WisdomTree plans to launch stable cryptocurrency

WisdomTree is working on a project of stablecoin. Famous ETF provider and manager hopes to get ahead Fidelity and State Street in the field of digital assets.

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1 WisdomTree is working on a project of stablecoin. Famous ETF provider and manager hopes to get ahead Fidelity and State Street in the field of digital assets.

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WisdomTree, an investment manager with more than $ 63 billion in assets under management, aims to issue a stablecoin regulated in the United States, reports the FinancialLondon.

Recently involved in cryptocurrency with the recent launch of a FTE on Bitcoin in Switzerland and an investment in the blockchain startup Securrency, WisdomTree wish to get ahead of other big institutions like State Street, which recently launched a pilot project around digital assets, and Fidelity, which for its part offers trading and custody services for Bitcoin since last October.

“We came to the ETF 13 years after State Street. This is an opportunity to be ahead of State Street and Fidelity with regulated stablecoins, "said Jonathan Steinberg, CEO of WisdomTree.

Steinberg added that WisdomTree, with his stablecoin, could "play a role similar to Facebook for financial institutions ”by making it easier for them to trade assets.

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Under the project Libra, Facebook wants to issue a stablecoin backed by fiat money to foster financial inclusion around the world. However, the social media giant has yet to convince regulators and some members of the Libra consortium, such as Visa and PayPal, have already left the ship.

According to William Peck, chief strategy officer of the company, the stable cryptocurrency project of WisdomTree is "different" because it relies more on traditional assets like gold.