In the past week, the WonderFi Technologies Inc (OTCMKTS:WONDF) stock has been in the middle of a steady selloff and during the course of that period, it has tanked by as much as 10%. Such a decline can also be an opportunity for investors and hence, it could be a good idea to take closer look at the announcement made by the company yesterday.
Yesterday, the company announced that with regards to the strategy related to treasure management it would be using stablecoins that are backed up by the United States dollar.
It was a major announcement from the company and it could be worthwhile for investors to consider why the move could be a positive one for WonderFi. The main advantage of stablecoins lies in the fact that unlike other cryptocurrencies it is incredibly price stable by virtue of being backed up by fiat currencies.
Hence, it provides a range of advantages to any entity which might be looking to streamline its cash management efforts. In addition to that, those stablecoins will also help in getting in and out of cryptocurrency investments quickly. Investors could now consider keeping an eye on the WonderFi stock through the rest of the week.