WhiteBIT Georgia stablecoins, including WBGEL, WBUSD, and WBEUR, are digital assets pegged to their respective fiat currencies: The Georgian lari, US dollar, and Euro. These stablecoins were developed using the Whitechain protocol and are designed to provide stability in cryptocurrency transactions by reducing volatility and offering efficient payment solutions on both local and international scales. They aim to promote financial inclusion, hedge against inflation, and streamline international transactions, granting user access to modern financial services.
Let’s now examine each of these stablecoins in detail.
WBGEL: The Georgian lari Stablecoin.
WBGEL is a stablecoin pegged to The Georgian lari (GEL), the national currency of Georgia. This stablecoin is particularly significant for users in Georgia, as it provides a seamless way to engage with the global cryptocurrency market while using a familiar currency.
WBUSD The USD Dollar Stablecoin
WBUSD is a stablecoin pegged to the US dollar (USD). As one of the most widely recognized and used currencies globally, the USD-pegged WBUSD offers a reliable and stable option for international cryptocurrency transactions.
WBEURO: The Euro Stablecoin
WBEURO is a stablecoin pegged to the euro (EUR), the official currency of the Eurozone. This stablecoin caters to users in Europe and beyond, offering a stable and secure digital asset for various financial activities.
Key Features of WhiteBIT Georgia Stablecoins
WBGEL, WBUSD and WBEURO aim to blend traditional financial systems with decentralized technologies. This allows these stablecoins to facilitate seamless transactions while ensuring stability and security. This innovative approach bridges the gap between conventional finance and the burgeoning world of cryptocurrencies, ensuring the following:
- Stability: WhiteBIT Georgia stablecoins offer stability by being pegged to fiat currencies, thus reducing the volatility that is typically associated with other cryptocurrencies.
- Security: Transactions conducted with stablecoins are secure and reliable, thanks to the Whitechain technology, which provides a cryptographically secured global ledger.
- Accessibility: These stablecoins provide users with access to fiat currencies on the Whitechain, opening up new opportunities for financial inclusion and access to global markets.
- Efficiency: By leveraging Whitechain technology, stablecoins optimize cross-border transactions, reducing settlement times and transaction costs.
Advantages of Using Stablecoins in WhiteBIT Georgia
- Global Accessibility: Stablecoins allow Georgian users to access global markets without navigating the complexities of international financial transactions.
- Simplified Transactions: Thanks to stablecoins, Georgian users can easily and efficiently conduct international transactions without complex currency exchange procedures.
- Protection Against Currency Fluctuations: Since stablecoins are pegged to fiat currencies, Georgian users can avoid the risks associated with currency fluctuations and financial losses.
- Development of VASP infrastructure: Integrating stablecoins into Georgia’s local market can contribute to the development of the virtual asset service provider (VASP) infrastructure, enhancing the growth of VASP services.
- Reliability and Transparency: Stablecoins offer high reliability and transparency, complying with Anti-Money Laundering (AML) measures, which foster trust among market participants and ensures the legality of financial transactions.
For what purpose can you use WhiteBIT Stablecoins on WhiteBIT Georgia?
- Deposits: After depositing stablecoins on WhiteBIT Georgia using PayUnicard provider, the deposited amount will be immediately converted into WhiteBIT Georgia stablecoins. This conversion allows users to engage in the cryptocurrency market with familiar accounting units while benefiting from the stability of fiat currencies.
- Trading Pairs: These stablecoins will be used in various trading pairs. For instance, users wanting to buy assets in GEL can utilize the WBGEL-backed currency.
- Deposit Fee: The fiat deposit fee, converted in WhiteBIT stablecoins via PayUnicard, is just 0.2%. This low fee makes it cos-effective for users to start their cryptocurrency journey.
- Withdrawals: For fiat withdrawals, users convert stablecoins to fiat and deposit them into their bank card. Notably, there is no fiat withdrawal fee when using PayUnicard — the fee is 0%
- WhiteBIT Card Users: WhiteBIT card users should follow the same process for deposits and withdrawals, ensuring a seamless and efficient experience.
Support
In case of any questions related to the functionality of our exchange, you can:
- Leave a request on our website;
- Write to the support email: support@whitebit.ge;
- Write to the chat using the button
in the lower right corner of the screen (in the upper right corner of the WhiteBIT Georgia app, click
).