July 4, 2022

Wells Fargo Bank creates cryptocurrency pegged to US dollar

Wells Fargo Bank creates cryptocurrency pegged to US dollar

U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. About this company reported in a 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 companyexplain the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction - all this cryptocurrency can leave in the past.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 is far from the first bank tointends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive 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.