Former federal reserve nominee Stephen Moore who is also an economic commentator and a former member of The Wall Street Journal editorial board will launch his own stablecoin named Flax and we are about to read further in the Altcoin news today.
The coin is supposed to be pegged to the US dollar which will provide more stability but it also differentiates from the other stablecoins as it will rely on the fractional reserve. Moore is also a former Federal Reserve nominee by President Trump. Moore has been very vocal about his beliefs against the current Federal Reserve’s plans interest rates raises. He is also a long-time commentator on economic issues and a writer for multiple economic media outlets. He has also commented on the government monopoly on the US dollar so launching a cryptocurrency stablecoin seems to be the right step.
What is most interesting is that Moore was picked by US President Donald Trump to join the Federal Reserve and to help manage the US dollar earlier this year but he didn’t win. He was also the president’s advisor for his 2016 presidential campaign. Moore believes that a private competitor challenging central banks is a very good idea:
“I’ve followed the monetary policy for 30 years and always been troubled by the government monopoly on currency, which is unhealthy for markets. It’s very healthy for private competitors to challenge central banks over the money supply.”
As of now, everything we know about Flax will be broadened this Thursday. The other co-founder Sam Kazemian who has already launched a blockchain product will help Moore his wish to come true. A stablecoin means that a certain cryptocurrency is pegged to a stable asset which in this case is the US dollar. This might be where the upcoming project Flax will raise a concern as it will only have fractional backing. It will also rely on algorithms to loan out its reserves and later collect interest recorded on the blockchain. The interest will also ensure that the value of the stablecoin is pegged to the dollar but this could also mean that it will not have one-to-one pool backing of the reserve dollars.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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