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Blockchain.com might soon start a Stablecoin project

Pooja
Pooja

Famed wallet provider – Blockchain.com is planning to launch a Stablecoin project by the end of 2019, the name of which is till unknown.

The CEO of Blockchain, Peter Smith claims that this ‘move will shift the market by changing the way financial services are given to people.’  Smith further stressed on the point that there is high competition within the framework of the stablecoins, and this will eventually stimulate market activity. The company is also moving in the same direction.

We are not here alone to facilitate the investment in bitcoin. We are here to build a better way to provide financial services to people … We have gone deep into the fundamental issues. It’s all about stablecoins.

Also, for a company with 100 million transactions investing in stablecoin could be more profitable as it will play the role of an investment vehicle beyond being simply a tool for making transactions.

Commenting on stable assets from consumer point of view, he further quoted that this project would help his clients hold such assets independently of banks, while also driving up usage.

For us, stablecoins give us the power of giving everyone a US dollar checking account.[..] There’s no challenger bank with 30 million bank accounts. At the same time as we do that, we’ll be doing it in a way that allows them to still control their funds, to still be financially sovereign individuals.

However, Smith did not provide any specific details about the partnership that his company plans, but it appears that there were few investments already been done in stablecoin projects that have not been disclosed so far. It stood out as the main stablecoins to Tether (USDT) and Paxos (PAX), the latter being the one with the highest volume of operations and with the highest liquidity.

Will the stablecoin really shift the way crypto and financial world functions? What do you think about it? Share your thoughts in the comment section below.

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Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc