IBM Backs Dollar Pegged Stablecoin on Stellar Network

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The San Francisco-based financial institution, Stronghold, has been developing a trade-in payment ecosystem which is launched an asset backed token on the stellar network. Buyers will be able to deposit US dollars into the Stronghold partnering bank (Prime Trust), which will then enable Stronghold to issue a one-to-one ratio of tokens to USD according to this report by Reuters.

The company also announced a partnership with IBM Blockchain in order to identify uses for blockchain within their business network. The goal of the partnership is to test various ways that financial institutions as well as other companies, can achieve more efficient, faster, and safer transactions. Stronghold plans to use the Stellar protocol for their transactions as well as provide witty through their crypto exchange services.

The USD backed token, which will hold its reserves and estate charter trust, will provide liquidity for global foreign exchange settlements. In addition to this, the allow banks to provide credit to transactional networks and trading ecosystems.

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These tokens offer the benefits of cryptocurrency a while reducing the inherent price volatility with stable monetary policy. Strongholds cofounder and CTO, Sean Bennett, stated “asset backed tokens provide seamless access to all currencies, thus improving the global transfer of money”.

Supporting Institutional Investors

Stronghold’s network will allow institutional investors to exchange US currency for Stellar Lumens as well as any other cryptocurrency or token on the stellar network, as noted by Tammy Camp, co-founder of the company.

According to Camp, this partnership delivers major implications to the blockchain industry as previous access to the Stellar protocol have impeded adoption. “In the past, traders have exchanged USD for Bitcoin and Ethereum with exchanges like Coinbase”. However, the trade-off for these partnerships have always resulted in longer wait times and increased transaction fees”, states Camp.

Those seeking to invest in Stellar have had to initially purchase Bitcoin or Ethereum and convert it to the XLM token, which requires numerous wallets, transactions, and wait times in order to access their network. Now that the platform can support USD, traders can now exchange XLMs without first transferring over to BTC or ETH.  

Stellars’s protocol is very helpful with cross-border transactions as it provides the best choice for quick and low-cost transfer of funds. Other users besides traders and investors will also have direct access to XLM cryptocurrency, allowing them to take full advantage of the platform.

Open Enrollment for Institutions

Stronghold recently opened enrollment to institutions for private beta. Tokens are not currently available to retail customers at the moment; however this will most likely change in the next few months. Retail customers can open a Stronghold account and provide KYC (know your customer information) if they’d like to receive updates on the service as it becomes available.

 

 

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