Decentralized Stablecoins: A Conversation With Roxe’s Haohan Xu
Decentralized Stablecoins: A Conversation With Roxe’s Haohan Xu
The following is an interview we recently had with Haohan Xu, CEO of Roxe.
What's your background? How did you get involved in crypto/blockchain?
HX: I was an early adopter of current crypto trading platforms. I spent a large amount of time arbitrating across exchanges and discovered many things that put me to action. One of the many things that inspired me to start Roxe is how efficiently cryptocurrency is able to clear and settle on blockchain compared to fiat currency in the traditional banking system.
What value does your company bring to users?
HX: Roxe is a next-generation, global payment network. Roxe uses blockchain technology to unify fragmented global payment systems so that payment and remittance companies, digital asset exchanges, stablecoin issuers, banks, and consumers can make the fastest, least expensive, and most reliable payments anywhere in the world.
Roxe removes barriers of time, geography, and currency so that financial value moves with unprecedented speed across the globe. The company’s smart payment technology automatically uses the best route for the lowest-cost payments. Powered by Roxe Chain, a hybrid blockchain purpose-built for payments and other value transfer applications, Roxe also empowers its partners to offer their end customers ultra-fast remittance and payments products. Roxe is designed to be the fundamental component of the global payments industry and is compatible with any traditional and digital financial system.
Where do you see your company five years from now?
HX: Roxe will be able to be recognized as a payment network that connects at least 30% of the global central banks, commercial banks, and cross-border remittance and payment companies. Currently SWIFT processes 15 million transactions every day. We hope Roxe can have at least 2.5 million transactions per day five years from now.
What are the most common misconceptions you hear about decentralized stablecoins?
HX: One of the most common misconceptions is that all stablecoins are collateralized by fiat currency or some sort of stable asset. There are three types of stablecoins so far. The first type is a fiat collateralized stablecoin, from which most people get this misconception. The second type is an asset collateralized stablecoin, which is sometimes partially collateralized by a fiat currency and partially collateralized by other assets like cryptocurrency.
The third type is an algorithmic stablecoin, which is not collateralized by anything. These stablecoin systems aim to build a decentralized central bank. They simply employ a central bank protocol to inflate and deflate the total supply to ensure the nominal value of the stablecoin stays the same.
What's next for decentralized stablecoins in 2021?
HX: Decentralized stablecoins will have an increased market cap in 2021 following a great year in the market and the fast-growing DeFi space. Decentralized stablecoins can also be a potential catalyst for the entire crypto market given their stability and settlement efficiency compared with fiat currency.
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