April 23, 2024

Former Fed candidate to issue stable coin

Former Fed candidate to issue stable coin

Senior Republican Stephen Moore, "concerned about the government's monopoly on currency,"launches new cryptocurrency coin to compete with central banks.

Economist Stephen Moore, previously unsuccessfully nominatedUS President Donald Trump, as a candidate for the position of head of the Fed, officially announced the launch of his new stable coin “Frax”.

Moore notes the coincidence of his libertarian views with the concept of cryptocurrency, which, in his opinion, is a viable alternative to state-controlled money.

Currency Frax is designed to eliminateneed for a central bank. Specialized algorithms will be responsible for the distribution of the asset, borrowing its reserves and collecting interest to maintain the stability of the Frax exchange rate. Loans will be recorded on the blockchain and effectively maintain the register of credit operations, which will virtually abandon the use of the central bank.