IBM has been using the Stellar network to facilitate cross-border payments since 2017, and is said to have now begun testing the new stablecoin. “IBM will explore use cases with business networks that we have developed, as a user of the token. We see this as a way of bringing financial settlement into the transactional business network that we have been building.” IBM’s Bridget van Kralingen, senior vice president of global industries, platforms and blockchain, said that the new project represented a “tremendous opportunity” to streamline the firm’s existing cross-border blockchain payments efforts.
A stablecoin, used as frictionless, digital proxy for fiat, could eliminate both variables and potentially “play a very big role in improving costs,” she said.
Van Kralingen said that stablecoin projects pegged to national fiat currencies other than the U.S. dollar would also be of value for IBM’s blockchain integration.
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