Stable.com, a fintech company co-founded by Jack Jia, a former employee of Consensys, is preparing to launch a new stablecoin called USD3. This stablecoin has been developed with a focus on a programmatic layer, and it is set to be available on Ethereum, Polygon, Avalanche, and Linea.
The primary objective of USD3 is to provide developers and businesses with an interoperable method of transacting and simplified integration with decentralized applications (DApps).
In a conversation with Cointelegraph, co-CEO Jia discussed the security measures that Stable.com is implementing to ensure the trustworthiness and security of USD3.
Jia, along with co-CEO Jamal Rees, who previously served as the Head of Stablecoins at Unlimit, also discussed the potential risks and challenges involved in launching a stablecoin in the current market conditions. This concern was further highlighted by Agora CEO Nick van Eck, who cautioned that yield-bearing stablecoins are at a higher risk of being classified as securities due to the fact that they are not considered as money or stablecoins.
Additionally, Cointelegraph inquired about how the new USD3 stablecoin plans to tackle the common issues faced by other stablecoin projects.
This development in the stablecoin space comes after Dan Romero, co-founder of Farcaster, advocated for a stablecoin payments app for freelance workers based in the United States. Romero proposed this solution in response to Venmo’s decision to increase their transaction fee rate, which impacted freelance workers subject to the U.S. Internal Revenue Service Form 1099.
Magazine:
Web3 Gamer: Devs quit after Torque Drift 2 adds crypto, encountering a major issue with MetaFighter