Six international banks, according to information published by Cheddar's financial news channel, had signed a memorandum stating that they would issue stablecoin that would be covered by their national names. This stablecoin should work on the World Wire payment network from the fintech giant IBM.
IBM Blockchain World Wire (labeled BWW) has also been working since September 2018 thanks to its collaboration with the Stellar cryptocurrency project (XLM). BWW is reportedly already using 44 banks in order to use cryptocurrencies for real-time international transactions. So, something similar to the rival Ripple (XRP).
Cheddar reports that 6 banks have already confirmed their interest in issuing stablecoin to BWW, which would be covered by their currency. This includes Brazilian bank Banco Bradesco, South Korean bank Busan or Rizal Commercial.
The other 3 banks were not named because they did not want it. However, they should issue a stablecoin on BWW that would be covered by the euro and the Indonesian rupiah (IDR).
IBM chief for blockchain technology Jesse Lund is excited about the banks. "We have allowed the market to expand and we are really excited to be on the right track to build something new and revolutionary, something that really changes the way international payments are made," he said.
According to the Cheddar BWW slice, it currently supports 47 different fake currencies across 72 countries. “Our view of stalbecoins is that they should be more widely available worldwide. World Wire strives to do just that - it wants to ensure the substitutability of digital assets in financial institutions. "
The success of BWW undoubtedly has a positive impact on the Stellar Lumens (XLM) cryptocenter, whose technology plays a vital role throughout the project. Stellar only strengthened against the dollar by almost 6% on the last day. The weekly view is in the pluse by 14%. Of course, Coinbase Pro listing also contributed to this.
My steemit: https://steemit.com/@istrednepohronie
My steemit for travel: https://steemit.com/@cryptowithlubos
