IBM throws support behind cryptocurrency linked to US dollar | City A.M.
IBM has launched a new cryptocurrency linked to the US dollar in partnership with financial services provider Stronghold.
The companies said the ‘stable coin’ called Stronghold USD, which launched on the stellar blockchain platform today, would add stability to the highly volatile cryptocurrency market.
Major cryptocurrency Bitcoin has plummeted 55 per cent in 2018 after enjoying a massive 1,300 per cent price boost the year before.
Stable coins are cryptocurrencies pegged on to solid assets such as gold or major currencies like the euro, dollar and pound. They’re intended for use by finance businesses, but the tokens could be made available for retail use in the future.
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The launch coincides with IBM establishing a new centre to develop innovative ideas around blockchain and data transparency.