In 2017, Stronghold startup launched a USD Anchor token in partnership with IBM. The project was running on the Stellar blockchain with the goal of optimised transaction verification. From the beginning, USDS’ growth has demonstrated great potential, accompanied by a rising USDS trend on the crypto market. However, since May 2019, USDS’ activity has been unknown, with its rates remaining unchanged for over a year.
The chart of Stronghold USD demonstrates how stable the development of USDS was in mid-2019. However, since May 2019, its rates have come to a dead point.
USDS was a blockchain-enabled financial institution based in San Francisco. Using distributed ledger databases, the company provided a platform with tools that integrated with global economic systems. It streamlined real-time payments while supporting regulatory compliance and improved liquidity.
From 2017 to 2019, Prime Trust held the backing funds of the cryptocurrency and transferred deposited money to banks insured by the FDIC. The project had at least a superficial resemblance to Tether, a stable cryptocurrency issuer that has been at the centre of controversy over questions about its US dollar holdings.
If you decide to deal with any cryptocurrency, be it buying or selling it, mining or working with a crane, you will need a wallet to receive or send electronic currency. The market has a large number of offers of all types of digital wallets, of which there are five today:
When it comes to Stronghold USD wallet options, the suggested brands are:
Besides, Stronghold USD web wallets variations typically match with popular ERC20 multiple cryptocurrency wallets.
The information available on USDS is contradictory. Most sources agree that in July 2018, IBM launched a stablecoin that relates to the US dollar as 1:1 in cooperation with the Stronghold startup. In March 2019, Stronghold USD became the first US dollar stablecoin on the IBM Blockchain World Wire global payment network, available in over 70 countries.
IBM World Wire greatly simplifies the transfer of value. Instead of using banks to transfer funds between multiple nodes, the sender sends money to the institution that buys Stronghold USD or another crypto asset. Nowadays, if you are willing to find out what USDS had to offer, you need to be a part of the IBM World Wire network.
Stronghold USD is what provided new efficiencies with foreign exchange and international payments. However, there are several differences between the Stronghold USD token, which was available to the general public, and the tokens of IBM World Wire, which are not accessible to broad audiences for regulatory reasons.
The USDS token was supposed to allow IBM World Wire participants to make payments and exchange currencies between companies in a very seamless and secure way. It also enabled users to conduct the trade of this token with other assets and cryptocurrencies.
Using a stable cryptocurrency as an intermediary in international transactions helps reduce costs arising from variable exchange rates. Before USDS, a double conversion was required from one state currency to the Stellar Lumens cryptocurrency system, and then from it to the currency of another country. Given the high exchange rate volatility of all cryptocurrencies, this double transition was fraught with unexpected financial losses.
It is not possible to receive USDS live news due to the cryptocurrency’s inactivity. Nevertheless, if you wish to stay updated about the latest innovative crypto projects by IBM, follow our blog to receive fresh, reliable updates!
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