Head of IBM Blockchain: Market demand drives IBM to develop services for financial institutions

According to reports, Jesse Lund, head of IBM’s blockchain solutions, hinted that stablecoins for banks will become a major development in IBM’s blockchain cross-border payment solutions.

Lund said in an interview that market demand is driving IBM to develop stablecoin solutions for financial institutions. Most banks around the world have seen huge commercial benefits in issuing stablecoins anchored to their local legal currencies. Specific details of the scheme will be announced next week.

When asked how IBM’s solution compares to JPMorgan Chase’s upcoming stablecoin JPM Coin, which is pegged to the U.S. dollar, Lund revealed that IBM’s solution differs from JPM’s private and closed features.

He said: “Our solution is different from JPMorgan’s dedicated tokens. The use of JPM provides experience as we prepare to enter the market. But we believe stablecoins should enter the market more broadly, and World Wire’s goal is to provide fungibility of digital assets among financial institutions. ”

It is understood that "World Wire" is a global payment system launched by IBM. This system is built on the Stellar consensus protocol and aims to improve the efficiency of cross-border payments and reduce costs.

In addition, IBM also cooperated with the startup Stronghold to create the first stable currency "Stronghold USD" based on the Stellar network.

Cointelegraph previously reported that Lund has recently continued to hint that IBM is interested in stablecoins and believes that stablecoins are an important aspect of innovative cross-border payments. He suggested that an ecosystem composed of various digital assets should be established as a settlement tool for cross-border payments.

Original source: https://cointelegraph.com/news/ibm-hints-at-stablecoin-cross-border-payments-solution-for-financial-institutions

Source: Moon