Head of Blockchain solutions for IBM: bank-targeted stablecoins will be a major forthcoming development for the tech giant’s Blockchain cross-border payments solution

The head of blockchain solutions for IBM, Jesse Lund, has hinted that bank-targeted stablecoins will be a major forthcoming development for the tech giant’s blockchain-powered cross-border payments solution. Lund made his remarks during an interview on financial news channel Cheddar on March 15.

While more details are set to be imminently announced next week, Lund told Cheddar that “market demand” is driving IBM to develop a stablecoin solution for financial institutions.

“More than a few banks around the world […] see tremendous business benefit to issue stablecoins in their native fiat currency,” he said.

When asked how IBM’s solution compares to JPMorgan Chase’s forthcoming in-house, USD-backed “JPM Coinstablecoin, Lund hinted that IBM’s solution would be “somewhere in between” JPM’s exclusive, closed network asset. He stated:

“It’s not a proprietary coin like JPMorgan’s solution, although I think what they’re doing makes a lot of sense for them. […] What JPM’s doing also adds tremendous validation to what we’re doing. But our view for stablecoins is really that they should be more broadly accessible and what World Wire seeks to do is to provide fungibility of digital assets across financial institutions.”

“World Wire” refers to IBM’s collaboration with Stellar (XLM) and use of the network’s native asset in IBM’s cross-border payment networkBlockchain World Wire (BWW).

Alongside BWW, which aims to leverage cryptocurrencies to enable near real time international settlements between banks, IBM has also partnered with Stronghold, a Stellar-based asset, to create the Stellar network’s first stablecoin.

Also read: U.S. crypto exchange Bittrex has cancelled its first token sale, dubbed an Initial Exchange Offering

Source: https://cointelegraph.com/news/ibm-hints-at-stablecoin-cross-border-payments-solution-for-financial-institutions