Stable.com, a fintech company co-founded by Jack Jia, a former Consensys employee, is preparing to launch a novel stablecoin called USD3. The stablecoin has been developed with a focus on a programmatic layer, and it is set to be launched on Ethereum, Polygon, Avalanche, and Linea.
The primary objective of USD3 is to provide developers and businesses with an interoperable method of transacting and a simplified integration process for decentralized applications (DApps).
In a conversation with Cointelegraph, co-CEO Jia discussed the security and trustworthiness measures that Stable.com is implementing for USD3. Working alongside Jamal Rees, the former Head of Stablecoins at Unlimit, Jia acknowledged the potential risks and challenges of launching a stablecoin in the current market conditions.
The concerns raised by Agora CEO Nick van Eck further support Jia’s statement. Van Eck cautioned that yield-bearing stablecoins are more likely to be classified as securities because they do not qualify as money or stablecoins.
In the same context, Cointelegraph inquired about how the new USD3 stablecoin will address the common issues faced by other stablecoin projects.
This development in the stablecoin space aligns with the recent proposal from Dan Romero, co-founder of Farcaster, who advocated for a stablecoin payments app specifically tailored for freelance workers in the United States. Romero suggested this solution after Venmo increased its transaction fee rate, impacting freelance workers subject to the U.S. Internal Revenue Service Form 1099.
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