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The domination of Tether (USDT) is now in question following the launch of a new stablecoin by PayPal. Meanwhile, in the meme coin space, a new entrant Pomerdoge (POMD) has been forecasted to surpass Shiba Inu. The new project has more utility, combining the dog theme with an exciting play-to-earn game.
For years, Tether (USDT) has been the most dominant stablecoin in the crypto market. Tether holds $83.5 billion of the $125-billion stablecoin market. Tether is not only the biggest stablecoin, but the most utilized crypto for transactions. However, there could be competition ahead.
On August 8th, the popular payment giant, PayPal, announced the launch of its USD-backed stablecoin, PayPal USD (PYUSD). The PYUSD will be issued by Paxos Trust Co. and completely backed by US dollar deposits, cash equivalents, and short-term Treasuries.
The launch has sparked mixed reactions, with many calling PYUSD a rival to Tether's USDT. With 431 PayPal users globally, indeed, PYUSD could be an alternative to Tether. Crypto experts believe PYUSD could increase the use of crypto beyond speculation more than Tether has done.
The CEO of dYdX CEO, Antonio Juliano, said the competition would be a good thing for the stablecoin market. According to Juliano, the competition would help breed better products in the stablecoin market. However, some experts have decried the launch, saying it would breed censorship.
Just like in the stablecoin space, the meme coin space has a new challenger, Pomerdoge (POMD), looking to overthrow Shiba Inu. Despite being one of the biggest cryptos, a common complaint of holders is the lack of utility around Shiba Inu.
Many experts and investors are rallying behind Pomerdoge as a potential meme coin leader because of its utility. Pomerdoge combines the excitement of meme coins with the play-to-earn (P2E) sector, to create a very unique project. The center of this new ecosystem is the Pomergame.
The Pomergame is built with the latest and best infrastructure in blockchain P2E to offer an immersive gaming experience. Unlike most P2E games, the Pomergame will allow players from around the world to interact freely. Players will build custom avatars – the Pomerdoges – and enter the game to win mouth-watering rewards and collect unique items.
The items collected within the Pomergame can be sold or traded on the Pomerplace. The Pomerplace will serve as the dedicated marketplace for the Pomerdoge ecosystem. In addition, the Pomerdoge team will launch a collection of 7,777 unique NFTs.
These NFTs will be issued to holders of the network's utility token, POMD. At the time of this writing, POMD trades at $0.007 in its first presale stage. With the rapid growth of the platform, crypto experts have predicted a rally to $0.35 by the end of the year.
Website: https://pomerdoge.com/
Telegram Community: https://t.me/pomerdoge
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