Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
IBMâs Jesse Lund, has hinted that bank-targeted stablecoins will be a major forthcoming development for IBMâs blockchain-powered cross-border payments solution.
The head of blockchain solutions for IBM, Jesse Lund, has hinted that bank-targeted stablecoins will be a major forthcoming development for the tech giantâs blockchain-powered cross-border payments solution. Lund made his remarks during an interview on financial news channel Cheddar on March 15.
While more details are set to be imminently announced next week, Lund told Cheddar that âmarket demandâ is driving IBM to develop a stablecoin solution for financial institutions.
âMore than a few banks around the world [...] see tremendous business benefit to issue stablecoins in their native fiat currency,â he said.
When asked how IBMâs solution compares to JPMorgan Chaseâs forthcoming in-house, USD-backed âJPM Coinâ stablecoin, Lund hinted that IBMâs solution would be âsomewhere in betweenâ JPMâs exclusive, closed network asset. He stated:
âItâs not a proprietary coin like JPMorganâs solution, although I think what theyâre doing makes a lot of sense for them. [...] What JPMâs doing also adds tremendous validation to what weâre doing. But our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.â
âWorld Wireâ refers to IBMâs collaboration with Stellar (XLM) and use of the networkâs native asset in IBMâs cross-border payment network, Blockchain World Wire (BWW).
Alongside BWW, which aims to leverage cryptocurrencies to enable near real time international settlements between banks, IBM has also partnered with Stronghold, a Stellar-based asset, to create the Stellar networkâs first stablecoin.
As Cointelegraph reported in February, Lund recently hinted at IBMâs interest in stablecoins as a vital aspect of innovating the cross-border payments landscape. Proposing that there should be an ecosystem of various digital assets that work as settlement instruments for cross-border payments, he suggested:
âIt could be [...] XRP [...] it could be Bitcoin, but it would also probably include other instruments, like stablecoins, and even eventually soon â hopefully â central bank-issued digital currencies.â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.