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Since its inception, blockchain has been notoriously proclaimed the backbone of the new, smart financial market. And since then, efforts have been made to govern it and make it just like the traditional financial markets. Only recently the idea of merging both markets into one big financial market was conceived.
Although some people are of the belief that the merge is what this century needs, it seems almost impossible to feature the longstanding financial stock market on any blockchain. Breaking such ground was considered more like teaching an old dog some new tricks. Of course, that is almost impossible. However, that dream has been brought to fruition, in part at least, when a new stablecoin-token dubbed USStocks is now featured on the Ethereum mainnet.
The new token in the blocks (USStocks) was created to represent the 500 largest companies listed in the US stock market. The aim of this innovative idea is to enable anyone with access to the internet and digital money to participate in the US stock markets NYSE and NASDAQ. The value of each token is calculated by multiplying the stock index level by a standard $1.
It is worthy to note that this project is made possible through the collaboration of Dai and UMA. UMA is a platform bent on revolutionizing financial markets by making them easily accessible to virtually anyone. Working on this project is more like a dream come true for them as it pushes them a notch higher toward making financial markets easily accessible by anyone.
Currently, participating in this smart market is only possible through one of the first ever stablecoins – Dai. However, plans are underway to enable purchase through other crypto coins. In addition, they plan on introducing other digital assets to the blocks later in the year. Besides stocks, consumers will be able to trade other assets, leverage, and inverse exposures on any platform that supports the ERC20 standard.
Commenting on the groundbreaking project, the chief executive officer and co-founder of MakerDAO, Rune Christensen, asserted that the new token is a great example of how decentralized finance can unlock economic opportunities for anyone irrespective of their geographical location or income level. The CEO also added that the essence of the Dai network is to create an all-inclusive platform for economic empowerment; thus, enabling equal access to the global financial marketplace.