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The Saga (SGA) stablecoin has finally been launched and is currently listed on the cryptocurrency exchange Liquid. SGA will be pegged to a basket of currencies, mirroring the International Monetary Fund's SDR, a press release announced on Tuesday, Dec. 10.
However, Saga said that it’s going to slowly break away from this model once trust between clients has been established in the future. Its future independence will also depend on how much tokens are being held by customers.
As customers buy-in, more and more of these tokens will be minted, while excess tokens will be burned when holders sell them. All proceeds will be stored in a network bank, with its identity revealed in the near future, CoinDesk reported.
Holders will be subjected to strict guidelines
Initially, SGA can be traded against USD, Bitcoin, and Ethereum. But pairings will gradually expand as the stablecoin grows and proliferate across the crypto sector.
The press release also highlighted the fact that SGA holders will solely control their tokens and can participate in various voting mechanisms. Additionally, holders will be subject to deep scrutiny governed by the Know Your Customer (KYC) regulation and Anti-Money Laundering (KYC) guidelines, while maintaining privacy.
The Saga and Liquid partnership
Commenting on the partnership, Saga Founder Ido Sadeh Man said that they chose Liquid’s platform due to its reputation and experience in the crypto scene.
“After in-depth conversations with our advisors and months of carrying out our own market research, we decided that Liquid is the ideal exchange partner for Saga. Liquid is one of the largest and most reputable cryptocurrency exchanges, offering customers a secure way to trade and hold SGA. Listing SGA on Liquid is an important milestone in bringing the Saga token to market,” Man said.
Meanwhile, Libra – Facebook’s own stablecoin – is still in development and nodes are currently being placed by the association behind the project. Regulators have yet to decide how to classify Libra and Commodity Futures Trading Commissions (CFTC) chairman Heath Tarbert said they’ll be categorizing the stablecoin once it launches.
The European Union is also looking to create a regulatory framework for stablecoins and how these new currencies shall be treated. Several countries have already expressed their distaste towards Libra as it’s perceived as a massive threat towards central banks.
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