Until six months ago, stablecoins were a niche pursuit, used mostly in crypto trading and criminal activity.
But these digital currencies, called “stable” because they are backed by real-world assets like the dollar, have now become a pet project of the US administration and a hot topic in corporate boardrooms.
Companies like Uber and Bank of America are exploring issuing their own, reportedly Wal Mart and Amazon are too, while PayPal has already done so. Other banks and payment groups such as Visa and Mastercard are making investments and partnerships to get involved. What is driving this growing mainstream interest?
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