The latest cryptocurrencies news show that Public Mint launched its ‘fiat-native’ public blockchain on July 1st after two years of development. This new platform comprises a blockchain which will work towards tokenization of fiat currencies held in the accounts of insured and regulated fiat custodians – comprising a stablecoin that is backed by a network of banks.
The project now claims to have already partnered with a network of more than 200 banks, holding the funds backing its fiat token network. Their website does not provide any further details on the banking partners, but Public Mint listed that Hyperledger and IBM Digital Asset Labs are named in the announcement as its official supporters.
What would all of this mean for companies?
Well, the ones using Public Mint can accept payments via credit card, wire transfer, or ACH payments as the blockchain news now show. While the network now only supports US dollars at launch, it plans to soon introduce other fiat currencies.
The blockchain that Public Mint has, is actually a modified version of the Hyperledger Besu, featuring a whole new and different consensus mechanism and fiat-based fees. The project was co-founded by Halsey Minor, known for co-founding the digital media outlet CNET back in 1993 but filing for bankruptcy in 2013. However, in 2013 Miner founded the VideoCoin Network (decentralized video media platform) and described the project as a great finance-style decentralized app:
“The genesis of Public Mint was to allow regulated banks to hold funds which could then be tokenized or ‘minted’, allowing for the creation of applications and business processes around money without actually moving money between banks.”
Meanwhile, some DLT leaders announced that they are backing Public Mint and offering their support. The executive director at Hyperledger, Brian Behlendorf, expressed his excitement “to see how it tackles the challenges of programmable currency and frictionless transfer of funds.”
Additionally, the director of IBM Digital Asset Labs, Nitin Gaur, talked about Public Mint’s expansion and said:
“In close cooperation with Banks and Trust companies and compliant to regional and global regulations, Public Mint is addressing that initial promise so that all enterprises, from traditional well-established companies to new and innovative DeFI startups can pave the way for the rise of digital assets.”
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