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Trend of Stable-Coin Series: IBM to Streamline Banks for Overseas Payment Network
We have already stated in our post that IBM has time and again laid emphasis on the facts of cryptocurrency prospects and has promoted the integration of Blockchain based system with the conventional business environments, such as banking, trade finance, supply chain management system etc.
IBM processed overseas payments on the Stellar network deploying Stronghold USD which has been a stable coin pegged to the U.S. dollar.
They have now been eyeing on the crypto custody services. The blockchain-friendly IBM has noiselessly entered into the cryptocurrency custody space with Shuttle Holdings, a New York-headquartered investment group.
IBM’s launch of Stellar-driven overseas payments network teamed-up with six banks who intended to issue stablecoins.
Quite a few multi-national banks have shown interest to issue fiat currency-pegged stablecoins on IBM’s World Wire, a cross-border payments network using Stellar blockchain.
The technology based on Stellar blockchain, to encompass 47 currencies, 44 banks, and 72 nations.
IBM Blockchain World Wire may be adopted by the Bank Busan of South Korea, Philippines-based RCBC and Brazil’s Banco Bradesco who may issue digital euro.
Earlier, Jesse Lund, the vice president of IBM blockchain stated to Bloomberg that Bank of Busan and RCBC are expected to unveil a stablcoin by Q2’2019.
Profoundly, stable coins in the beginning stage was a product that was quickly developed to answer the demand for digital asset trading, as well as to solve the controversies surrounding fiat trading regulations. We could foresee the prospects of stable coins, when all countries could be clear and liberal in their regulations, with that said, IBM likely to render alternative and efficient settlement methods.
While Blockchain technology has been a buzz world of-late, when it comes to this trendy topic then the most appealing aspect is the probable end-to-end solutions that strike a chord in various business domains to get rid of bottlenecks that’s quite prevailing in the current ecosystem.
Currency Strength Index: FxWirePro's hourly BTC is flashing at 137 (bullish), hourly USD spot index is sliding down at -62 levels (which is bearish), while articulating (at 06:48 GMT).
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