Blockchain Payments Firm Bitspark Releases Stablecoin Pegged to Philippine Peso

Payments services firm Bitspark is releasing a cryptocurrency pegged to the Philippine peso (PHP). The development was announced in a press release shared with Cointelegraph on April 25. Bitspark, a blockchain-based bankless money transfer solution, will launch a PHP pegged cryptocurrency for money transfers dubbed “peg.PHP.” The first company to use peg.PHP will reportedly be an Australian-founded technology start-up based in Cambodia, Okra Solar. Okra Solar, which provides off-grid solar solutions for remote regions, will deploy peg.PHP through Bitspark’s payment network in the Philippines. The press release claims that this…

Japanese Company Launches New Stablecoin Pegged to the US Dollar

A Japanese company has launched an ERC-20-compliant stablecoin that it says offers “absolute decentralization, maximum security and a reliable source of stability in the face of volatility.” As its name suggests, USDDex is directly pegged to the United States dollar, helping traders to move their money into crypto without exposing themselves to the erratic price movements seen in other major digital assets such as Bitcoin and Ethereum. The company believes that its stablecoin could become a viable alternative to fiat and trigger the mainstream adoption of cryptocurrencies, giving employers a…

Gemini Launches NYDFS-Regulated Crypto Pegged to the Dollar

Crypto exchange Gemini announced Monday that it is launching a dollar-backed stablecoin built on ethereum. The Gemini dollar is designed to provide liquidity for users hoping to send or receive U.S. dollars through the ethereum network, a press release stated. It will be “strictly pegged” to the dollar, with the Gemini Trust Company holding USD deposits corresponding to the number of tokens in circulation. Notably, the release stated, the New York Department of Financial Services (NYDFS) has reviewed and approved the Gemini dollar. To safeguard its holdings, Gemini will hold the…