The team behind the US’ first cryptocurrency fine art auction has minted its own Stablecoin, released last month for the Stellar platform.
The White Standard Company, which traditionally has dealt in the buying and selling of luxury goods, has branched into cryptocurrencies in a bid to offer anonymity services for its high net worth clientele.
However, whilst cryptocurrencies can offer anonymity, they rarely offer stability. As a result, White Standard has now minted its so-called WSD crypto-coin which is issued on a one-to-one par with the US dollar.
At the time of writing, just over $300 million dollars of WSD has been minted, all of which is underpinned by an equivalent amount in actual USD. The one-to-one WSD/USD peg will be both audited and tracked by audit firm Murray and Johnson, the company states.
“White Standard is built on Stellar and is issued as an asset. It is therefore available to be traded on any application that allows access to the Stellar DEX, such as StellarPort, InterStellar etc,” a spokesman stated.
The project has come in for some criticism as the platform, according to some critics, may serve as a springboard for money laundering activities. However, the service itself is unlikely to be seen as illegal, according to some experts, as Bitcoin and other cryptocurrencies do not currently qualify as legal tender in the US.