Stablecoin is like a life hack that gives you the best of both worlds. Stablecoin is a cryptocurrency that mirrors its value to a fiat currency. Normally the stablecoin issuers are audited and required to match the stablecoin circulation with fiat deposits locked in a custodial account i.e., if you see there are 100 million stablecoins out there, the issuer normally need to lock up 100 million worth of real money in a bank deposit somewhere. Thus, stablecoins are often treated as fiat currency in the crypto world and are deemed generally safe and stable in value. However, some issuers from emerging markets might still carry some risks with them and stablecoins pegged to volatile currencies are also subjected to foreign exchange risks. Nonetheless, stablecoins are a perfect way to get into the crypto world for new users.
On-ramp is a term you often hear with stablecoins. On-ramp refers to the process of changing the fiat currency in your bank account or credit card into cryptocurrencies. The most popular way of on-ramp is for people to exchange their fiat currencies (e.g. USD,Euro,IDR, etc.) into stablecoins. Once you own stablecoins in your crypto wallet, you can buy other coins like Bitcoin, Doge, ETC, etc. with your stablecoins.
In Coinomo, we have chosen two stablecoins which we believe are relatively safe, which we also use.
IDRT Rupiah Token is a stablecoin pegged to the value of Indonesian Rupiah. It is also the first crypto asset which price is intended to mimic the value of Indonesian Rupiah. It is like owning rupiah but in the crypto world. IDRT Smart Contract has been audited by CertiK. Coinomo users can buy IDRT in our app through bank transfer.
The other stablecoin we offer is USDC. USDC is issued by regulated financial institutions, backed by fully reserved assets, redeemable on a 1:1 basis for US dollars. USDC has 25 billion US Dollar in circulation as of June 22nd 2021. It is arguably the most widely used stablecoin in the world and is recognized by all major crypto exchanges. Coinomo customers can buy USDC through credit/debit card payment.
Steps to on-ramp on Coinomo：
Step 1: Download Coinomo
Step 2: Register and Verify your email
Step 3: Go to the home page and click deposit for IDRT or USDC