL: The Georgian Lari Stablecoin

WBGEL is a stablecoin pegged to the Georgian lari (GEL), the national currency of Georgia. This stablecoin is particularly significant for users in Georgia as it provides a seamless way to engage with the global cryptocurrency market while using a familiar currency.

WBUSD: The US Dollar Stablecoin

WBUSD is a stablecoin pegged to the US dollar (USD). As one of the most widely recognized and used currencies globally, the USD-pegged WBUSD offers a reliable and stable option for international cryptocurrency transactions.

WBEURO: The Euro Stablecoin

WBEURO is a stablecoin pegged to the euro (EUR), the official currency of the Eurozone. This stablecoin caters to users in Europe and beyond, offering a stable and secure digital asset for various financial activities.

Key Features of WhiteBIT Stablecoins

WBGEL, WBUSD, and WBEURO aim to blend traditional financial systems with decentralized technologies. This allows these stablecoins to facilitate seamless transactions while ensuring stability and security. This innovative approach bridges the gap between conventional finance and the burgeoning world of cryptocurrencies, ensuring the following:

 Stability: WhiteBIT stablecoins offer stability by being pegged to fiat currencies, thus reducing the volatility that is typically associated with other cryptocurrencies.

 Security: Transactions conducted with stablecoins are secure and reliable, thanks to the Whitechain technology, which provides a cryptographically secured global ledger.

 Accessibility: These stablecoins provide users with access to fiat currencies on the Whitechain, opening up new opportunities for financial inclusion and access to global markets.

 Efficiency: By leveraging Whitechain technology, stablecoins optimize cross-border transactions, reducing settlement times and transaction costs.

Advantages of Using Stablecoins in Georgia

  1. Global Accessibility: Stablecoins allow Georgian users to access global markets without navigating the complexities of international financial transactions.
  2. Simplified Transactions: Thanks to stablecoins, Georgian users can easily and efficiently conduct international transactions without complex currency exchange procedures.
  3. Protection Against Currency Fluctuations: Since stablecoins are pegged to fiat currencies, Georgian users can avoid the risks associated with currency fluctuations and financial losses.
  4. Development of VASP Infrastructure: Integrating stablecoins into Georgia’s local market can contribute to the development of the virtual asset service provider (VASP) infrastructure, enhancing the growth of VASP services.
  5. Reliability and Transparency: Stablecoins offer high reliability and transparency, complying with Anti-Money Laundering (AML) measures, which fosters trust among market participants and ensures the legality of financial transactions.

Using WhiteBIT Stablecoins on whitebit.ge

  1. Deposits: After depositing stablecoins on whitebit.ge using PayUnicard, the deposited amount will be immediately converted into WhiteBIT stablecoins.
  2. Trading Pairs: These stablecoins will be used in various trading pairs. For instance, users wanting to buy assets in GEL can utilize WBGEL.
  3. Deposit Fee: The fiat deposit fee, converted into WhiteBIT stablecoins via PayUnicard, is just 0.2%. This low fee makes it cost-effective for users to start their cryptocurrency journey.
  4. Withdrawals: For fiat withdrawals, users convert stablecoins to fiat and deposit them into their bank cards. Notably, there is no fiat withdrawal fee when using PayUnicard—the fee is 0%.
  5. WhiteBIT Card Users: WhiteBIT card users should follow the same process for deposits and withdrawals, ensuring a seamless and efficient experience.

WhiteBIT stablecoins, including WBGEL, WBUSD, and WBEURO, represent a significant innovation in the cryptocurrency landscape. These stablecoins bridge the gap between traditional finance and modern digital assets by providing stability, security, and efficiency. With their integration into platforms like whitebit.ge, users can enjoy streamlined transactions, enhanced financial inclusion, and a robust approach to handling digital and fiat currencies.