Secure.com, a fintech firm co-founded by ex-Consensys worker Jack Jia, is launching a brand new 1:1-backed stablecoin designed “with software program in thoughts.” USD3 stablecoin is deliberate to launch on Ethereum, Polygon, Avalanche and Linea.
USD3 goals to supply builders and enterprises an interoperable transaction methodology and simplified decentralized software (DApp) integration.
Talking to Cointelegraph, co-CEO Jia detailed the measures Secure.com makes use of to make sure the protection and reliability of USD3:
“Secure.com is a US regulated monetary establishment with an in depth compliance program developed by trade veterans. USD3 will at all times be backed 1:1 in USD or money equal and can be usually audited internally and externally to make sure transparency and compliance.”
On the topic: Nomura Holdings, GMO Group type stablecoin analysis partnership in Japan
Working alongside Unlimit’s former head of stablecoins, co-CEO Jamal Rees, Jia talked concerning the potential dangers and challenges of launching a stablecoin within the present market atmosphere:
“Whereas the present international regulatory atmosphere is slowly bettering, there may be nonetheless an absence of readability on how stablecoins and different cryptocurrencies can be regulated. A robust and clear regulatory framework can be crucial to the long-term success of stablecoins.”
This assertion is evidenced by a current concern expressed by Agora CEO Nick van Eck. He warned that income-producing stablecoins are extra liable to being labeled as securities as a result of they “aren’t cash or stablecoins.”
In the identical vein, Cointelegraph requested Jia how the brand new USD3 stablecoin will resolve widespread issues confronted by different stablecoin initiatives.
“Secure.com may have entry to a dependable monetary infrastructure, which implies that customers from everywhere in the world will be capable of log in rapidly and effectively and purchase or promote USD3 with cost strategies from everywhere in the world with very low charges.”
This stablecoin growth follows a current discuss by Farcaster co-founder Dan Romero a few “stablecoin cost app” for freelancers working within the US.
Romero proposed an answer for 1099 freelancers, staff who’re topic to IRS 1099 kinds, after Venmo determined to lift its transaction payment price.
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