In an interview with financial news channel Cheddar on March 15, Lund remarked about the development. More details about the project are set to be announced in the upcoming weeks, as of now Lund elaborated that “market demand” has inspired and pushed IBM to develop a stablecoin solution for financial institutions.
Read more:IBM’s VP of Blockchain, Jesse Lund Bullishly Claims That Bitcoin Will Hit $1 Million
About the stable coin
IBM’s solution compares to JPMorgan Chase’s JPM Coin stablecoin, he noted that IBM’s solution would be “somewhere in between” JPM’s exclusive, closed network asset. He elaborated:
“It’s not a proprietary coin like JPMorgan’s solution, although I think what they’re doing makes a lot of sense for them. […] What JPM’s doing also adds tremendous validation to what we’re 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.”
Along with BWW, that aims to leverage cryptocurrencies in order to avail near real-time international settlements between banks, the firm also collaborated with Stronghold, a Stellar-based asset, to create the Stellar network’s first stablecoin.
Read more:AXA XL, The Insurance Giant Introduces Insurance Service for Security Token and Crowdfunding