Cryptocurrency and the gig economy are a natural fit, and as companies grow faster and expand both nationally and globally, there is a crypto option that is becoming increasingly attractive to both gig economy businesses and workers: stablecoins. The gig economy is designed to attract workers who want – and may need – to earn money today and not weeks from now. As a result, it’s no surprise that more of them are diving headfirst into the crypto frontier and deciding to be paid, partially or fully, in cryptocurrencies. And it’s no surprise, then, that gig companies that set up systems to pay workers in crypto are gaining a valuable competitive advantage. For those businesses that haven’t yet set up such a system, or for those which have but want another option, stablecoins are starting to provide a valuable option. What are the four ways in which this option can play to your advantage?
Quick Primer: What is a Stablecoin?
Although cryptocurrencies are known for their volatility and parabolic price swings, stablecoins are designed to have significantly less volatility because they are supposed to be tightly pegged to a traditional fiat currency such as the U.S. Dollar. Most stablecoins are backed by real-world collateral such as dollars or an asset with equivalent value, although there are also more risky options such as algorithmic stablecoins which have caused a bunch of headaches in the crypto world this year.
Like other cryptocurrencies, stablecoins facilitate...
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