Stronghold, a blockchain based financial services provider that also serves as a trading platform and OTC Brokerage issued the first Stable Coin backed by the US dollar on the stellar Blockchain platform. Tammy Camp CEO of Stronghold was present at IBMThink in one of the panel sessions Crypto Assets: How are They Being Used to Make Payments on Blockchain?
UNLOCK spoke with Tammy during the event to understand more about Stable coin benefits and their role in the MENA region. As she states, “Our vision is to create a digital wallet in every person’s pocket as today there are people that are over served in the financial sector and some that are under served. We want to level the playing field.
As such Stronghold which is native to distributed to ledger technologies, wants to make everything more efficient just as digital music did within the music industry but this will be done in the financial services sector.
Stronghold has recently launched the first hybrid trading platform with a regulatory framework and decentralized settlement. Stronghold is working closely with IBM on the stronghold stable coin backed USD and IBM has incorporate Stronghold stable coin in its “WorldWire” Project.
Camp explains, “What sets apart Stronghold stable coin from others is that it is actually safer than cash. Users can put conditions on it and pre-authorize transactions. Users can also KYC (Know your Customer) for every holder and this is very attractive to institutions who want to be compliant and are regulated. You can audit the asset 24/7 because it is an open ledger making the stable coin very attractive to financial institutions.”
Tammy believes that usage of stable coins will start in markets that are under served, smaller countries. As she states, “I see about 10 smaller countries issuing stable coins through Central Banks in the next few years. We will see pilots of these in the coming year.”
When asked about the MENA region, Tammy stated, “We are working with organizations in the MENA region specifically in the GCC (Gulf Corporation Council). We are working with entities that want to use stable coins for financial transactions.” She adds, “We hopefully will see you soon in the GCC as stable coins are launched.”