Dollars on the Lightning Network: a boon for emerging markets?

Dollars on the Lightning Network: a boon for emerging markets?


Dollars at the click of a button on the Lightning Network could soon become a reality. An innovation from Galoy, the provider of open source core banking platforms such as Bitcoin (BTC) Beach wallet, could provide safe haven from the volatility of BTC.

The innovation, called Stablesats, uses derivatives contracts to create a Bitcoin-backed synthetic dollar pegged to USD. The founder of Galoy, Nicolas Burtey, told Cointelegraph in an ‘explain like I’m five’ kind of way that the wallet works as so:

 “When we receive sats over Lightning, we convert it into dollars so that even if the price of Bitcoin changes, the user is not affected by the liability.”

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But why do we need dollars inside of a Lightning wallet–isn’t that what stablecoins are for? In effect, stablecoins

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