Anchor is the first stablecoin on the Coinbase platform. It is a digital currency that is pegged to the US dollar and designed to be a more stable alternative to other cryptocurrencies. Anchor is backed by a reserve of US dollars and uses the Ethereum blockchain to mint and manage its tokens.
Since it is pegged to the dollar, Anchor’s value will always remain relatively stable compared to other cryptocurrencies. The Anchor team is based in San Francisco and is led by experienced financial and technology professionals.
Anchor could potentially become the go-to stablecoin for Coinbase users and provide a much needed stability for the volatile cryptocurrency market. If successful, Anchor could help bring cryptocurrencies into the mainstream and pave the way for mass adoption.