Asset managing firm WisdomTree is reportedly looking to release a US-based stablecoin, with full regulatory approval, as revealed by FNLondon on January 13th.
Specifically, WisdomTree is exploring the possibility of rolling out a crypto coin, pegged to a basket of assets, nominally gold, fiat coins or government debts. The firm is also planning to acquire regulatory greenlight from the US SEC for its upcoming project.
The development was disclosed not long after a notice from WisdomTree, regarding the firm’s investment initiative into the startup Securrency Inc. – specialised in designing institutional-grade blockchain solutions for the financial and regulatory sector.
At the time, the US-based startup announced that is has been successful in attracting $17 million, which will be devoted to adopting blockchain for ETFs in the nation.
WisdomTree’s quest for obtaining legal license for its stablecoin project may experience a rough road ahead, since the SEC has rained down heavily on other stablecoins, nominally Facebook’s Libra project – which has reported been denied in the process of acquiring legal authorization, as revealed by Switzerland’s President.