by Rushali 
Let’s talk about stable coins. As you may have noticed that there are cryptocurrencies that are much less volatile when compared to others, let’s take the example of Tether or better known as USDT. Ever noticed its value doesn’t change drastically over time like when the markets tank on a weekend or a major selloff but, the tether doesn’t go down or up in a relative manner..why?
Aren’t those considered cryptocurrencies, if not then why are they listed on exchanges?
Some exchanges also let you buy cryptos pairing with those cryptos like for example TRX/USDT, which’s a pair of Tron and tether.
Well, because these are “Stable coins” now you may ask what are stable coins?
It’s pretty self-explanatory, the cryptocurrencies that are stable and are not unstable can be considered under stable coins. That’s not what you were looking for, right?
Okay, allow me to explain, Stable coins are the cryptocurrencies whose value is tied to any external asset to protect their volatility and to make them relatively stable when compared to other extremely volatile cryptocurrencies. The external assets can be a fiat currency or gold or anything in that manner. Some kind of collateral needs to be reserved in a bank to derive the value of that particular stable coin. These collaterals can be fiat currency, precious metals or cryptocurrencies too.
The most interesting fact is that in some cases to keep the price at its place cryptocurrencies are automatically created or burned if needed to keep the demand and supply chain altogether.
Although we don’t have any connection between today’s crypto influencer and stable coins, I just thought of sharing some interesting knowledge with the readers. Hoping, now you know “Why your tether investments are not doubling?”
Anyway, today we have Song Chi-Hyung, the famous South Korean crypto millionaire and founder of Upbit, the biggest crypto exchange in South Korea.
Let’s dig a bit deeper and try to know about Hyung in a much more detailed manner and also we will discuss the net worth as a part of the drill, some huge numbers are waiting from the South Korean giant.
Introduction
Song Chi-Hyung is the youngest crypto millionaire from South Korea to be featured in Forbes top cryptocurrencies richest list and is the only one coming from that part of the world.
He completed his education as bachelors in the field of computer science from the Seoul National University, He had plans for his further MBA but, dropped his plans because in the 1990s Korea was getting its biggest Internet infrastructure upgrade and Hyung took this opportunity and was offered a job in a reputed IT firm.
In 2012, Song laid the foundation for Dunamo, and is now serving as the CEO. It started as a news aggregator and a developer of the “Newsmate” application which used to provide newspaper and magazine softcopies in the whole of South Korea but, soon it shifted its focus towards financial tech and Blockchain technology.
In 2017, Song founded “Upbit” which was the largest cryptocurrency exchange of South Korea of that time, the company partnered with Bittrex which is a US-based cryptocurrency exchange and started exchanging in more than 120 tokens from different markets, which made the company into top three in less than three months also securing funding from “Kakao” and also led to the creation of Kakao stock which is mobile stock trading application.
The data recorded says it has more than a 200million users worldwide and the Upbit trading exchange records a daily average of 4.7 billion users with hitting 11 billion at the peak.
Song Chi-Hyung Net Worth
It is good to know that this crypto space supports entrepreneurs from all over the world and the revolution is happening in every part of the world except a few countries, hoping they will catch up soon.
So, the net worth of Mr Song is assumed to be 300 to 500 million US dollars and is a world-known speaker on blockchain topics also, he has been featured in prestigious lists of different magazines.
