IBM Backs New US Dollar-Pegged Stablecoin That Runs on Stellar Network

Cointelegraph

Published Jul 17, 2018 11:20AM ET

Updated Jul 17, 2018 11:42AM ET

IBM Backs New US Dollar-Pegged Stablecoin That Runs on Stellar Network

A new project for a U.S. dollar-pegged stablecoin that runs on the Stellar blockchain network has received backing from IBM (NYSE:IBM), Reuters reports July 17.

The new asset is dubbed ‘Stronghold USD’ after its creator, fintech startup Stronghold. The token launched today, and is reportedly issued using a 1:1 price ratio with the U.S. dollar. It is the first ever stable-value crypto project to use the Stellar network, as Fortune notes.

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