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IBM Tests Its Own Stablecoin On Stellar Platform

IBM stablecoin

IBM company which became one of pioneers in business solutions on a blockchain in the sphere of deliveries and international payments may soon introduce its own stablecoin. 

Stellar will be the platform for new cryptocurrency tests, where the company plans to begin testing the "cryptodollar". The token will be called Stronghold USD, Stronghold fintech startup will be engaged in its support. Bridget van Kralingen, IBM's senior vice president of Global Industries, Platforms and Blockchain, said:

This is an excellent opportunity to make payments on the blockbuster more usable, especially international ones ... These are just digital dollars - a digital currency.

New stablecoin will help reduce commissions and significantly save on exchange rates when making international payments in cryptocurrency. According to van Kralingen, the company is interested in the potential use cases of similar digital versions of other currencies. Central banks are already showing interest in using digital versions of public money. He also noted that Stellar's blockchain will allow the stablecoin to process hundreds of transactions per second, which is much more than the same bitcoin.

On Tuesday, July 17, IBM also announced a partnership with Columbia University on activization of startups work on blockchain. For this purpose, Columbia-IBM Center for Blockchain and Data Transparency was created at the university.

Stablecoin became one of the most noticeable tendencies in the cryptoforeign exchange market this year. Stable coins Circle, TrustToken and Statis already work on their stablecoins.