Today startup Stronghold announced a USD Anchor token on the Stellar Network. The Stronghold USD is asset-backed with reserves held by a regulated state-chartered trust company.
One of the aims of tokens and cryptocurrencies is decentralization and reducing the need for trust. However, with a stablecoin there’s a trust company which is acting as custodian. And in this case, that trust company is only two years old.
At the same time Stronghold announced a collaboration with IBM. The tech giant plans to explore using the StrongHold USD to help organizations achieve faster, safer and more efficient transaction processing and money transfer.
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