Getting ahead of the curve is in the name of the game in competition. Those who can be first to adopt a technology, a new methodology, or routine can get the leg up and best their competitors. Seeing the trend before others is critical, and the crypto PR agency must see the value in stablecoin now.
Cryptocurrency has slowly crept into the limelight, as an increasing number of consumers around the world adopt these digital coins. But concerns over volatility, shadowy utilization, and a lack of adoption institutionally has kept cryptocurrency in its infancy－perhaps for longer than anticipated. Stablecoin, however, could be the solution to the big volatility question regarding whether or not virtual assets can see wider adoption.
What is a stablecoin?
What is stablecoin exactly? Stablecoins are cryptocurrencies backed, or “pegged” as is the industry term, by underlying assets like fiat currencies (U.S. Dollar, Euro, Yuan, etc.), commodities (oil, gold, natural gas), or other cryptocurrencies. Thanks to these underlying assets, its stability is maintained. While it lacks volatility to have short-term investment appeal to crypto investing enthusiasts, it alternatively symbolizes the greater value of wider adoption, because of its stability, which is necessary to be used for daily transactions.
Since cryptocurrency is more secure, due to its use of blockchain technology, the future of retail will likely share crypto as payment options side by side with fit currency. Already there are thousands of cryptocurrencies, some of which are designed to function as an exchange of value, to execute transactions on a daily basis. More will come, too, in the near future. The pandemic has already initiated its start, due to the contactless nature of cryptocurrency transactions, unlike credit card and cash. In April 2020, it was reported that stablecoin market capitalization had risen to $9 billion, an all-time high.
This is precisely in what cryptocurrency PR and coin PR agencies are missing and must catch onto sooner rather than later. Understanding the crypto and blockchain world is a challenge, though. There are reddit-esque enthusiasts, practicablists, those who only understand it on a surface level, and those who might be intrigued by its benefits. Each has to be treated a little bit differently, like any other industry. More importantly, what are the stories or angles that need addressing with cryptocurrency PR and coin PR?
Because it has immense value as an exchange of value currency, crypto’s real challenge to become further integrated into the financial system is through the places people spend: retail. This is where the crypto PR agency should start: pushing the narrative toward the future of the world, one that is digitized and requires currency to match it. Next, the conversation should turn to security of the blockchain and the problems credit card users suffer from theft and data breaches. Combined, these are the topics that drive the cryptocurrency discussion and give legitimacy to its utilization.
What a crypto PR agency needs to know…
There are a number of creative avenues for a crypto PR agency to explore to sell the story of stablecoin to the media. It’s important to always keep the consumer and retailer in mind when executing a stablecoin campaign. Most important of all, it’s most critical to get on the ferry before it leaves. There’s a lot to be left on the table for now, and cryptocurrency and coin PR agencies should take notice of the future while it’s still the future.