Chapter 890 USDA

On February 14, 2013, Valentine’s Day, Anchorage, a company established by Matrix Capital, launched USDA, a stablecoin pegged to the U.S. dollar.

USDA was launched to help BitC investors convert funds between different exchanges.

Although the Mt.Gox exchange currently accounts for more than 70% of global BitC transactions, in addition to Mt.Gox, there are also exchanges including Bitstamp, Kraken, etc. In China, there are also BitC Huaxia, BitC Mainland China, Huobi and other exchanges.

Prior to this, when users transferred assets between different exchanges, they needed to withdraw BitC from the exchange, and then transfer the funds from the chain to another exchange. In the process of transferring out and transferring in, all costs need to be consumed. BitC is used as a handling fee, and the transfer efficiency (time) of BitC is not high.

If the price of BitC was low before, BitC’s handling fee might not be too much of a concern, but when the price of BitC rises, every transfer will be painful.

After using USDA, using USDA’s network, the transfer fee can be ignored.

Anchorage stipulates that the price of USDA will be pegged to the U.S. dollar, that is, 1 USDA is worth 1 U.S. dollar. Users who transfer a certain amount of U.S. dollars to the escrow account will receive the equivalent USDA.

Of course, this exchange process does not require users to do it in person. Anchorage injected US$100 million into the custody account in the first phase, and then sold the 100 million USDA to users through the exchange - that is to say, when users purchase BitC from the exchange, they first Use your own currency to exchange it for USDA at a certain exchange rate, then use USDA to buy BitC…

Mt.Gox exchange listed USDA immediately, and then their BitC price was displayed in USDA - the BitC/USDA trading pair.

In fact, in Barron's previous life, there were many similar stablecoins. The most famous of them was Tether (USDT), which was launched by Tether Limited in 2014 and was also pegged to the U.S. dollar. It was also one of the stablecoins at the time. The most commonly adopted, Tether's market capitalization has exceeded US$60 billion by 2021, making it the world's largest circulating stablecoin.

The reason why Juzhen Capital will set up Anchorage to issue USDA, in addition to providing "infrastructure" for various future digital currency transactions, is that if USDA can replace the status of USDT in the original time and space, then they can control USDA's Additional issuance and destruction affect the price trend of Coin.

And at some point, they can also obtain certain "coin rights" - just like in the original time and space, although Tether has always claimed that they have a one-to-one USD cash reserve for the USDT issued, but Regulators have always believed that the issuance of USDT lacks transparency.

In other words, Tether Limited is suspected of issuing additional USDT, and they did not provide sufficient U.S. dollar reserves for the USDT issued...

Then this company will be able to obtain excess U.S. dollar income in the process of additional issuance - you know, even these tens of billions of U.S. dollar funds can earn them a lot of income just by investing in U.S. bonds.

In addition to Matrix Capital, the Distributed Foundation, also headquartered in Brita, is still absorbing a small amount of BitC after previously acquiring 500,000 BitC from the market and sealing it...

Although Barron’s other funds will not participate in this round of BitC bull market speculation, in the future, after the price of BitC reaches more than 1,000 US dollars in the second half of this year, distributed foundations will also gradually sell part of the BitC they hold. , but the quantity sold will be controlled within a certain scale.

One of the purposes of this is to avoid over-hyping its price in this round of BitC bull market. After all, this short-term over-hyping will also harm its long-term development.

In addition, even distributed foundations can sell BitC at a high level and then absorb it at a low level to control the price of BitC within a benign range.

The profits they receive can also support other blockchain start-up projects. Currently, in addition to BitC, the Distributed Foundation has also made a certain amount of reserves for another emerging digital currency, LitC.

LitC was launched in 2011 by former Google engineer Charlie Lee. It is similar to BitC but improved in some aspects. Its goal is to provide a faster and cheaper way of transactions.

Currently, many exchanges, including Mt.Gox, have launched LitC transactions in addition to BitC...

It is also worth mentioning that Charlie Lee is the younger brother of Li Qiyuan, CEO of BitC China (BTCC), the largest BitC exchange in China.

As for Li Qiyuan, Yuan Shikong had a conversation with "well-known economist" Lang Xianping on a talk show in 2014, which led Lang Xianping to create the name "If you give me BitC, I won't take it." The parties involved in the scene.

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Also in Kolo, on February 15, the groundbreaking ceremony for the Ajahara Hydropower Station project was held at the construction site.

Participants in the groundbreaking ceremony included the presidents, ministers, members of the National Assembly of Kolo and Benin, as well as the Chinese ambassadors to Kolo and Benin.

Kolo President Thomas Kaboré and the President of Benin unveiled the foundation stone of the Ajahara water project together.

The Ajahara Hydropower Station is located on the Mono River, the boundary river between Kolo and Benin. For nearly 40 years before this, Kolo and Benin had been raising funds for this hydropower station. After all, there was a shortage of electricity in the two countries before, and the completion of this hydropower station could provide considerable power output for the two countries, but the project has been shelved due to funding issues.

According to the plan of this project, the total installed capacity of the Ajahara Hydropower Station is 147,000 kilowatts, and the annual average power generation after completion is 461 million kilowatt-hours.

The entire project includes a dam with an average dam height of 40 meters and a total length of 3,700 meters, a 161 kV high-voltage transmission and transformation line with a total length of 252 kilometers, a water diversion system, a plant, access roads and other ancillary facilities.

The project is invested by the West African Power Group and constructed by the Huaxia Hydropower Construction Group. The project period is 50 months and the total cost is US$550 million. All of these funds are funded by the West African Power Group, including a US$250 million interest-free loan issued by the Huaxia Export-Import Bank.

The West African Power Group will acquire 70% of the shares of the Kolo-Benin Hydropower Consortium, which holds the project, while the governments of Kolo and Benin will each hold 15% of the shares.

The Ajahara Hydropower Station is a large-scale infrastructure project of tripartite cooperation agreed upon by the heads of state of Huaxia, Kolo and Benin. It is the first cross-border tripartite cooperation project in the West African sub-region. It will effectively strengthen regional energy interconnection and ease the power shortage in Benin and Kolo.

The project can provide nearly 10,000 jobs, reduce carbon dioxide emissions by 150,000 tons per year, promote the balance of domestic power supply structure, significantly reduce electricity prices, create huge economic benefits for the people of the two countries, and continuously improve the material and cultural quality of life of the people of the two countries.