Anchor, a “first of its kind,” two-token stablecoin that’s pegged to “global economic growth,” is embarking on the decentralized-exchange seas.
The company behind the eponymously named stablecoin today announced that Anchor (ANCT) is now available on IDEX, one of the most popular Ethereum-based decentralized exchanges in the world. The move is likely to boost Anchor’s position in the market—even if only marginally. But does the world really need yet another stablecoin?
According to Anchor CEO and founder Daniel Popa, ANCT tokens are unlike the stablecoins that have come before it. “Anchor is the first stablecoin that is pegged to the sustainable and predictable growth of the global economy,” Popa told Decrypt. “Stablecoins pegged to fiat currencies are vulnerable to inflation and depreciation like their fiat counterparts. Those pegged to commodities, like gold or oil, are susceptible to the same market swings as those assets.”
Anchor, on the other hand, is pegged to a non-inflationary financial index based on global economic growth, which the company refers to as the Monetary Measurement Unit (MMU). The MMU, Popa explained, tracks macroeconomic indicators and aims to offer users accurate measures of real-world value.
Anchor utilizes a two-token model that consists of both Anchor Tokens—which are the main currency units of Anchor—and Dock Tokens (DOCT), which keep Anchor pegged to the global economy and keep the price stable.
“The global economy has increased steadily over the past 25 years by 2.5 percent on average,” Popa claims. “Data from the World Bank shows that since 1960, global GDP has expanded from $1.3 trillion to $80.7 trillion, with 2019 projections approximating $88.08 trillion according to the International Monetary Fund.”
Maintaining this unique peg is what allows Anchor to set itself apart as a potential hedge from short-term uncertainty in financial markets resulting from tensions over trade wars or signs of global recession, according to Popa. “Economic uncertainty is reaching a fever pitch,” he said.
Anchor’s listing on IDEX follows the company’s recent release of its Anchor Wallet, as well as its listing on the Liquid crypto exchange—all moves designed to widen Anchor’s net. IDEX’s relative popularity could help Anchor attract some slightly bigger fish. But it’s probably going to take much more than that to catch a whale.