Jack Jia, a former ConsenSys employee and co-CEO of Stable.com, has launched a new stablecoin called USD3. This “payments-first” stablecoin aims to be a readily spendable digital dollar for global users.
USD3 is pegged 1:1 to the US dollar or its cash equivalent, offering stability for developers and businesses. It boasts a “programmatic layer” designed to simplify the integration of USD3 into decentralized applications (dApps), potentially streamlining Web3 transactions.
USD3 will be available on multiple blockchains, including Ethereum, Polygon, Avalanche, and Linea, promoting interoperability across the crypto landscape.
Jack Jia explained how they have been addressing the problems and how one can be assured of security and reliability when investing in a project worth around USD3. He stressed that Stable.com is deemed a financial services provider with a given license to operate in the US and has applied and implemented strict compliance measures by industry experts.
Despite being a new and innovative project, the audibility and authenticity of USD3 will be ensured by internal and external auditing.
Jia and his co-CEO Jamal Rees, who previously served as the company’s Head of Stablecoins at Unlimit, spoke about the current issues with regulation. They pointed to the fact that in this case there have been improvements in the evolution of international legislation but there is still much confusion regarding the regulation of stablecoins, the other cryptocurrencies. Jia called for increased focus on stablecoins regulation as one of the crucial aspects for their further development and long-term sustainability.
Stable.com’s proposition is to establish the necessary infrastructure for enabling global users to onboard into the USD3 network at relatively low costs, with low fees, and multiple payment options.
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