IBM Backs the Development of New Stablecoin, Stronghold USD

It looks like a new option for Tether (USDT) pops up at least once every week recently. And the latest stablecoin to reach the marketplace involves an intriguing supporter, computer engineering giant IBM. Stronghold USD is said to be backed one off by fiat US dollars held at the company’s partner lender, Prime Trust.

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IBM Backs the Development of Latest New Stablecoin, Stronghold USD“The digitization of real world assets with blockchain can dramatically transform many types of monetary transactions conducted around the Earth,” stated Jesse Lund, international vice president of IBM Blockchain. “New types of fiat-backed instruments, such as Stronghold’s USD token, possess the capability to enhance the backbone of international banking operations and payments, giving banks an easier approach to integrate with people blockchain networks with no any significant changes to their core banking and compliance infrastructure. ”


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Generally speaking, IBM seems poised to not let the new technology leave it behind in any field. The business announced on Tuesday that it partnered with Columbia University to launch a new centre dedicated to research, education, and innovation at the New postsecondary academic institution. The Columbia-IBM Center for Blockchain and Data Transparency is also supposed to unite cross-disciplinary teams of scientists, business people and government experts to research issues associated with the usage of electronic data with blockchain. It will focus on technology like protected multi-party computation, homomorphic encryption, protected hardware, and fraud reduction.
IBM Backs the Development of Latest New Stablecoin, Stronghold USDStronghold, a trading system constructed on Feb which recently raised $3.3 million from Freestyle Capital, has launched a new stablecoin known as ‘Stronghold USD’. The token is guaranteed to be endorsed one-fifth by fiat US dollars, with reserves held by Las Vegas-based Prime Trust – exactly the same state-chartered lender as rival stablecoin TrueUSD. The business also announced a collaboration with IBM to research uses for its token within company networks around the IBM Blockchain Platform.
Also Read: Malta-Based Company Launches New Euro Backed Stablecoin, EURS
That being said, don’t expect to be able to change more than Tether so fast by yourself. Therefore that the stablecoin isn’t readily available for retail customers yet, but it may become available sometime in the coming months.

Is your flood of fresh stablecoins great for your cryptocurrency ecosystem? Share your ideas in the comments section below.
“The process for seamlessly managing and trading assets of any form from digital to traditional currencies, needs to evolve as monetary institutions are trying to find ways to split into new asset types such as cryptocurrencies,” stated co-founder and CTO, Sean Bennett. “Asset-backed tokens can offer seamless access to all currencies, enhancing the global movement of money. We’re honored to perform with IBM to research new approaches to utilize Stronghold USD within. ”
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