WisdomTree, the asset manager, intends to launch a regulated stablecoin in the United States, as reported by FNLondon, a financial news outlet, on January 13.
Asset Manager WisdomTree Hopes to Launch a Stablecoin in the US https://t.co/xZiEWLfe3L#bitcoin #crypto #blockchain #btc #news #cryptocurrency pic.twitter.com/cm8OUxPi0B — CryptoNews (@betbybitcoins) January 14, 2020
As per the report, WisdomTree is looking to deploy a digital currency backed to a basket of assets such as gold, fiat currencies or government debt. The firm also intends to obtain approval by the U.S. Securities and Exchange Commission (SEC) for its project.
However, the news follows a recent announcement that WisdomTree invested in a startup called Securrency Inc., one of the top institutional-grade blockchain builders in the financial and regulatory space.
At the time, the firm announced that it is looking to harness blockchain technology for the ETF market.
<img src="https://i1.wp.com/www.cryptonewspoint.com/wp-content/uploads/2020/01/DhSLGpaW4AIYV57.jpg?fit=1024%2C768&ssl=1" alt="" class="wp-image-8237 lazyload" width="359" height="269" />
According to its website, WisdomTree has a total of $63.7 billion in assets under management.
Thus, WisdomTree’s focus on seeking SEC’s approval is interesting given the adversity that regulators have shown to other managed stablecoins, including Facebook’s Libra project.
Source: fnlondon.com | ir,wisdomtree.com | cointelegraph.com