Tether better watch out for itself because very soon the market is going to witness new stablecoins issued on the IBM Blockchain. With the launch of IBM’s now-live blockchain-powered payments network, “World Wire,” an exciting announcement has been made by the company.
During the keynote speech at Money 2020 Asia in Singapore, IBM jointly announced with Stellar, that six global banks would issue their own stablecoins on the IBM blockchain, which will be backed by their national currencies.
These six banks have made it public that they intend to launch their own national fiat currency backed stablecoins, on the IBM blockchain. So far only 3 of the banks can be publicly announced. They are Philippines-based RCBC, Brazil’s Banco Bradesco, and Bank Busan of South Korea – the rest, will supposedly offer digital versions of Euros and Indonesian rupiah, “pending regulatory approvals and other reviews,” IBM said.
Blockchain World Wire (BWW) which is IBM’s cross border payments network, was launched in collaboration with Stellar (XLM) in September 2018. The system went live today and already has over 44 banks on service. aims to leverage cryptocurrencies to enable near real-time international settlements between banks.
Jesse Lund, IBM’s head of blockchain for financial services, has stated that IBM plans to expand their network in the near future. He said:
“We let the market drive the expansion and selection of the network incrementally. We are really feeling excited that we are on a roll to build something new and revolutionary that’s really going to change the landscape of cross-border payments.”
All these banks have come on board and have signed letters of intent to launch their own cryptos. These banks will benefit from the World Wire platform which has payment locations in 72 countries, with 48 currencies and 46 “banking endpoints” (which include banks and money transmitters) where people can send or receive cash.
Lund also added:
“We are starting with markets that are outside of the U.S., but it won’t be long before we add U.S. as an operating endpoint. It will be sometime this year; we will get to it, third quarter, fourth quarter something like that. “