A Japanese company have recently launched an ERC-20 compliant stable coin that is pegged to the US Dollar named USDDex. The Chief marketing officer of USDDex, Ayako Nakamura explained, “ USDDex introduces the breakthrough technology and the possibility to develop an independent, transparent and potentially more stable monetary policy than ever before.“
Tech-giant IBM shared its plan to issue their own stable coin, by the head of the cryptocurrency and blockchain direction at IBM Jesse Lund. The head of the blockchain division of IBM has commented that the plan to established a stable coin solution for banks is one of the plan to cater to the increasing demand from the emerging industry of cryptocurrency.
PlasmaChain (one of sidechains of the Loom Network) is all set to integrated to stable coin in the market like USD Coin , EURS, and with other the top 100 ERC20 tokens. The co-founder said, “Enabling Lightning-Fast Stablecoin Payments with near-instant settlement stablecoins by themselves are great.”
In a total of five new stable coins have been added to the Gibraltar Blockchain Exchange (GBX). The Managing Director and the Founder of the Gibraltar Stock Exchange, Nick Cowan then explained, “Stablecoins provide an attractive proposition to market participants who want to harness blockchain technology to transact in familiar, more accessible currencies and assets.”
The association of blockchain companies which includes Brave, Cred, Bitgo, and Bitrex International will be launching a new stablecoin named Universal Protocol Alliance’s Universal Dollar (UPUSD). The president of Cred, Dan Schat explained, “Today, Uphold and Cred service hundreds of thousands of users in developing and high-inflation countries.”
TrustToken, a blockchain company and Armanino, a accounting firm signed a partnership deal to allow traders to conduct instant audits of its stablecoin TrueUSD. Rafael Cosman, co-founder of TrustToken, said “This sets a new standard not only for stablecoins, but for all tokenized assets in the future, with real-time confirmation of funds provided by one of the world’s leading accounting firms.”
A company based in South Korea, Kakao Ventures have recently invested an undisclosed sum in a stablecoin project, Terra. The co-founder of Terra, Daniel Shin said, “…From instant messaging to online financial services, Kakao’s technology has transformed various elements of our daily routines. Through these strategic investments, we can leverage its expertise into building mainstream products.”
The Japanese financial institutions, Mizuho Financial Group will be launching its own stablecoin soon that is coming 1st of March for payment and remittance purposes. Nikkei Asian Review then reported, “J-coin” Is the new currency which is being launched or introduced in the industry of digital currency and will be directly linked to the existing bank accounts with digital wallets.”
Gemini, the USA-based crypto exchange have closed two over-the-counter(OTC) trading desks abruptly closed without explanation over attempts to redeem GUSD, the company’s stablecoin. A trader told CoinDesk that “So many players are unable to redeem, even very, very big OTC desks. Having an account doesn’t guarantee redeemability.” This shows how aggressive measures to boost can turnout.
Phillip Potter, co-founder of Tether (USDT) who also previously held position of Chief Strategy Officer of affiliate crypto exchange Bitfinex, has joined the advisory board of a new stablecoin clearing house project, Stablehouse.io. The clearing house will charge investors a fixed fee in exchange for acting as a centralized entity that facilitates the exchange and transactions of stablecoins.