IBM collaborating on FDIC-insured Tether competitor

You've probably noticed that here at Inferno, we love Tether. In fact, we love anything that gives us regular opportunities for humour, and USDT is just about the biggest joke there is in the crypto world (competing for the title with Roger Ver and Agustin Carstens).

USDT, just to recap, is a so-called stablecoin. It's a blockchain token that is supposedly backed with real dollars, but Tether don't want to prove they actually have those dollars, or that they got them legitimately, and they don't allow you to exchange USDT for real dollars.

Other than that, Tether is totally legit.

Sarcasm aside, the crypto ecosystem desperately needs alternatives to Tether. That's why we're so pleased that TrueUSD has just launched. It's another stablecoin, based on the same idea of backing a blockchain token 1:1 with actual dollars, but TrueUSD have implemented a legal/regulatory framework around that, and they don't hold customer funds. Basically, they're what Tether always should have been, but has been too shady to do properly. And we hope and expect they will succeed because of that.

But wait, there's MOAR!

Because IBM are getting in on the action with Stellar, through their Stronghold trading platform. Stronghold USD will be 1:1 backed, like Tether and TrueUSD. However, 'The stablecoin is also purportedly protected by FDIC Insurance, something no other stablecoin or cryptocurrency company - bar Coinbase and Gemini - can claim. Founded in 1933 in the throes of the Great Depression, the FDIC is a federal agency that provides deposit insurance for clients at commercial banks and savings institutions, covering amounts up to $250,000.'

If this is the face of stablecoins to come, then the writing is on the wall for the likes of Tether. (And that's the way we like it: https://goo.gl/wdTqsX.) Reliable stablecoins are a critically important development for the progress of the crypto movement. We really shouldn't have to settle for USDT.

Read more at https://bitcoinmagazine.com/articles/stronghold-and-ibm-collaborate-launch-fdic-insured-stablecoin-stellar/#1531854033.

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