Is EURX a stablecoin?

Question

Nexo Community

Joaco L

Is EURX a stablecoin?

#cryptocurrency #english #nexo

0

19.05.2022

6 ответов

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Joaco L Автор вопроса

Thanks. So the PEG is not a risk

0

19.05.2022

MXS

Joaco L
Thanks. So the PEG is not a risk

It is.. $UST on Nexo was merely a synthetic version mirroring the price of $UST. So, if the price of EURX ever drops on the market, Nexo adjust their price accordingly. If you then decide to sell, your loss will become their profit. T&C do not seemed to provide the desired transparency on this topic by the way. *No FUD, just make sure you DYOR

0

19.05.2022

fLUK3

MXS
It is.. $UST on Nexo was merely a synthetic versio...

You are mistaken. The X version of the fiats they hold here are just place holders. They can not legally give you interest on fiat deposits so they "create" a place holder to allow the giving of interest. Those "X" versions are no where else except this platform. Since these do not reside anywhere else except for this platform, there is no "pegging" of the asset. And if they do not have the capital to replenish a withdrawal then you will have bigger issues as that means as a whole they are illiquid

0

19.05.2022

MXS

fLUK3
You are mistaken. The X version of the fiats they...

They provided information to a crypto insurance that indicates otherwise, else I would not say such a thing. But good point, that’s why I already requested multiple times documents that would argument against; Show that they hold UST prior to the depeg. However, they’re not willing to give that information which is very frustrating for many of us.

0

19.05.2022

fLUK3

MXS
They provided information to a crypto insurance th...

What crypto insurance are you speaking of? The platform itself does not hold any insurance policies. The custodians they use hold insurance policies so in proxy if any funds Nexo holds at those custodians goes missing then the custodian will go their insurance "provider"

0

19.05.2022

Tanya | Nexo | No support via DM · Accepted Answer

Tanya | Nexo | No support via DM

It is a stablecoin native only on the Nexo platform

0

19.05.2022

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Is EURX a stablecoin?

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