Volatility is still a major issue for cryptocurrencies, leading fintechs to get creative in how they add stability to their crypto offerings.
New York-based Wallex is nearly set to launchEURST, a stablecoin that’s designed for markets that accept euros for payment, but the count itself is backed by the U.S. dollar. Wallex chose this approach because its founder , Simone Mazzuca, believes American currency is more readily trusted by payment companies.
“Crypto is not centralized, we have put in place a system for KYC, payment redemption and transaction monitoring,” said Mazzuca, director of Wallex Trust, adding this mix of technology will more clearly connect the smart contracts that trigger payments between the sender and recipients of those transactions. “This connection allows any consumer to see what’s happening. This is healthy for the economy.”