EconomistStephen Moore, a confidant of Donald Trump, co-founded Frax, which will releasehomonymousstablecoin to compete with central banks, Fortune reports.</p>
Its partners were Sam Cazemian, co-founder of Everipedia (a blockchain competitor to Wikipedia) and former adviser to the Reagan administration Ralph Benko.
"Central banks will soon feel competition from private currencies like Frax.The days of the currency monopoly of states are numbered.""In the future, we will be able to meet the needs of our clients," Moore
He also added that the world needs a stable global currency, given the raging hyperinflation in some countries.
"I've been studying monetary policy for 30 years, and I've always been baffled by the government's monopoly on money — it's not a healthy market.If private competitors can challenge central banks, it will beNormal Market""In the future, we will be able to meet the needs of our clients," he said, admitting that he professes libertarian views.
Frax will be pegged to the US dollar at a ratio of 1:1, however, the reserves will be used for issuing loans under the control of a number of algorithms. Moore, whom Donald Trump has nominated to the Board of Governors of the Fed, will not abandon the concept of partial reservation.
Trump himself is "not enthusiastic" about bitcoin and does not consider cryptocurrencies to be money.
Donald Trump spoke for the first time about Bitcoin and Libra
Earlier, Moore joined the Decentral cryptocurrency central bank project.