AsHuMon, a growing digital asset and cryptocurrency platform, has unveiled an innovative stablecoin backed by 7 Middle Eastern currencies.
The newly-born AHM stablecoin intends to provide users with a reliable, low-volatility store of value for day-to-day transactions. Pegging a stablecoin to a basket of currencies instead of just one comes with several advantages. Through this strategy, AsHuMon reduces its volatility and risk while increasing acceptance among merchants and customers.
Its advanced technology, robust ecosystem, and interoperability features could change how people use cryptocurrencies in their everyday lives.
The New Concept Introduced by AsHuMon
AsHuMon expects its stablecoin to become the Euro of the Middle East. This concept uses a seven-currency peg and a decentralized platform to mint or redeem AHM with other stablecoins.
This unique concept combines the best elements of both traditional banking and blockchain technology. The project’s setup makes it possible for individuals, businesses, and exchanges to access secure payment solutions across borders.
With its user-friendly system, AsHuMon provides users with a wide range of features, such as enhanced security and fast settlements. This platform simplifies trading digital coins by moving away from the traditional banking system.
The Advantages of the AHM Stablecoin
AsHuMon relies on stability, the long-term challenge of every stablecoin on the market. By using a stablecoin backed by seven different fiat currencies, AsHuMon provides its users with additional layers of stability.
This makes it easier for individuals and businesses to trust in the value of the stablecoin. Additionally, AsHuMon offers lower transaction costs, faster transaction speeds, borderless transactions, and increased liquidity.
Some selected countries in the currency basket belong to OPEC, making AHM more reliable than a single fiat currency. The team selected these countries to provide a stablecoin that is more resistant to the volatility of the global economy. This allows for increased transparency and trust, as users can have confidence in the value of their assets.
Finally, AsHuMon offers diversification benefits by allowing users to peg their stablecoin to multiple currencies. This helps provide an additional layer of stability and reduces risk by diversifying the assets backing the stablecoin.
AsHuMon is an Ethereum-based stablecoin pegged to a basket of seven currencies. Among these, its community will find three OPEC nations and other major economic players in the Middle East.
The project provides users with an alternative payment form and store of value that is more stable than other cryptocurrencies.
The project’s benefits include diversification, reduced volatility, lower risk, increased acceptance, smaller transaction cost, faster transaction speed, and borderless transactions. Anyone can obtain AHM through a minting process, exchanging tokens for five major stablecoins (USDT, BUSD, USDC, DAI, and FRAX).
This allows stablecoins built on the platform to interact with other Ethereum-based applications and protocols, creating more utility.
The wisdom behind grouping seven currencies lies in their economic similarity, currency volatility, currency correlation, political stability, and market depth. It is already possible to exchange this token directly on the project’s official website.