PegNet Launches First Android Wallet for Stablecoin Users

PegNet, “the stablecoin network for decentralized finance,” has just launched its first mobile wallet for Android users.

This news comes to us via a press release, and it ensures Android users can convert their cryptocurrencies to stablecoins. This, of course, includes the PEG token as well.

PegNet’s wallet “hosts 42 stable pegged asset tokens of the top fiats, cryptocurrencies, and commodities gold and silver,” a release notes. It’s also the first proof-of-work and oracle-based stablecoin network for decentralized finance.

This is a community-driven cryptocurrency project, which launched a proof-of-work mining feature in August of last year. From there, transactions and conversions were lowered to cost only $0.001 per.

In fact, speaking on the matter is one David Johnston, a community member and a miner on the platform, who had said:

“It’s never been easier to move between different assets. With this one mobile wallet you can now convert between crypto, stablecoins, & Gold and Silver with the push of a button.”

Recently, stablecoins have been thriving due to the current state of the world via the coronavirus pandemic, as InsideBitcoins has previously reported on. Just last month, the market value of stablecoins had hit over $9 billion in total. This could mean that more users are getting involved with stablecoins alongside their traditional cryptocurrency counterparts.