For transactions that do involve money, companies are seeking more stable cryptocurrencies, with all of the blockchain tracking benefits of crypto, minus the volatility and lost value and time in the conversion process. IBM is one company working to prove out what’s called a “stablecoin” solution, which means its value is based on the value of the U.S. dollar at any given time.
The 107-year-old legacy tech corporation has embraced blockchain, which underlies cryptocurrencies, in recent years -- using it for applications including a cross-border payments network, tracking luxury goods such as diamonds and more.
For crypto exchanges up to this point, IBM has relied on a currency called Stellar Lumens. But this week, the company announced it will begin testing Stronghold USD“to experiment with ways for financial institutions and other organizations to achieve faster, safer and more efficient transaction processing and money transfer throughout the world’s economy,” according to a press release.
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