March 4, 2024

Wells Fargo Bank creates cryptocurrency pegged to US dollar

Wells Fargo Bank creates cryptocurrency pegged to US dollar

US financial giant Wells Fargo is working on creating a cryptocurrency pegged to the dollar. About this companysaid in her press release.

According to the company, the future stablecoinwill be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the companyexplained by the need to reduce the costs of payments between different countries, as well as speeding up this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, several days per transaction — Cryptocurrency can leave all this in the past.

Wells Fargo assures their stablecoinIt will provide almost instant payments, and the process of their implementation will become much easier. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo — far from being the first bankwhich intends to launch its own cryptocurrency, but it is not only one of the largest banks in the world and in the United States, but also one of the most valuable companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems they will have nothing to do in this market.