Can anyone direct me or tell me the steps one would go to create a asset backed stable coin? We know about crypto very well but when it comes to the creation of a stable coin, we are a bit lost.
Do you create the tokens then send it to a smart contract? How does that part work?
Any help would be greatly apprenticed
You must have owned reserve funds that will be used to back your stable coin. If you are wanna using formula and it will not work. You create a token from the smartcontract based on how much amount in your reserve funds. As long as you have made your total supply of token will be the same as your reserved funds to backed the coin and that means your coin will be a stable coin.
It does not about to create a new coin and then you are doing nothing after that. People will be interested to use your stable coin if your coin was backed by real asset or stable currency like fiat.
if you can't bring reserve funds to backed your asset and that will be useless and your coin will be another garbage asset with zero value.
The key is about the transparency of your reserved funds to backed your coin.